RIO DE JANEIRO: Brazilian President, Luiz Inácio Lula da Silva has stressed that Brazil is on the course to become the eighth-largest economy in the world this year.

In his opening remarks at the FII Priority Summit in Rio de Janeiro on Wednesday, President Lula highlighted that Brazil’s first-ever hosting of the Saudi Future Investment Initiative signifies the growing influence of emerging economies in the global economic discourse, moving beyond established powerhouses.

‘The choice of Rio de Janeiro to host this event signals the trust that the more than 1,000 participants have in our country. I’m here today to show that Brazil is worthy of that trust,’ stressed Lula to a packed audience in the neighbourhood of Copacabana.

In front of Arab and Brazilian investors, besides officials from Saudi Arabia and Brazil, Lula defended Brazil’s economic stability, noting that the country has plenty to offer. The Brazilian leader also reminded the audience that Brazil’s GDP grew by 2.5% in the last 12 months, contra
ry to pessimistic expectations.

‘We’re on course to become the eighth-largest economy in the world this year. By the end of our term, we could be the sixth-largest economy in the world again, as we were in 2011,’ declared Lula.

To make that happen, the Brazilian President said that his government is putting the public accounts in order to ensure fiscal balance. ‘The increase in revenue and the fall in interest rates will make it possible to reduce the deficit without compromising public investment capacity.”

G20 and COP30 in Brazil

The Brazilian President also discussed the country’s position in the international sphere. He declared that Brazil has established itself as a safe haven amid uncertainty in the world. ‘We are a peace-loving country and averse to geopolitical rivalries. We talk to and negotiate with everyone who can and wants to contribute to the progress of the country and the world. In any constellation of power that forms on the global stage, Brazil’s star will continue to shine. We will b
e there to build bridges and shorten distances,’ he said.

For Lula, this is the spirit of Brazil’s G20 and BRICS presidencies and of the COP30 in the Amazonian city of Belém, taking place in 2025.

‘The G20 is where North and South meet to seek consensus that brings collective benefits. It is a privileged space to combat the inequalities within and between our countries,’ stated Lula.

The Brazilian leader highlighted that COP30 will be a defining event for the planet. “Without everyone’s efforts, according to their responsibilities and capacities, global warming could reach catastrophic levels. We are experiencing this first-hand with the floods in Rio Grande do Sul, the reconstruction of which will require massive investment from the government and the private sector,” Lula reminded.

It’s noteworthy that COP28, which took place in Dubai last year, launched a partnership with Azerbaijan and Brazil, hosts of COP29 and COP30, respectively, last February to improve cooperation and continuity between current a
nd future COP Presidencies, leading to increased climate action in support of “Mission 1.5°C”.

The partnership, known as The COP Presidencies Troika, marks the first time that a current COP Presidency has been formally mandated to unite with two future presidencies to foster international cooperation and stimulate ambition.

The President of Brazil highlighted the country’s clean energy matrix, stating that 88% of the electricity comes from renewable sources such as biomass, hydroelectric, solar and wind. “When it comes to the climate issue, when it comes to the energy issue, I can assure you, with all due respect to planet Earth, there is no country that can offer the quality of things that we are going to offer investors who want to produce here, who want to create a new cycle of energy production here and who want to grow their companies here”, affirmed Lula.

According to the leader, Brazil has the potential to become the largest producer of green hydrogen in the world – stating that the country has larg
e reserves of strategic minerals such as niobium, graphite, nickel, and rare earths.

Lula also defended oil exploration in Brazil’s Equatorial Margin – respecting the environment. ‘The moment we start exploring the so-called Equatorial Margin, I think we are going to make an extraordinary leap in quality. But we are not going to throw away any opportunity to make this country grow.”

The three-day FII PRIORITY Summit, happening for the first time in Latin America, powered by FII Institute, gathers global officials and business leaders from various sectors. The event debates issues under the theme ‘Invest in Dignity.’ On its first day, the Summit welcomed over 1,500 delegates, who attended 66 sessions featuring more than 190 speakers. The Future Investment Initiative Institute is a global non-profit foundation with an investment arm focused on impactful initiatives for humanity.

Source: Emirates News Agency