UN Trade and Development at Suape Conecta 2024

UN Trade and Development (UNCTAD) participated in the Suape Conecta 2024 event on September 25th at the Suape Industrial Port Complex in Pernambuco, Brazil, to present the key findings of a report developed in collaboration with SENAI/PE (Serviço Nacional de Aprendizagem Industrial / Pernambuco). 

Following the workshop on the Economic Complexity Study for the Suape Industrial Port Complex (held from July 23 to 24, 2024, in Recife), a preliminary list of products with diversification potential was validated to include 141 products across six broad sectors. This validation was based on criteria that promotes local development in the region, such as the availability of capital inputs and human resources in Pernambuco, sustainability, and gender inclusion. 

At the event, UNCTAD highlighted the report’s key findings, with six sectors with strong potential for diversification and export growth: mechanical machinery, electrical equipment, chemicals and pharmaceuticals, iron and steel, plastics, and vehicles. Opportunities in these sectors are estimated to offer an export potential of $141 billion, with total investments projected at $2.24 billion. Capitalizing on these opportunities is expected to create 19,000 direct and indirect jobs and boost the region’s GDP by 3.14%.

In addition to presenting the report’s findings, the event featured presentations by the Port’s leadership, outlining their plans for implementing the study’s results within the Port Complex and their long-term strategy. Presentations were also delivered by SENAI/PE and the Brazilian Development Bank (BNDES in Portuguese).

UNCTAD’s participation is part of a broader project focused on leveraging economic complexity in Pernambuco to promote diversification and reduce reliance on commodity exports in developing countries. Currently, Suape's economic activities and exports are heavily concentrated in the oil sector.

UNCTAD plans to take this experience of the project on economic complexity in Pernambuco and extend it to other commodity-dependent developing countries to help them diversify their economies.