Brazilian President Luiz Inacio Lula da Silva met with a group of Chinese businessmen in Brasilia on Friday as part of a series of bilateral exchanges before his visit to China in May.

President Lula gave an enthusiastic speech on the importance of the creation of a joint business council, Renato Amorin, special aide to Vale do Rio Doce company, told Xinhua after the meeting at the presidential palace.

An agreement was signed Friday by Miao Gengshu, president of the China Minmetals Group, who heads the Chinese delegation, and Roger Agnelli, president of Brazil's Fresh Water Valley company, to create the Brazil-China Business Council.

The delegation, made up of more than 40 business leaders from metal, mining, transport, industrial and agricultural machinery, aviation, nuclear technology, telecommunications, textiles and food sectors, is visiting Brazil to explore business opportunities.

The business council will gather 46 companies of the two countries.

China is Brazil's most important trading partner in Asia and the third biggest market for Brazilian exports in 2003. Bilateral trade is estimated to reach 10 billion US dollars by 2005.

Lula is expected to visit Beijing in late May, during which he will participate in a ceremony marking the council's creation.

Source: Xinhua