Premier Li inks trade deals to boost Brazil
Print Edition
Chinese Premier Li Keqiang and Brazilian President Dilma Rousseff inked a series of trade and investment deals yesterday worth billions of dollars.
The over US$53 billion deals in trade, finance and investment, aimed at help Brazil upgrade its infrastructure and boost a slumping economy, included a pair of finance and cooperation deals worth US$7 billion for Brazil’s state-owned oil firm Petrobras.
On his first official trip to Latin America, Li met Brazilian President Dilma Rousseff yesterday.
The two leaders later attended the signing of a raft of agreements which range from a US$1 billion purchase of passenger jets made by Brazil’s Embraer to a long-discussed plan to build a railway over the Andes to the Pacific.
An injection of capital from China could not come at a better time for Brazil.
The south American country is sliding into recession following the end of a commodity boom that was fueled by a Chinese demand for its main exports, iron ore and soybeans.
As China’s economy slows, Chinese companies are also looking abroad for new opportunities to invest.
Chinese companies with technology and experience are ready to build factories in Brazil to produce materials and equipment needed for large-scale infrastructure projects, Premier Li said in a column published on Monday by the Valor Economico financial newspaper.
“China wants to get involved in Brazil’s large plans to build freight railroads, electricity and telecommunications networks,” wrote the Chinese premier, who arrived on Monday night before beginning his official round of meetings yesterday.
Rousseff, who has been forced to cut spending on public works to put government finances in order, is preparing a package of concessions to attract private investors to build or modernize Brazil’s railways, roads, ports and airports.
Brazil is hoping for Chinese investment in a 900-kilometer section of railway to be built through the soy producing state of Mato Grosso, which could speed up the transport of grains and other goods to ports on the Atlantic.
The rail section would become part of a transcontinental railway link to Peru’s Pacific coast planned when Chinese President Xi Jinping visited Brasilia a year ago, allowing Brazil to ship raw materials to China without going through the Panama Canal.
China’s Tianjin Airlines announced purchase of a first batch of 22 E-190 passenger jets made by Embraer, including two second generation E-190-E2 models that will enter service in 2018. China committed to buy 60 planes when Xi visited last year.
Beef exporters expect China to formally lift a 2012 mad cow-related ban and allow eight Brazilian meat processing plants to re-enter the Chinese market.
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