Investment in Brazil 'remains focus for domestic companies'
Date added: 9th June, 2011 at 10:17
(view all articles from June, 2011)
Categories: Economy
Investment in Brazil is still the focus of the country's firms because the nation's growth prospects continue to be strong, it has been argued.
Speaking to the Globe and Mail, co-chief executive officer of renewable energy company Renova Renato Amaral explained that domestic businesses are not expanding abroad because there are plenty of opportunities on their own doorstep.
"Brazil has enormous potential and we still haven’t explored it totally," he stated.
"Why go out to prospect the international market, when the world is coming to us?" the expert added.
The news provider noted that the increase in consumer spending in Brazil, where millions have entered the middle class in recent years, is faster than the expansion of the economy as a whole.
Such success has led to fears of rising inflation, but Mr Amaral believes that if this is kept under the country could see the levels of growth that China has enjoyed.
Brazil's central bank announced it would raise the base rate to 12.25 per cent yesterday (June 8th) in an effort to reach inflation targets by the end of 2012.
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