Brazilian President Luiz Inácio Lula da Silva has stated that Brazil is on track to become the eighth-largest economy in the world this year. He made his remarks at the FII Priority Summit in Rio de Janeiro. President Lula highlighted that Brazil’s 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.
In front of Arab and Brazilian investors, as well as officials from Saudi Arabia and Brazil, Lula defended Brazil’s economic stability, noting that the country has plenty to offer. The Brazilian President also reminded the audience that Brazil’s GDP grew by 2.5 percent in the last 12 months, contrary 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.
Achieving fiscal balance
To achieve this, 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.”
Brazil’s global positioning
Lula also discussed Brazil’s position in the international sphere, stating that the country has established itself as a safe haven amid global uncertainty. “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 be there to build bridges and shorten distances,” he said.
The Brazilian President highlighted that Brazil’s G20 and BRICS presidencies, as well as the upcoming COP30 in the Amazonian city of Belém in 2025, will be pivotal events. “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.
Hosting COP30 and climate action
Regarding COP30, Lula emphasized its importance for the planet, stating that “without everyone’s efforts, according to their responsibilities and capacities, global warming could reach catastrophic levels.” He also mentioned the partnership between the COP Presidencies of Dubai (COP28), Azerbaijan (COP29), and Brazil (COP30) to improve cooperation and continuity between current and future COP Presidencies.
Lula further highlighted Brazil’s clean energy matrix, stating that 88 percent of the country’s electricity comes from renewable sources such as biomass, hydroelectric, solar, and wind. He also noted Brazil’s potential to become the largest producer of green hydrogen in the world and the exploration of the country’s Equatorial Margin, all while respecting the environment.
Running from June 11-13, 2024, the three-day FII PRIORITY Summit, happens for the first time in Latin America, gathers global officials and business leaders from various sectors to debate issues under the theme “Invest in Dignity.”
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