Investment in Brazil's stocks and bonds 'will continue to grow'
Date added: 25th November, 2009 at 09:11
(view all articles from November, 2009)
Categories: Economy
Investment in Brazil's financial products will continue to grow despite the recent introduction of a tax which some feared would deter backers.
This is the view of Pedro Bastos, a director of Brazilian Financial and Capital Markets Association, who said the two per cent tax on foreign investment in Brazil's bonds and stocks would not put people off.
He noted that long-term investors would not see the measures as a deterrent, as the market is "up 80 per cent on a nominal basis and 133 per cent on a dollar basis".
Speaking to Reuters news agency, Mr Bastos identified Japanese individuals and businesses as being particularly keen to invest in Brazil.
"Japanese investors have been long-term investors. Even during the depths of the crisis last year we didn't see any significant outflows," he added.
His comments come after two international hotel chains, Jumeira and Four Seasons, both unveiled plans to invest in Brazil. Each plans to open branches in the Latin American country in coming years, Bloomberg reported.
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