Saturday, July 17, 2010

Rio Rebounds

Ahead of the World Cup and the Olympics, Rio de Janeiro is seeing increased attention from international investors, especially in the shipbuilding, oil and steel industries.

The governor, Sergio Cabral, forecasts the state of Rio will need as much as $US90 billion ($102 billion) in investment until 2013 for the expansion of the shipbuilding, iron, steel and nuclear power industries, led by projects from the billionaire Eike Batista.

Oil producers and mining companies helped double state exports in the first five months of the year, a growth rate three times faster than the nation as a whole.

''It's in the midst of a major transformation,'' said Mr Palmer, Gartmore's head of global developing markets. ''Rio has come back into the fold because of the Olympics and the development of the oil and gas industry.''

Investors go to Rio as opportunities flourish
Sydney Morning Herald
July 17, 2010