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Pre-salt Oil, World Cup and Olympics raise Brazil to new status in international business

The announcement that Rio de Janeiro will host the Olympics in 2016 has given a further boost to Brazil’s economy, which is already well on the way to recovery from the global financial crisis.  Paulo Godoy, chairman of the Brazilian Infrastructure and Basic Industries Association (Abdib) says that the development of pre-salt oil, the World Cup and the Olympics put Brazil on a new level in terms of international business relationships and transactions.

Following the financial crisis that began in September 2008, the world’s economy is showing signs of recovery. While the keynote in 2009 was: “Steer business clear of the storm”, the aim for 2010 is definitely something more than just “Keep the ball in the air”.

Finance Minister Guido Mantega reaffirmed that Brazil expects GDP growth up to 5% in 2010.

For the next few years the outlook for Brazil is extremely positive in terms of inv in areas such as infrastructure, industry and services. Development of pre-sal oil, the World Cup and the Olympic Games put the country in a premier position in international terms, and once and for all establish its image as a nation that is ready to face the challenges of the more developed nations.

The development of pre-sal oil is expected to involve investment of US$ 440 billion in the long term, in development of technology, expansion of industrial capacity, construction of shipyards and training of labour. The World Cup and the Olympics, and their facilities, will call for investment in areas including transport and telecoms infrastructure, and electricity.

According to Trade and Development Minister Miguel Jorge, Brazil will become “a major construction site” over the next five years due to the government’s Accelerated Growth Program and the international events.

He said the tender for the High Speed Train linking Campinas (São Paulo state) to Rio de Janeiro will be published by the end of this year – a project worth approximately US$15 billion. “We also expect that the country will initially gain in exportation of services, engineering and software technology, he said. “And there will also be infrastructure and street and train expansion works by the state governments and the cities.”

For the 2014 World Cup, for example, the federal government has already set out the tasks for each sector. Works in ports and airports will be the responsibility of the federal government, while state governments and cities will deal with bus lanes, highways, viaducts and underground trains systems – including the Light Rail project supported by R$ 5 billion in credit lines from the Brazilian Development Bank (BNDES). 

Preliminary studies indicate that the two sporting events will call for investments of the some R$ 130 billion.