Chinese group Baidu, best known for its online search engine, is available to apply capital and technology in companies in Brazil, said a group executive in Beijing as he received a delegation of Brazilian businesspeople.
Yan Di, director of the group’s subsidiary in Brazil, described the current economic situation in Brazil as “temporary” and added that the country has always overcome all economic crises so this will be no exception.
Stressing that the end of the “turmoil” in Brazilian politics has reduced the risk associated with the country, Yan Di noted the Baidu group intends to have a strong presence in Brazil.
At the end of September, the group announced the creation of an investment fund with an initial allocation of US$60 million to support startups in Brazil.
The fund, which was dubbed “Easterly Ventures,” under a partnership with Confrapar, a Brazilian fund management firm, provides for investment in 10 to 15 business initiatives in the next five years with minority interests.
Baidu, Inc., established on 18 January, 2000, is Beijing-based Internet services group. (macauhub)