Brazil, China sign business deals
Source: Agencies |
April 13, 2011, Wednesday
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Print Edition
Print Edition
Brazilian President Dilma Rousseff did not press complaints about the yuan with Chinese President Hu Jintao yesterday, but came away from a summit with wider market access and investment pledges that may ease trade friction.
Rousseff clinched a series of business deals on the first full day of her China visit.
As well as an order for 35 mid-sized commercial jets manufactured by Embraer announced earlier in the day, Chinese companies signed investment deals for projects in Brazil worth US$1 billion, Brazil's Minister for Industry and Trade, Fernando Pimentel, told reporters.
Rousseff said her government was talking with several electronics manufacturers about investing in Brazil; they included Taiwan's Foxconn, the maker of Apple Inc's iPhone and a vast range of other electronic goods. The company has based much of its production on the Chinese mainland.
"You've got an ample range of investments that go from US$300-US$400 million to US$12 billion over 5-6 years in the case of Foxconn," she told reporters of those discussions.
"They're proposing to us a partnership. They came to us and said we want to invest in Brazil," she said of Foxconn, adding that the company may build computer displays in her country.
Brazil's Science and Technology Minister Aloizio Mercadante said Foxconn and Apple could start making Apple's iPad in Brazil by as soon as late November.
Rousseff said earlier in the day that bilateral trade relations with China needed a qualitative boost to be sustainable.
"Brazilian exports to China are still excessively concentrated in iron ore, soybeans, oil and paper pulp. That's good but not sufficient," Rousseff told a business conference.
"It's important to diversify for our trade to remain sustainable. The key to this relationship is reciprocity in the treatment of investments on both sides," Rousseff said.
One of the top deals Rousseff will have to show for at home is an order from Chinese airlines, including China Southern, for the Embraer jets, each of which is valued at around US$40 million, the company's CEO Frederico Curado said in Beijing.
Separately, Embraer's joint venture in China, Harbin Aircraft Ltd, obtained a permit from Chinese authorities to assemble the company's commercial aircraft, the Legacy 600.
Other deals announced during Rousseff's visit include research and development centres in the states of Goias and Sao Paulo, each worth US$300 million.
Brazil's meat packer Marfrig is investing US$250 million in six distribution centres in China.
Rousseff clinched a series of business deals on the first full day of her China visit.
As well as an order for 35 mid-sized commercial jets manufactured by Embraer announced earlier in the day, Chinese companies signed investment deals for projects in Brazil worth US$1 billion, Brazil's Minister for Industry and Trade, Fernando Pimentel, told reporters.
Rousseff said her government was talking with several electronics manufacturers about investing in Brazil; they included Taiwan's Foxconn, the maker of Apple Inc's iPhone and a vast range of other electronic goods. The company has based much of its production on the Chinese mainland.
"You've got an ample range of investments that go from US$300-US$400 million to US$12 billion over 5-6 years in the case of Foxconn," she told reporters of those discussions.
"They're proposing to us a partnership. They came to us and said we want to invest in Brazil," she said of Foxconn, adding that the company may build computer displays in her country.
Brazil's Science and Technology Minister Aloizio Mercadante said Foxconn and Apple could start making Apple's iPad in Brazil by as soon as late November.
Rousseff said earlier in the day that bilateral trade relations with China needed a qualitative boost to be sustainable.
"Brazilian exports to China are still excessively concentrated in iron ore, soybeans, oil and paper pulp. That's good but not sufficient," Rousseff told a business conference.
"It's important to diversify for our trade to remain sustainable. The key to this relationship is reciprocity in the treatment of investments on both sides," Rousseff said.
One of the top deals Rousseff will have to show for at home is an order from Chinese airlines, including China Southern, for the Embraer jets, each of which is valued at around US$40 million, the company's CEO Frederico Curado said in Beijing.
Separately, Embraer's joint venture in China, Harbin Aircraft Ltd, obtained a permit from Chinese authorities to assemble the company's commercial aircraft, the Legacy 600.
Other deals announced during Rousseff's visit include research and development centres in the states of Goias and Sao Paulo, each worth US$300 million.
Brazil's meat packer Marfrig is investing US$250 million in six distribution centres in China.
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