Speaking at a media conference on Monday in conjunction with the 47th Asean Summit and Related Summits, Lula  acknowledged that the private sector was a true engine of bilateral growth.

“It is the businessmen who know how to negotiate, who have their own interests as well as knowledge and therefore, the government’s role is to ensure that in every line of business, we bring a delegation of Brazilian entrepreneurs,” he said.

He pointed out that bilateral trade between Brazil and its key partner nations, including Malaysia, stood at around US$12 billion, but described it as very little compared to the economic power of these markets.

Therefore, Lula called for greater boldness among Brazilian officials and corporate leaders to expand their presence abroad and actively promote the nation’s industrial capabilities.

In 2024, Brazil was Malaysia’s second-largest trading partner in Latin America, with total bilateral trade amounting to RM20.36 billion (US$4.46 billion).

Malaysia’s exports included electrical and electronic products, palm oil, rubber and halal pharmaceuticals, while its imports comprised ores, processed food and petroleum products.

Lula is on a three-day visit to Kuala Lumpur from Oct 25 to attend the 47th Asean Summit and Related Summits, which commenced yesterday. Brazil has been a sectoral dialogue partner for Asean since 2022.

Trade between Brazil and Asean has grown more than 16 fold, from US$2.3 billion in 2000 to US$37.2 billion in 2024.