Brazil President Boer Sonal Lo (Jair Bolsonaro) and Chinese President Xi Jinping praised the close bilateral relations at a meeting on Wednesday. Meanwhile, a Chinese state-owned enterprise is ready to announce a large investment in a Brazilian port, according to sources.
The comments of the leaders of the two countries show how fast their relations have developed since borsonaro repeatedly attacked China in last year's election campaign. At that time, borsonaro's remarks were worrying for fear that he might weaken relations with China.
However, there were several major announcements at the beginning of Xi Jinping's visit to Brasilia, and a few weeks ago, Boer Sonal Lo had just made an official visit to China.
According to two informed sources, during the visit of Xi Jinping to Brazil, China Communications Construction Co (601800.SS) (1800.HK) announced that it would invest in Saint Louis port in northern Brazil.
One of the sources said the port was one of Brazil's biggest FDI projects this year. The source asked for anonymity because details had not been made public. Another source said there was also news of a railway project.
China's investment is becoming increasingly important for Brazil's oil, gas, power and transportation industries. China's demand for iron ore and agricultural products makes it Brazil's largest trading partner.
"We hope not only to expand trade relations but also to diversify," Boer Sonal Lo said in a joint event with Xi Jinping on Wednesday.
China and Brazil announced a series of agreements, including an agreement to expand fruit trade and a broad memorandum of understanding on cooperation in the areas of transport, investment and services.
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