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China will invest US$50 billion to help overhaul Brazil’s ageing infrastructure, Brasilia said, ahead of an official visit by Premier Li Keqiang.
“There are US$50 billion in new projects,” said Jose Graca Lima, Brazil’s undersecretary of state, who oversees Asia and Oceania.
“We shall have to await the end of the visit to expand upon which projects,” he said, without providing details.
Battling a fifth straight year of poor growth and mired in a bruising graft scandal involving state oil giant Petrobras, Brazil is seeking to revamp its sagging infrastructure ahead of next year’s Rio Olympics, the first Games to be held in South America.
A Brazilian government source said Brazil, Latin America’s biggest economy, was determined to overhaul its dilapidated roads, railways, airports and ports ahead of the Olympics.
The cash infusion from China is likely to cover various sectors, including transport and energy.
Li arrives in the capital Brasilia next week for the official visit, during which he will also travel to Rio de Janeiro, before touring neighbouring countries.
The premier will visit Colombia, Peru and Chile on the South American swing, aimed at boosting Beijing’s influence in the region.
China has been Brazil’s chief trading partner since 2009 and one of its main sources of foreign investment.
Trade between the two BRICS nations jumped by a factor of 13 between 2001 and 2013, reaching US$83.3 billion.
Brazilian exports outstripped imports from China by US$8.72 billion in 2013 as the South American giant benefited from high Chinese demand for commodities.
That demand has since dipped, putting a brake on Brazilian growth.
Brazilian President Dilma Rousseff said on Wednesday she wanted to see greater trade cooperation between Brasilia and Beijing and will push for a free trade accord during Li’s visit.
The two countries also hope to bring to fruition an ambitious scheme to create a railroad stretching from Brazil to Peru, allowing Brazilian exports to be shipped to China more expediently.
The proposed rail link would stretch some 3,500 km from the port of Santos to the Peruvian Pacific port of Ilo.
Graca Lima said the complex scheme would take some three to four years to realise, but assured it is advancing.
The countries are also expected to announce the delivery of 22 jets from Brazil’s Embraer to China, part of a larger order of 60 airplanes from the world’s number three commercial aircraft developer.
Graca Lima said Rousseff and Li would ink a series of accords on various political issues, along with four major commercial agreements and as many as 30 investment deals.
“We are hoping for very interesting results from this visit,” Graca Lima said.
Li is expected to arrive in Brazil Monday, where he will stay for three days before heading to Colombia.
 
 


China to invest US$50 billion in Brazilian infrastructure projects

Details of the projects due to be announced during Premier Li Keqiang's trip to Brazil next week. He will also visit Colombia, Peru and Chile. Photo: EPA

China vows to double trade with Latin America to US$500b within 10 years

Venezuela's President Nicolas Maduro (right) claps while China's President Xi Jinping speaks during the opening ceremony of the 1st Ministerial Meeting of China-CELAC Forum at the Great Hall of the People in Beijing. Photo: Reuters

President Xi at a welcoming ceremony for Ecuador's President Rafael Correa ahead of the Latin American summit. Photo: Xinhua

News

China

Diplomacy

Deals form part of Beijing's efforts to strengthen diplomatic and trade ties with Latin America


China will invest US$50 billion to help overhaul Brazil’s ageing infrastructure, Brasilia said, ahead of an official visit by Premier Li Keqiang.
