Brazil holds forum in Sao Paulo to facilitate investments

Source: Xinhua| 2018-05-30 10:36:30|Editor: Liu
Video PlayerClose

SAO PAULO, May 29 (Xinhua) -- Brazil Investment Forum 2018 kicked off here on Tuesday to discuss measures to facilitate investments and reduce bureaucracy for the Latin America's largest economy.

When inaugurating the meeting, Brazilian President Michel Temer highlighted several key sectors for foreign investments, such as infrastructure, technology, oil and gas.

"You will see, in two days, the measures we took to increase legal security and market efficiency -- the new pre-salt law, the expansion of concessions and privatization, reduction in bureaucracy and modernization of regulations," he told the forum.

Temer said Brazil's gross domestic product (GDP) growth is expected to surpass 2.5 percent this year. In 2017, the country's GDP grew by 1 percent, following two years of decline.

Temer referred to the country's current problems as isolated incidents. However, the truckers' strike, which entered its ninth day on Tuesday, is more than a small problem to the administration.

The economic losses caused by the strike have already exceeded 10.2 billion reais (2.8 billion U.S. dollars), according to initial estimates from various sectors.

The strike caused shortage of fuel for urban transportation, ambulances, airplanes and boats all over Brazil. Transportation of produce has been severely affected, leading to several big cities out of fresh greens.

The government has announced two deals to put an end to the protests, but truckers remain on strike, saying the government's actions are insufficient.

The two-day forum will have a special closing panel on opportunities for Chinese companies in Brazil. Participants of the forum include government officials and key stakeholders from the private sector, academia and the media.