Mission from São Paulo State, Brazil, returns from China with announced investments

14 August 2019

The China 2019 Mission has raised investment intentions from Chinese companies and financial institutions worth US$24.8 billion over 10 years, said the governor of the Brazilian state of São Paulo.

The delegation, which included Governor João Doria, five Secretaries of State (Finance and Planning, Economic Development, Agriculture and Supply, Metropolitan Transport and International Relations) and representatives of 30 companies, held dozens of meetings with Chinese groups interested in buying products from São Paulo and in investing in the Brazilian state.

The governor said US$10 billion of that amount comes from a commitment with the China Development Bank and another US$10 billion from a similar arrangement with the BRICS bank.

“The remaining US$4.8 billion are investment intentions by Chinese companies to be made over the next five years,” said Dória, who mentioned, because of its size, the Huawei group’s US$800 million investment in a new electronics factory.

The plant, whose location is yet to be decided, will build smart phones, and the investment to be made over the next three years – from 2020 to 2022 – intends to supply the Brazilian market and export surplus production to other Latin American countries.

The announcement came on the penultimate day of Governor João Dória’s visit to China, and the new factory will be the second that the Huawei group has in Brazil, following one in Sorocaba, in the interior of the state of São Paulo.

The schedule of the mission, “the largest multi-sector business delegation ever sent to the Asian country by Brazil,” included the inauguration of InvestSP’s Shanghai representative office, that state’s investment promotion agency, which took place on 9 August. (Macauhub)