WHILE Russia, India, China and the Middle East have been highlighted as potentially new markets for exports and other services, a Cebuano business leader advised businessmen to look at Brazil.

“Brazil is a member of the BRIC. It is part of a bloc we cannot ignore. One cannot go wrong when he or she decides to network or build an alliance with this strong economy,” said Eric Mendoza, president of Mandaue Chamber of Commerce and Industry (MCCI).

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BRIC refers to the fast-growing developing economies—Brazil, Russia, India and China—that, when combined, represent more than 40 percent of the world’s population.

Apart from being the world’s fifth largest country in terms of geographical area, Brazil is also the world’s tenth largest economy at market exchange rates. It has a developed agricultural, mining, manufacturing and service sectors and a huge labor pool.

“With traditional markets like the US and Europe being affected by the global financial crisis, we are (prompted) to look for new markets. Brazil is one,” Mendoza told Sun.Star Cebu Tuesday.

Along with representatives of government agencies and other business leaders, Mendoza joined President Arroyo’s state visit to Brazil from June 22 to 25.

Pete Delantar of Nature’s Legacy Eximport Inc., a Cebu-based manufacturer of home furnishings and garden accessories, also joined the visit.

During the business trip, Mendoza learned that Brazil, being a strong player in agriculture, is less affected by the global economic crunch due to its “self-sufficiency” programs.

“Seeing Brazil, there are many things there that we could emulate apart from attaching ourselves to or networking with a market that is less affected and most likely faster to recover from the crisis,” he said, citing the South American nation’s investments in agriculture.

Aside from agriculture and agri-business sectors, Brazil is also “way ahead” in renewable energy, particularly in ethanol.

Strengths

With these strengths, President Arroyo’s visit to Brazil resulted in the signing of a memorandum of understanding between the Philippine Chamber of Commerce and Industry and the National Confederation of Industry of Brazil on the possibility of starting a program for sharing knowledge on renewable energy.

Also, the Department of Agriculture and the Girolondo Breeders Association of Brazil signed a joint statement on the donation of cattle semen for hybrid variety. This is expected to benefit the Philippine dairy industry.

Four other agreements highlighting the development of renewable energy and cooperation in the agriculture sector were signed between the two countries.

Mendoza noted that while Cebu’s economy is not agriculture-driven, it can tap Brazil as a potential market for furniture
products and fashion accessories.

“The results (of the visit) may not be seen or felt immediately.

But the track is there. Our diplomacy and economic ties (with Brazil) should be continually addressed and renewed because we are now in a global market,” he said.