Telefonica to make £699m investment in Brazil
Date added: 9th December, 2009 at 09:59
(view all articles from December, 2009)
Categories: Economy
Telefonica has announced more than 2 billion reais (£699 million) of investment in Brazil which will be made during 2010.
Antonio Carlos Valente, the telecommunications company's chief executive officer, commented on Tuesday (December 8th 2009) that the funding would focus on improving broadband internet access in the country, the Wall Street Journal reported.
Specifically, the Spanish firm will look to expand its network, he added.
The investment in Brazil will be justified, he claimed, because there is likely to be increased demand for internet services as a consequence of the Latin American country's predicted economic growth.
Analysts have claimed that its gross domestic product will rise by a minimum of four per cent over the next 12 months.
Meanwhile, a study carried out by the Centre for Economics and Business Research (CEBR) recently stated that Brazil will overtake the UK as one of the world's biggest economic powers.
Douglas McWilliams, chief executive of the CEBR, claimed this could happen as soon as 2012.
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