Chinese sovereign fund aiming to increase investment in Brazil

3 November 2010

Brasilia, Brazil, 3 Nov – Officials from China’s sovereign wealth fund, the China Investment Corporation, have revealed in Brasilia that it is interested in increasing investment in Brazil, reports the Chinese news agency Xinhua.

The delegation was recently received in Brasilia by Brazilian Finance Minister Guido Mantega, who was informed of China Investment Corp’s interest in upping investment in the industry, agriculture and renewable energy sectors, the agency added.

China’s interest was expressed during the meeting, in which Mantega spoke about Brazil’s economic situation and long term investment prospects.

China’s sovereign wealth fund currently has about US$200 billion available for long term investment.

Since the fund was created in 2007, Beijing has also invested part of its reserves in foreign currency in order to increase profitability. (macauhub)