Ceylon Chamber identifies opportunities in Brazil

The Ceylon Chamber of Commerce, entered into a Memorandum of Understanding with the Foreign Trade Chambers Federation Rio de Janeiro, Brazil recently.

Private investors in Brazil will see this as a unique opportunity to work with Sri Lankan business conglomerates. President of the Foreign Trade Chambers Federation Rio de Janeiro, Paul Marcondes Ferraz, said at a media briefing held during the MoU signing ceremony held in the presence of Ambassador for Sri Lanka in Brazil, Dr. Mahinda Balasooriya. The Sri Lanka Embassy in Brazil facilitated the signing of the MoU.

"Considering the many opportunities that would emerge as a result of Rio de Janeiro and Brazil hosting two mega events, the FIFA Football World Cup 2014 and the Olympics 2016 in Rio, the Ceylon Chamber considered expanding its horizons to Rio.

There is no doubt that a large number of tourists will visit Brazil to witness these two mega events resulting many new opportunities for Sri Lankan business community to explore with members of the Foreign Trade Chambers Federation Rio de Janeiro, Brazil," a media release stated.

"To provide first class infrastructure to welcome athletes and audience during the FIFA Football World Cup 2014 and Olympic Games 2016, Rio de Janeiro counts on its existing tourism infrastructure and considerable investment in the coming years.

During decades of being one of the world's most popular travel destinations and hosting yearly mega-events such as its world-famous carnival celebrations, Rio has developed numerous and diverse accommodation facilities and a good network of guides and travel service providers", the release stated.

"Rio de Janeiro is referred to as Rio, the second largest city of Brazil, which boasts approximately 6.3 million people within the city proper, making it the sixth largest in the Americas, and 26th in the world. Rio de Janeiro represents the second largest GDP in the country.

With a major port and international airport, Rio is an important industrial, financial, and commercial centre. The city has a large tourism industry that appears to be bouncing back after years of decline. Rio's factories produce processed foods, textiles, furniture, chemicals, petroleum products, pharmaceuticals, and metal products.

The manufacture of electronics and computers has begun to play a major role in the economy in recent times. It is a leading financial and banking centre. The country's most active stock market, the Bolsa da Valores do Brasil, is located in Rio.

Brazil's economy is the world's seventh-largest at present accounting for $ 2.3 m GDP in 2011 as per IMF ranking and it is expected to grow 4 percent in 2012. It is forecasted to rise to fifth within the next several years. For the first time, a majority of Brazilians are now middle-class, and domestic consumption has become an important driver not only for Brazilian growth" it stated.