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Navigating the Labyrinth of Brazil's Petrobras Scandal
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Brazilians Believe They Have Asian Tiger Blood

In a recent trip to  New York, to participate at the "Brazil & Partners: Investment Opportunities" conference organized by the Brazilian government, the Minister of Planning, Guido Mantega, underscored the need for foreign businessmen to invest in Brazil to give greater sustainability to the Brazilian economy.

"Due to budgetary restrictions, Brazil does not have funds to make all the necessary investments. Therefore, the private sector must become the chief collaborator of the Brazilian government," Mantega observed.

The Minister pointed out that the Brazilian economy offers many possibilities and, if more and more investors are attracted, it will be capable of impressive results, similar to those achieved by Asian economies in recent years.

In the Minister's view, the Public-Private Partnership (PPP) is the keystone to reducing the vulnerability of the Brazilian economy. This type of partnership will be applicable in various areas, from basic sanitation and construction to electric power.

The Minister of Finance, Antônio Palocci, said, in turn, that Brazil is experiencing a new stage of sustainable growth. He presented a positive picture of Brazil to the 676 American, Canadian, and Mexican businessmen attending the meeting in New York.

During his speech to the investors, Minister Palocci provided figures on the Brazilian economy showing that exports continue to grow, which is a source of tranquillity for the country's economic policy. "Brazil is much less vulnerable to outside shocks," he emphasized.

Palocci stated that many investors want to know whether the Brazilian government will continue in its reform efforts. The Minister explained that President Lula's leadership represents the greatest assurance that the path of fair and consistent policies is a solid and permanent one.

The Minister of Development, Industry, and Foreign Trade, Luiz Fernando Furlan, said, for his part, that it is worthwhile for foreign entrepreneurs to invest in the industrial sector in Brazil.

"Brazil is playing a big role in the production of the most recent generation of buses and trucks. Annual growth in this area exceeds 50 percent," Furlan announced.

According to the Minister, cell phones are another area in Brazil that can generate profits for investors. Investments in this sector will triple in the coming years, Furlan said. Brazil is currently considered the world's largest producer of electronic games for cell phones.

The footware sector is also quite promising, Furlan pointed out. This year the sector will grow 15 percent. The Minister affirmed that Brazilian exports are growing over 25 percent annually, and imports, around 20 percent.

"Many investment opportunities exist in Brazil, as well as a reliable government and competent teams. Our goal is to strive for economic growth that is competitive, sustainable, and efficient," the Minister underscored.

Agência Brasil

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