Nestor Forster, Brazil’s ambassador to the United States, made his first visit to Arizona this week with the hopes of encouraging companies in the state to take a serious look at the South American country for new business opportunities.
Arizona and Brazil already have a burgeoning relationship, but Forster said that with both economies growing, there is a potential for even more.
“Brazil was the developing country that received the most foreign direct investment last year – $60 billion, a record,” Forster told the Business Journal. “Our trade with the U.S. grew by 45% last year. That means we expanded on pre-pandemic levels.”
Trade between Arizona and Brazil was worth about $1.1 billion in 2019, before the pandemic. Forster said he thinks trade volume has grown even more in the last few years.
“We had great growth last year,” Forster said. “I see there is tremendous potential for that number to grow even more.”