A new Brazil-Ireland Chamber of Commerce has been set up to promote trade between Ireland and Brazil.
It will provide members with the information needed to set up and run businesses in the two countries.
It will also offer information and support on a range of topics such as customs, financing, accountancy, tax, business laws, grants, property leasing, and sales and branding strategies.
The organisation aims to act as a first point of contact for Brazilian owned companies based in Ireland, Irish companies looking to expand to Brazil and Brazilian companies interested in exporting to Ireland.
There are around 70,000 Brazilian nationals living in Ireland, an increase of over 500% since 2016.
A new report shows that there are now over 1,330 Brazilian owned businesses in Ireland, generating an annual revenue of over €99m.
The report states that this figure could rise to €199m by 2025.
Meanwhile, 2,200 people are currently employed by Brazilian businesses in Ireland, with the potential for that figure to increase to 6,500 over the next three years.
Understanding Irish legislation is the main challenge encountered by Brazilian entrepreneurs in Ireland, whereas discrimination, visa, cultural differences and language are considered only slightly or not challenging at all.
"With the majority of Brazilian entrepreneurs in Ireland saying they had little to no entrepreneurial experience before starting their business here, this demonstrates the need for an organisation like the Brazil-Ireland Chamber of Commerce," said Fernanda Hermanson, President of the Brazil Ireland Chamber of Commerce.
"The growth perspectives of doubling revenue and almost tripling the number of staff in the next three years are promising and have the potential to reach even higher levels if well nurtured," she said.
The latest figures from the Central Statistics Office shows that total imports from Brazil to Ireland for 2022 were valued at €444m.
Meanwhile, the total exports from Ireland to Brazil were valued to Brazil worth €367m.
The top three imports from Brazil were cereal and cereal preparations, vegetables and fruit and metalliferous ores and metal scrap.
The top three exports to Brazil were medicinal and pharmaceutical products, office machines and automatic data processing equipment and essential oils, perfume materials and toilet preparations.
