Sunday, March 16, 2014

Brazil/Spain: Spain Triples Direct Investment in Brazil Since 2012, Crown Prince Felipe Engaging

According to The Latin American Tribune, Spanish direct investment in Brazil in 2013 totaled 6 billion reais (US$2.538 billion), almost triple the 2.3 billion reais ($972 million) the Iberian nation invested in the South American giant in 2012, business sources reported on Thursday (March 14).

The figure will reportedly grow in the coming years, according to data provided by the Spanish Chamber of Commerce in Brazil, which projects that investment by the 20 largest Spanish companies in the country will total 41.6 billion reais (some $17.6 billion) during 2014-2016.

The data was released on Wednesday (March 13) at a working breakfast attended by Spain’s Crown Prince Felipe and the Chamber’s board of directors during the Prince’s one-day visit to São Paulo.

COMMENT: According to the updated information compiled by the Chamber, which gathers figures from the Brazilian Central Bank and the country’s Industrial Development and Foreign Trade Ministry, cumulative Spanish direct investment in Brazil since the 1990s has amounted to 177.7 billion reais (some $75.2 billion).

In 2013, according to Brazilian government figures, the current account total between Brazil and Spain was 2.6 billion reais (some $1.1 billion).

According to the Chamber, Spanish companies operating in Brazil in 2013 invested more than 256 million reais ($108 million) in social projects that benefited 20 million people, directly generated 158,000 jobs and indirectly created 155,000 and served 173 million Brazilian customers.

For background on Crown Prince Felipe, see: