North East cities attracting investment in Brazil
Date added: 13th June, 2011 at 10:52
(view all articles from June, 2011)
Categories: Economy, Fortaleza, Salvador
Investment in Brazil's North East cities, including Salvador and Fortaleza, is on the increase, it has been reported.
An article in Ad Age Global noted that companies are ploughing money into the area as its population becomes wealthier.
Speaking to the news provider, Salvador-bred Andre Torreta, who founded Sao Paulo-based consultancy Ponte Estrategica, said: "Brazil used to see us as a region with no future - the land of laziness ... Now we're the talk of the town."
The information source noted that 53 million people live in the North East - 30 per cent of the nation's population - and Brazil's Institute for Applied Economic Research has projected that the proportion of locals earning minimum wage will fall from 39 per cent to 28 per cent by 2016.
Increased consumer spending is one of the factors that is attracting people to invest in Brazil, with official figures showing that 36 million people in the country moved into the middle class demographic between 2002 and 2010.
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