The Norwegian Honorary Consul-General in São Paulo and NBCC Board Member Observer, Cesar B. Garrudo and NBCC Legal Committee Coordinator in São Paulo and Founding partner Pacheco Neto Law Firm, Juliana Meyer Gottardi, talked about the biggest state of Brazil, during a breakfast meeting at NHO on October 17th. The meeting gathered more than 25 people. Among other topics, Juliana Meyer and Cesar Garrudo presented an outlook about why São Paulo is known as the growth locomotive of Brazil and highlighted some great investment opportunity for foreign investors.
According to Garrudo, Brazil, predominantly because of the fallout from the Petrobras scandal has presented an economic recession for the last 6 years, what has generated inflation and high unemployment rates. He stated that crisis brings opportunities and today there are many international companies taking advantage of the moment to invest in the country. São Paulo has been for many years the place for Europeans companies to open their offices, but this situation has another face when comes to Norwegian companies who tends to concentrate their business in Rio de Janeiro.
São Paulo is known for its significant contribution to the national economy and it has been open for business and international investments, as said by Meyer. It accounts for about 32% of the Brazilian GDP, per capita its GDP is 50% above of the average in Brazil. São Paulo has the one of largest consumer market of Latin America, smaller only then Brazil as a hole and Colombia. It receives 41% of Foreign Direct Investments of the country and 20% of South America. Many different segments such as machinery, mineral fuels, agriculture, Information Technology, aerospace and the automotive industry move the state. Agro-based business is pretty huge in the city and promises high productivity, and in turn leads to greater returns on investment.
An enthusiastic Q&A session took place and many other experts in Brazil who were present participated in the debate. Questions such as the impacts and the changes taking place under political situation and some other specific details of the incentives provided by the state of São Paulo were discussed.
According to Meyer, the state of São Paulo offers great initiatives to promote investments in the industries such as vehicle, IT and innovation. São Paulo has easy availability of some of the best infrastructure, and the city also has an easy supply of labourers that are highly educated and possess great technological skills, the ideal place for all kinds of business ventures and investments.
An agency created for the promotion of investment and competitiveness is ready to receive Norwegian companies with a free consultancy. See more about Invest Sao Paulo here. See the presentation used on the meeting here.