Japan, Brazil to cooperate on infrastructure dev

Dhaka,  Tue,  06 December 2016
Published : 19 Oct 2016, 21:49:08

Japan, Brazil to cooperate on infrastructure dev

TOKYO, Oct 19 (Reuters): Japan on Wednesday agreed with Brazil to jointly explore Japanese infrastructure investment opportunities in South America's biggest economy as Brazilian President Michel Temer looks to foreign investment to pull out of a deep recession.

Under the agreement, Japanese and Brazilian officials will hold discuss cooperation in investment in areas such as transport, logistics, information technology and energy.

"Brazil represents a chance for Japan. In particular, there is a large investment opportunity in the area of infrastructure," Japanese Prime Minister Shinzo Abe told a joint news conference with Temer. "I'm really glad we've managed to agree to launch talks on infrastructure development."

Details such as when the first consultations will be held had not been decided, a foreign ministry official said.

Temer last month launched a sweeping plan to auction off licenses to operate oil and gas, electricity and infrastructure projects in an attempt to boost private investment and pull the Brazil's economy out of its deepest recession since the 1930s.

His centre-right government plans to sell concessions for private companies to operate airports and railways and build roads and port terminals needed to ship out exports by the South American agricultural powerhouse.
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