Minister for Foreign Affairs and Minister for Law K Shanmugam met President of the Senate Commission on External Relations and National Defence Senator Ricardo Ferraco in Brasilia on 4 April 2013. During the meeting, Minister Shanmugam thanked Senator Ferraco for his strong support for bilateral relations. Senator Ferraco welcomed the establishment of Singapore’s Embassy in Brasilia and expressed his commitment to work closely with Singapore to further expand Singapore-Brazil relations.
Both sides welcomed the growing economic relations between Singapore and Brazil, including the significant investment of Singapore companies in Brazil. Both Minister Shanmugam and Senator Ferraco were encouraged by the positive relations between Singapore and Senator Ferraco’s home state of Espirito Santo. They also discussed Sembcorp Marine’s decision to locate its Estaleiro Jurong Aracruz shipyard in Espirito Santo. Minister Shanmugam emphasised that Sembcorp Marine had made a carefully considered commercial decision, based on its long-term interests, to locate the shipyard in Espirito Santo. Sembcorp Marine had invested US$550 million in the project. Sembcorp was committed to the project and construction of the Estaleiro Jurong Aracruz shipyard, which broke ground in December 2011, was proceeding as planned. Once completed in 2014, the shipyard would be a valuable partner to Brazil’s development of its oil and gas resources. Both sides also welcomed Sembcorp Marine’s commitment to the local community in Espirito Santo, through its sponsorship of training in Singapore for Brazilian students and teachers.
Minister Shanmugam also raised the issue of Singapore being blacklisted by Brazil as a low-tax jurisdiction and sought the support of Senator Ferraco to remove Singapore from the list. Singapore’s economy is well-diversified and built on real business activities, and taking this step will facilitate greater trade and investment between the two countries. Minister Shanmugam also expressed Singapore’s interest to have an Avoidance of Double Taxation Agreement (DTA) with Brazil. Having this DTA was in the commercial interests of both countries. Companies from both countries have made this request.
Minister Shanmugam accepted Senator Ferraco’s invitation to visit Espirito Santo, and also invited Senator Ferraco to visit Singapore.
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MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
5 APRIL 2013