Chinese enterprises reaffirm long-term commitment in Brazil

SAO PAULO - Chinese enterprises investing in Brazil reaffirmed on Wednesday their long-term commitment during a panel discussion on China-Brazil business cooperation under the Brazil 2018 Investment Forum held here.

Business representatives from both sides praised the rapidly increasing Chinese investment in the South American country while discussing ways to deepen cooperation during the event sponsored by the Brazil-China Business Council.

Chang Yunbo, vice-president of the China Communications Construction Company Ltd (CCCC) South America, called on Brazilian businesses to plan for long-term bilateral cooperation as their Chinese partners do, and to deal in the Brazilian and Chinese currencies instead of the US dollar, which he believes increases operational costs.

Qu Yang, vice-president of the Brazilian branch of China's State Grid, stressed the need for the Brazilian government to integrate the country's renewable energy generating capacity into transmission lines.

He said Brazil's wind and solar power generation capacity amount to that of two or three Brazilian-Paraguayan Itaipu dam hydroelectric plants combined, adding that the different ways of production are complementary in Brazil's power supply.

Speaking at the panel, Carlos Zanvettor, CEO of Rio Bravo of China's Fosun Group, briefed on his company's business expansion strategy, noting a service focus on Brazil's middle income groups.

Jorge Arbache, secretary for international affairs at the Brazilian Ministry of Planning, Development and Management, commended the bilateral Brazil-China Fund, which provides $20 billion for cooperation projects, as a new cooperation model.

Santiago Mourao, secretary-general for international cooperation and promotion at the Foreign Ministry, expressed hope for new partnerships and more opportunities stemming from a long-term commitment by Chinese enterprises in Brazil.