By: Erick Feltron
São Paulo, Brazil – Last week, during the Saudi Startup 20 Brazil 2024 Side Event, the Saudi Arabian delegation, led by Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, signed a pivotal bilateral agreement with Brazil. The agreement, formalized between Entrepreneurship Vision (Evision) and the Arab-Brazilian Chamber of Commerce (ABCC), aims to enhance startup exchange and cooperation between the two countries’ innovation ecosystems. This Memorandum of Understanding (MoU) represents a strategic collaboration designed to boost trade, investment, tourism, and cultural exchanges between Saudi Arabia and Brazil. Signed by Mr. Osmar Chohfi, President of ABCC, and the Saudi delegation, the partnership seeks to build stronger economic ties and support the expansion of businesses in both regions.
The MoU marks the beginning of a strategic initiative to assist Saudi and Brazilian entrepreneurs in expanding internationally. By establishing a strong foundation for startup growth, the partnership aims to support the development of new technologies and facilitate access to new markets.
Prominent Brazilian entrepreneurs and representatives, including Filipe Sabará, founder of ARCAH and former Secretary of Social Development for São Paulo, Romero Rodrigues, CEO of Headline, and Rodrigo Borges, founder of Buscapé, actively participated in panels discussing the role of governments and venture capital in nurturing innovation ecosystems.
His Royal Highness, Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, highlighted the importance of this collaboration as a significant milestone in elevating Saudi Arabia’s role in the global startup landscape. He reiterated Saudi Arabia’s commitment to supporting entrepreneurs and driving investment in strategic sectors as part of the Saudi Vision 2030 initiative.
Prince Fahad also underscored NEOM’s groundbreaking role as a hub for innovation in Saudi Arabia. “NEOM’s visionary projects attract the brightest minds and talents from around the world, offering an ideal environment for entrepreneurs and innovators across various sectors. NEOM provides professionals, startups, and major companies with a unique opportunity to achieve exceptional success through their participation in its development,” he stated.
“NEOM is not just a futuristic region; it embodies a comprehensive vision for the future. It seeks to build an innovative and sustainable economy that addresses some of the most pressing challenges of our time by fostering creativity and embracing unconventional solutions,” he added.
The partnership with Brazil aims not only to advance innovation but also to create investment opportunities and facilitate knowledge exchange between the two nations. This collaboration will enable Saudi entrepreneurs to explore new markets and share their innovative solutions globally.
“The Startup20 Engagement Group offers a unique platform to bring together brilliant minds and foster an environment conducive to innovation, which is a key pillar of our vision for the future,” concluded Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud.
This initiative further solidifies Saudi Arabia’s unwavering commitment to the goals set out in Vision 2030, a comprehensive national strategy aimed at diversifying the economy, reducing its reliance on oil, and creating a vibrant entrepreneurial ecosystem. A key pillar of Vision 2030 is to stimulate the growth of small and medium-sized enterprises (SMEs), which are seen as the backbone of economic resilience and innovation. By fostering an environment where startups can thrive, the initiative also seeks to attract international investment, promote technological advancements, and create job opportunities across various sectors.
The Saudi delegation, which includes leaders and experts from a wide range of industries, demonstrates the country’s holistic approach to this mission. Their participation underscores a collective effort to not only strengthen Saudi Arabia’s position as a global player in the startup and innovation sectors but also to ensure the development of a sustainable and dynamic business environment. Through strategic collaborations like this, the kingdom aims to build lasting partnerships, exchange knowledge, and explore new market opportunities, all while promoting sustainable development in line with the ambitious targets of Vision 2030.
Published by: Holy Minoza
