Sinovac to invest USD $100 Million in Brazil for vaccine production
Photo: Geraldo Alckmin. Credit: Wikimedia Commons.
Chinese pharmaceutical company Sinovac will invest US$100 million for the production of vaccines and the development of cell therapies in Brazil.
The Brazilian vice president, Geraldo Alckmin, announced the investment agreement this Wednesday through his official X. “Strengthening our healthcare system is one of the missions of our industrial policy,” said Alckmin.
The announcement was made at the China-Brazil High-level Coordination and Cooperation Committee (COSBAN), which is being held in Beijing this Wednesday and Thursday. The event is a space for dialogue and cooperation between both countries, covering economic, technological and sustainable development areas.
Alckmin also noted that Brazilian exports to China exceeded US$100 billion for the first time last year, and emphasized the possibility of further expansion. “The relationship between Brazil and China is an example of success, friendship, partnership, trade and investment,” Alckmin said, highlighting the joint work of the two countries in areas such as food, energy and climate security.
China has been Brazil’s largest trading partner since 2008. In 2023, 30% of Brazil’s total exports were destined to China, with sales reaching US$104 billion, mainly in food and raw materials. Furthermore, Chinese investments in Brazil are estimated at around US$40 billion, focused primarily on the energy sector.
Furthermore, during his visit to Beijing, Alckmin and the president of the New Development Bank of the BRICS group, Dilma Rousseff, signed an agreement for the Bank to support the Brazilian state of Rio Grande do Sul with US$491 million. This financial support is in addition to the US$585 million previously announced, allocated to the reconstruction of infrastructure damaged after the recent floods that affected the region. The funds will be used to rebuild roads, bridges and vital infrastructure.
Rousseff highlighted the bank’s commitment to sustainable development and flexibility in lending, recognizing the complexity of establishing comprehensive criteria for reconstruction at this critical time. She assured that, although the Bank has mechanisms to monitor the allocation of resources, “it will not impose restrictions” on their use.
Main source: