Brazil, Kuwait sign cooperation agreements

Brazil and Kuwaiti signed Thursday agreements on cooperation in the fields of economy, environment, technology and sports.

At the signing ceremony, Brazilian President Luiz Inacio Lula da Silva and Kuwaiti Prime Minister Sheikh Nasser al-Mohammed al-Ahmad Al-Sabah stressed the importance and potential for strengthening their economic ties.

Lula said the relationship between Brazil and Kuwait has entered a new phase, with their trade volume increasing from 87 million U.S. dollars in 2002 to 650 million dollars in 2008.

He invited Kuwaiti businessmen to invest in Brazil, seizing the investment opportunity for the 2014 World Cup and the 2016 Olympic Games to be held in Rio De Janeiro.

Luna also highlighted the investment cooperation on oil exploitation under the pre-salt layer of Brazil's continental seabed.

He added that his country's interests in the Middle East go far beyond trade issues. "The large community of Arab descendants in Brazil is an important asset," he said.

Kuwaiti Prime Minister Al-Sabah said the Persian Gulf and South America enjoyed historical ties, and Kuwait Airlines will establish direct flights between the two nations, with two Kuwaiti companies already operating here.

Brazil is Al-Sabah's first leg of his American tour, which will also take him to eight other countries: Chile, Uruguay, Argentina, Guyana, Mexico, Trinidad and Tobago, Antigua and Barbuda, and Cuba.

Source:Xinhua