Brazil is seeking for Japanese investment

Brazil is seeking for Japanese investmentBrazilian President Michel Temer sought to lure Japanese investments, saying there is "much potential" in investing in the country's airport, oil and gas sectors, Reuters reported on Wednesday.

Temer, making the first visit to Japan by a Brazilian head of state in 11 years, aims to repair ties frayed by his predecessor Dilma Rousseff, who twice canceled official visits to Japan.

"There are around 700 Japanese companies in Brazil. The goal of our trip (to Japan) is to promote trade, investment, and industrial relationships," Temer told a Japanese business lobby in Tokyo.

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 economy out of Brazil’s deepest recession since the 1930s.

His center-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.

Besides the aim of attracting Japanese investment in Brazilian infrastructure, Temer also hopes Japan's markets will be opened to Brazilian commodities such as fresh beef and fruit.

In his turn, Japanese Prime Minister Shinzo Abe said that Brazil represented a large investment opportunity for Japan, particularly in the field of infrastructure.
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