Brazil Seeks Further Investment from Spain

Brazilian President Dilma Rousseff and Spanish Prime Minister Mariano Rajoy. Photo: Roberto Stuckert Filho/Presidência da República.

Brazilian President Dilma Rousseff and Spanish Prime Minister Mariano Rajoy. Photo: Roberto Stuckert Filho/Presidência da República.

Investing in Brazil’s concession plans, which represent billions of reais of infrastructure contracts, could provide the answer for troubled European economies, Brazilian President Dilma Rousseff has said during an official trip to Spain.

The state of the European economy and potential business deals were top of Brazil’s agenda on the visit, and other issues, including past immigration issues, were pushed aside.

President Rousseff, who also attended the 22nd Ibero-American Summit in Cádiz, criticized “excessive austerity measures”, making reference to the IMF’s recommendations, and reiterated her belief that only by sustained growth through investment can a country emerge from such an economic crisis, pledging her country’s support:

“Brazil can and must contribute to more economic growth, more options for solving the crisis, because this must be done through growth,” President Rousseff said, speaking alongside Spanish Prime Minister Mariano Rajoy in the capital, Madrid.

The president used the opportunity to rally other countries to help Europe get itself out of the crisis, and left little doubt as to where she believed Spain should aim this crisis-averting investment.

Rousseff noted favorable conditions for concession projects, including the R$133 billion (US$64 billion) already announced for roads and railways, with more to come for ports and airports, as well as R$30 billion committed to the Rio-São Paulo trem-bala (high-speed train).

Contracts for telecom infrastructure would be available, an area where Spanish telecoms giant Telefónica already has a foothold through Vivo, Brazil’s second largest telecoms company.

Spain’s King Juan Carlos I said he wanted Brazil to “count on Spanish companies” for the 2014 World Cup and 2016 Olympics, advocating “the possibility of procedures facilitating highly-skilled Spanish workers to stay temporarily [in Brazil]. At the same, we want to encourage Brazilian companies to invest in Spain.”

Read the full article on The Rio Times site.

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