Brazil Inks Mutual Cooperation Treaties With Japan

Japan's Prime Minister Shinzo Abe, left, and the Brazil's President Dilma Rousseff, stand during the playing of Japan's national anthem, during a welcome ceremony at the Planalto Presidential Palace, in Brasilia, Brazil, Friday, Aug. 1, 2014. The Japanese leader is on the last leg of his Latin American tour that included visits to Colombia, Chile and Mexico. (AP Photo/Eraldo Peres)

BRASILIA, Brazil (AP) – Japan's prime minister wrapped up a meeting with Brazil's president Friday by endorsing loans that will help the South American nation develop offshore oil production and expand its soybean and corn crops.

Prime Minister Shinzo Abe and Brazilian President Dilma Rousseff announced Japan will lend $500 million for the construction of eight ship hulls for offshore oil platforms and $200 million for the production of soybeans and corn.

The two leaders also signed mutual cooperation treaties in the infrastructure, pharmaceutical, energy, mining and educational areas. They also discussed ways to increase bilateral trade, which last year amounted to $15 billion.

Abe told reporters that Brazil "presents great opportunities for investment." In addition to Brazil's potential for offshore oil production and transport infrastructure, he noted the South American country's domestic market of approximately 200 million people.

"All this has reignited the interest of Japanese companies," he said

Rousseff said she and Abe discussed "themes central to the international stage."

"We renewed our expectations that the next G20 summit in Australia should strengthen the role of this group in the coordination of the world economies to promote the resumption of economic development."

Brazil is the last stop of Abe's five-nation tour of Latin American and the Caribbean. He also visited Mexico, Trinidad and Tobago, Colombia, and Chile.