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“Nobody will lose money with Brazil”
February 13, 2013, 11:21 am


Gleisi Hoffmann, Brazil’s chief of staff. [AP]

Gleisi Hoffmann, Brazil’s Chief of Staff has said the country has seen an increase in foreign direct investment in 2012 and is on the right track to recovery.

Figures from the World Economic Forum in Davos, with more than 1,300 executives, shows that Brazil is an attractive country for investment, said Hoffmann.

“We have good results. Lowest unemployment rate in history, systematic reduction of poverty, reduction in interest rates, significant foreign investment in the country”, the chief of staff said in an interview to the Brazilian newspaper Folha Sao Paolo.

Hoffmann stressed that the rate of return will be proportional to each project in the private sector and that “nobody will lose money with Brazil”.

She said that the Brazilian economy is resilient, denying Western media reports of crumbling investor confidence.

“I do not want to believe that our entrepreneurs are afraid of competition,” said Hoffmann.

Brazil has undertaken new investment programmes for airports, highways and railways in 2012.

Global analysts and economists have revised their forecasts for Brazil’s economic growth in 2013 on numerous occasions – estimates are now at around 3 per cent.

Brazil plans to scrap all federal taxes on its basket of staple foods as the government seeks to slow inflation in Latin America’s biggest economy, Dilma Rousseff, the Brazilian President said last week.

Hoffmann however, did admit the pace of bureaucracy in the public sector undertakings in Brazil is troubling and that a monitoring system is needed.

In Brazil, the chief of staff is a senior aide to the president, a member of the president’s cabinet and a minister.

The BRICS Post