Lula leads 300-strong trade team to Tehran

Business Materials 17 May 2010 11:16 (UTC +04:00)

Brazilian President Luiz Inacio Lula da Silva, heading a 300-strong trade delegation, arrived in Tehran late Saturday.

The Brazilian delegation is consisted of four ministers, high-ranking officials, and businesspersons active in different fields such as oil, gas and petrochemicals, industrial machinery and equipment, bio-fuels, agri-business and food, automotive, construction, transportation, pharmaceuticals, and tourism.

During his visit to Tehran, da Silva will attend the Group of 15 meeting. He is scheduled to hold talks with Iranian President Mahmoud Ahmadinejad and some other ranking officials.

The Brazilian president's travel to Tehran is in response to Ahmadinejad's visit to Brasilia in November 2009, heading a 150-member delegation of traders and economic officials.

The Group of 15, a group of 17 developing countries from Asia, Africa, and Latin America, was set up to foster cooperation and provide input for other international groups.

It is comprised of Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Iran, Jamaica, Kenya, Nigeria, Malaysia, Mexico, Peru, Senegal, Sri Lanka, Venezuela, and Zimbabwe.

In December 2009, International Monetary Fund (IMF) data analyzed by the Latin Business Chronicle confirmed that Iran-Latin American trade soared 209% in 2008, totaling in $2.9 billion.

According to the IMF data, Brazil remains Iran's main trading partner and exporter in Latin America at a total of $1.26 billion in 2008, up 88% from the previous year.