Thirty nine of the 60 direct investment projects by Chinese companies in Brazil worth over US$50 million announced between 2007 and June 2012 are being carried out, according to a survey by the Brazil-China Business Council (CEBC).
The survey, which is due to be presented at a CEBC seminar Wednesday in Sao Paulo that includes specialists such as Nicholas Lardy, of the Peterson Institute for International Economics and Luo Xiaopeng, of the Carnegie Endowment for International Peace, noted that the 39 projects being carried out represent an investment of over US$24 billion.
The survey took into account projects worth over US$50 million and found that China’s investments in Brazil were made by 44 companies, most of which were large state companies, such as China State Grid Corp, from the power sector, and oil and petrochemical company, Sinopec.
However, Brazilian financial newspaper Valor Económico cited figures from the Brazilian Central Bank that showed that Chinese investments in Brazil totalled US$10.4 billion, focused on the oil and gas sector (66 percent), metal mining (17 percent) and financial services and auxiliary activities (3 percent). (macauhub)