Multinationals making an investment in Brazil
Date added: 27th June, 2011 at 10:55
(view all articles from June, 2011)
Categories: Economy
Multinational companies are making an investment in Brazil by paying higher salaries to an increasing number of staff in the nation.
The Wall Street Journal noted that many foreign firms are looking to hire new employees in the country, as its economy grows rapidly.
Indeed, the nation's Institute of Geography and Statistics recently stated that gross domestic product increased by 6.2 per cent in the 12 months to the end of the first quarter of 2011.
One of the companies hiring in Brazil is investment bank Goldman Sachs, which will increase its headcount by 20 per cent this year, according to a Bloomberg report.
Head of investment banking for the firm's Brazilian arm Daniel Wainstein told the news agency that the business aims to cater for the increasing number of its customers looking to grow in Latin America's largest economy.
"We have seen a number of private-equity firms setting up platforms in Brazil and actively looking for opportunities," he said.
He continued: "We have been close to this dynamic and we've been providing them with opportunities and ideas and liaising them with our clients in Brazil."
The number of bankers on his team has risen from 30 to 40 this year and Bloomberg highlighted that an extra 100 personnel will be hired across the company's Brazilian arm in 2010.
Speaking to the information source recently, president of Goldman Sachs Brazil Valentino Carlotti revealed plans to invest in several areas of the business in the coming months, including asset management, research and sales.
"We have been growing a lot in Brazil over the past couple of years, but we still see significant opportunities to continue to build," he explained.
Goldman Sachs is not the only major company ploughing money into the Latin American nation, with head of Google's Brazilian branch Fabio Coelho recently telling the Financial Times that the search engine provider is planning to up its headcount by 50 per cent this year.
The Wall Street Journal reported that this is a trend among multinationals, with foreign companies competing against local enterprises to snatch the best talent in the workforce.
It highlighted figures from the nation's central bank, which showed overseas investment in Brazil soared to $6.2 billion (£3.9 billion) in 2010 compared with $2.4 billion seven years earlier.
Enterprises from abroad are offering higher salaries to Brazilian staff, while internship programmes and training are being provided to create the skilled workforce that many multinationals require.
Indeed, director of human resources at Siemen's Brazilian subsidiary Marcos Cunha told the newspaper his company will take on around 90 per cent of its interns to help increase its headcount by around 800 in 2011.
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