Head of Russia-Brazil Business Council Andrey Guryev Takes Part in International Seminar on Russia-Brazil Trade and Economic Relations

As Russian Deputy Foreign Minister Sergey Ryabkov noted in his speech, Russia and Brazil have good opportunities for mutual investment and developing trade and economic cooperation.

"Over the years we have gone through various phases in the development of our trade and economic relations. We have created remarkable traditions, expanded areas of cooperation, and we have excellent prospects in our joint work in the international arena," Mr Rybakov said.

The Deputy Foreign Minister added that "the pandemic has led to challenges and restrictions to what was previously considered normal. Now we must find a way forward in the turbulent seas of the international economy and international relations."

Mr Ryabkov cited PhosAgro as a positive example of the expansion of cooperation between the two states amid the challenging backdrop of the pandemic.

"I would welcome it if many other companies from Russia would look for investment opportunities in order to increase added value through deeper cooperation," said Mr Ryabkov.

The Deputy Foreign Minister added that the Russian Foreign Ministry would provide full support for Russian companies to "look at Brazil as a country of opportunities where good conditions for business and investment have been created," and to urge their Brazilian counterparts not to downplay the extensive opportunities in Russia.

In turn, Brazil's Deputy Minister of Foreign Affairs for bilateral relations with Asia, Oceania and Russia, Márcia Donner Abreu, noted that Russia has traditionally been one of Brazil's 15 largest trade partners.

"We export mostly soybeans and meat and import mainly fertilizers. Russia is also a great investor in infrastructure related to the Russian export of fertilizers to Brazil in areas such as port terminals [and] storage facilities," said Ms Donner Abreu.

According to Brazil's Deputy Foreign Minister, trade relations between Russia and Brazil "have many exciting possibilities, which of course will depend on the adventurousness of our private sector."

Roberto Fendt Junior, Brazil's Special Secretary for Foreign Trade and International Relations, agreed that relations between Russia and Brazil had grown stronger in recent years, including in the areas of trade and finance.

"In the agricultural domain, there is still potential for exports of various products. I believe the economies [of both countries] could significantly profit from a free-trade agreement between MERCOSUR and Eurasian Economic Union. The Brazilian government has been making great strides towards integrating our country into the global economy. We look forward to increasing the productivity and competitiveness of our economies while simultaneously ensuring sustainable growth," said Mr Fendt.

The head of the Russia–Brazil Business Council and CEO of PhosAgro, Andrey Guryev, noted that the Latin American market, and Brazil in particular, was one of PhosAgro's priorities.

In 2020, PhosAgro supplied Brazil with more than 1.2 million tonnes of mineral fertilizers worth over USD 286 million. PhosAgro accounts for 21% of Russian fertilizer exports to Brazil and 14% of all Russian exports to the country.

"As Brazilian President Jair Bolsonaro noted during his video message to participants at the 2021 St. Petersburg International Economic Forum, our economies are part of a single agribusiness chain: Brazil's main import from Russia is mineral fertilizers, which, as President Bolsonaro stressed, are 'vital to agricultural production in Brazil'." However, in addition to the traditional areas of cooperation –agribusiness, investment and defence, heavy machinery and power engineering, and steelmaking – the pharmaceutical sector has also become one of the key areas that the Russia–Brazil Business Council has been focusing on," said Mr Guryev.

He underscored that the Russia–Brazil Business Council actively supports the activities of the RDIF, which is one of its main partners, on the issue of cooperation with Brazil in the field of vaccination.

"Together with the leadership of the RDIF, repeated talks were held with Brazilian government officials throughout 2020. This served as a strong impetus for the organization of a major campaign, which resulted in the approval of Russia's Sputnik V vaccine in Brazil," said the head of the Council.

Mr Guryev expressed hope that, by the end of the year, it would be possible to implement two landmark events: meetings of the Russian–Brazilian High-Level Commission and the Russia–Brazil Intergovernmental Commission.

"The Business Council has already received repeated offers from private and public entities in both countries to organise the next Russian–Brazilian Business Forum as part of the High-Level Commission. We intend to support this initiative," concluded Mr Guryev.

About PhosAgro

PhosAgro (www.phosagro.com) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P₂O₅ content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P₂O₅ content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

PhosAgro's main products include phosphate rock, more than 50 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.