Brazil has positive outlook on trade with China
Updated: 2014-11-03 05:09
By ZHANG YUCHEN in Beijing(China Daily Latin America)
A "massive" increase in trade and investment between China and Brazil could be on the horizon, said an official with the Brazilian Embassy in China.
Guilherme Belli, head of the embassy's trade promotion and investment section, spoke at the Sixth Annual China Overseas Investment Forum in Beijing on Oct 23. Belli said more regional investment projects are expected.
Bilateral trade between Brazil and China has been surging, from $4.1 billion ($25.1 billion yuan) in 2002 to $83.3 billion in 2013.
"We do have a positive attitude toward the future strengthening of cooperation in various aspects in investment," Belli said.
Dilma Rousseff was re-elected president by a slim margin amid slow economic growth. Domestic investment and demand are weak in Brazil. In September, the two countries celebrated the 40th anniversary of their establishment of diplomatic relations.
There are more than 70 Chinese investment projects currently in Brazil, valued at $56.5 billion, according to a study of Chinese investment in Brazil from 2007-13, by the China-Brazil Business Council (CBBC).
About $386 billion is expected to be invested in the oil and gas sector, said Thomaz Zanotto, head director of DEREX-Department of Trade and Foreign Affairs and of the federation of industries of the state of Sao Paulo.
Zanotto said offshore oil production will reach 6 million barrels daily by 2022, which would make Brazil the fifth-largest producer in the world. Brazil is currently ranked ninth in production and is the 15th-largest holder of proven oil reserves.
Shen Jianping, non-executive director of Beijing Capital Land Ltd, said the firm's interest in investing in urban infrastructure programs in Latin American countries is contingent on guaranteed security and a "healthy" financial regulatory system.