Brazil began a major cycle of attracting investment, driven by a comprehensive set of reforms and an improvement in the business environment, initiatives taken since the beginning of the government. Carlos da Costa, head of the Office of the Ministry of Economy in Washington, United States, made this statement during the event. Brazil Investment Forum 2022 (BIF 22), which takes place in So Paulo.
Carlos da Costa presents the various reforms that have been implemented since the beginning of 2019. He mentioned, among other points, new laws on regulatory agencies, laws on economic freedom, the MERCOSUR-EU agreement, new telecommunications framework, new sharing. Oil and gas, new FGTS and new agricultural credit law. He also highlighted that Brazil has become a world reference for the momentum in the implementation of measures to deal with the economic impacts caused by the Covid-19 pandemic, such as the National Assistance Program for Micro and Small Businesses (ProNampe). and for the Emergency Access Program Credit (Peak).
“Projections, some from the World Bank, some from the OECD” [Organização para a Cooperação e Desenvolvimento Econômico]indicates that no other country has managed to implement so many reforms in such a short period of time”, declared the secretary of the Office of the Ministry of Economy in Washington. He stressed that the changes should be implemented by all productive sectors and the National Congress was supported, and managed to turn Brazil into a “lighter” country, increasing the attractiveness of foreign investment. “Markets are increasingly looking to Brazil, believing that we are one”. Continental Countries Business Friendly“, Told.
Despite the progress already made, there are still challenges to be faced, warned Carlos da Costa, citing tax reform. We have 3.5% investments in emerging markets, we already have 7%. Brazil can double the amount of direct investment received,” he said.
Carlos da Costa was the moderator of the panel “Introducing Brazil: Latin America’s Largest Investment Destination”. Andre Clark, Senior Vice President, Siemens Energy Latin America; Christina Palmaca, President of SAP Latin America and Caribbean; and Richard Martínez Alvarado, Vice President of Countries at the Inter-American Development Bank (IDB). In their statements, they all pointed out that Brazil offers a wide portfolio of investment opportunities for the private sector, particularly in the areas of infrastructure, digitization and innovation.