Bilateral trade between Namibia and Brazil has declined, highlighting the urgent need to boost trade and investment activity.
Over the past five years, Namibia's exports to Brazil have decreased by 11% annually.
In 2022, Namibia exported N$336,000 in goods to Brazil, including refined petroleum, poultry meat, and precious stones.
Brazil, on the other hand, exported US$36 million worth of goods to Namibia, primarily poultry, meat, and raw sugar.
Neither country exported services to the other.
Speaking at the Brazil-Namibia Business Forum, the Minister of Industrialisation and Trade, Lucia Iipumbu, stressed the urgent need to address the decline in trade by identifying key collaboration opportunities, particularly in the value chain and value addition to raw materials.
Ipumbu suggested that Namibia could export salt to Brazil, while Brazil could do the same for sugar to diversify trade and capitalise on mutual business opportunities.
She also noted the need to update existing trade frameworks to reflect current market dynamics.
"Through strategic partnerships and collaborations such as Mercosur, Namibian companies can tap into Brazil's expertise, technology, and market networks to enhance their competitiveness and access new markets. Whether it's in agribusiness, mining, renewable energy, or manufacturing, there are numerous sectors where our two countries can collaborate for mutual benefit."
Brazil's Ambassador to Namibia, Vivian Loss Sanmartin, highlighted the importance of both countries capitalising on available business opportunities.
She emphasised the need to increase awareness of what each nation can offer and to work towards expanding and diversifying trade and investment portfolios.
"I'm convinced that presenting to Brazilian stakeholders what Namibia can offer as a market and investment destination but also a port to the Southern African region. Namibia has many assets that are yet to be better known in our country, such as its excellent road infrastructure and the fact that the main port in Walvis Bay is the shortest route connecting Brazil and southern Africa."
Both countries have committed to exploring business and investment opportunities across various sectors.