BEST: Brazil’s Big Push to Draw Overseas Investment

The Brazilian government and private sector have endeavored to disseminate and ameliorate the image of the country’s financial market in the eyes of foreign investors, the secretary of Brazil’s National Treasury, Joaquim Levy, stated, Friday, February 3, at the BEST (Brazil Excellence in Securities Transactions) event, in São Paulo.

"In terms of Brazil’s security, it is important to solidify the government debt situation in terms of extension and reduction. And to do this we need more investors," he added.

The BEST event is one of the activities intended to consolidate the national market’s image abroad as one that provides security, efficiency, and reliability for the creation of business opportunities.

The BEST represents a joint effort involving a group of financial institutions, such as the São Paulo Stock Exchange (Bovespa) and the Commodities and Futures Market (BM&F), as well as the National Treasury, the Central Bank (BC), and the Securities and Exchange Commission (CVM).

"Foreign investors take a positive view of the joint government/private sector effort, because it transmits an image of commitment and credibility," observed Gilberto Mifano, general director of the Brazilian Clearing and Depository Corporation, which also participates in the initiative.

According to the organizers of the BEST, Europe currently accounts for 25% of all foreign investment in Brazil, while Asia is responsible for only 2%.

They claim that the national capital market has made great strides in recent years, but the prevailing image abroad reflects the early ’90’s, when, they say, the national market was beginning to open up to foreign investors.

Through meetings in international financial centers in North America, Europe, and Asia, the BEST has contributed to the expansion of investment contracts in Brazil.

Since 2004, with the help of the Brazilian Ministry of Foreign Relations, meetings have been held in the United States, England, China, and Singapore. Six more meetings with investors from these countries have been scheduled for this year.

Agência Brasil

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