Brazil seeks to deepen economic co-operation with China, said the head of one of the largest Brazilian banks Aloizio Mercadante, as reported by Brasil 247, a partner of TV BRICS.

“We want the added value of goods exported to China to grow,” said the economist in his speech on the margins of the event “Brazil and China: 50 years of friendship”, organised on the occasion of the anniversary of diplomatic relations between the countries.

The bank chairman emphasised the strategic nature of bilateral relations. China is Brazil’s largest trading partner, accounting for 31 per cent of Brazilian exports and 23 per cent of imports.

However, despite such impressive figures, it is necessary to diversify the trade structure between the two countries, Mercadante said. To date, Brazil exports to China mainly minerals such as oil and iron ore, and agricultural products such as soya beans and sugar. The PRC supplies the Brazilian market with high-value-added goods, including machinery and equipment, chemicals and medicines.

China is a successful industrial and technological power. The experience of this state can be applied in the reindustrialisation of Brazil, said the head of the Brazilian bank.

As promising areas of cooperation, the economist noted the development of railway transport and the production of environmentally friendly hydrogen. In addition, Brazil could play a key role in the transition to a green economy.

In addition, Mercadante noted a significant increase in the import of electric vehicles to the Brazilian market and stressed the importance of deeper localisation of the production of electric and hybrid cars.

African Times published this article in partnership with International Media Network TV BRICS