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Talk of investment in Brazil for Foxconn

Date added: 14th April, 2011 at 14:00
(view all articles from April, 2011)

Categories: Economy

Technology manufacturer Foxconn is keen to invest in Brazil and is in talks with the country's leaders.

President of Latin America's largest economy Dilma Rousseff told reporters in Beijing on Tuesday (April 12th) that her government is looking at proposals from the company.

She stated that the firm is considering ploughing as much as $12 billion (£7.3 billion) into the country over the course of five or six years.

"They're proposing a partnership. They came to us and said 'we want to invest in Brazil'," Reuters quoted her as saying.

According to Bloomberg, if the plans were to go through, this would be the largest amount of money Foxconn has ever put into its overseas operations and the Latin American country's science and technology minister Aloizio Mercadante believes the proposed plant would create 100,000 jobs.

Brazilian news provider RedeBomdia reported on the technology company's plans in March, saying it intends to build a facility to manufacture Apple products near Sao Paulo, although the firm did not comment on the rumours at that time.

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Numbers of hotels for sale in Brazil to rise?

The number of hotels for sale in Brazil may rise, as one expert has suggested that the construction of the properties is to accelerate.

Hotel Interactive reported on the comments of senior vice-president of Lodging Econometrics Bruce Ford, who explained at the BITAC luxury event that the World Cup and the Olympic Games, which are soon to be hosted by the nation, will give the industry a boost.

"They have some tremendous events coming up in Brazil over the next several years … and they will need to build hotels and they will need to become more branded," he said.

In 2014, the World Cup will be played over 12 cities in the country, while the Olympics will be held in Rio de Janeiro in 2016.

Mr Ford said that developers' plans are "largely unannounced" at the moment but he predicted that 30,000 rooms could be under construction by the end of next year.

"The more branded that they become the more that banks are going to get interested, the more that international investors are going to get interested," he asserted.

Currently, there are around 11,000 rooms being built, the news provider noted, with another 15,000 more announced as part of new projects this year.

Hotel Interactive stated that changes in the Brazilian population may also be positive news for the sector.

Indeed, the Brazilian Institute of Geography and Statistics (IBGE) recently revealed that usual real income among its people had reached R$1,540.30 (£588.57) in February compared with R$1,485.94 at the same point a year earlier, representing a 3.7 per cent annual increase.

This may reflect the increasing number of individuals in work in the country, as the figures also showed the unemployment rate dropped to 6.4 per cent last month, compared with 7.4 per cent 12 months previously.

In February, there were around 10.7 million people with jobs with formal contracts – a 6.9 per cent rise on statistics from a year earlier, or an extra 687,000 roles.

Other positive changes in Brazil reflected in statistics from the IBGE include a 1.2 per cent increase in retail sales in January compared with the month before, the ninth hike seen in as many months.

Meanwhile, nominal revenue in the sector grew by 1.1 per cent, rising for the 13th consecutive month....

Date added: 31st March, 2011 at 10:03
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