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Brazil eyes foreign investment in renewable energy


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Rio de Janeiro: Brazil’s President Luiz Inacio Lula da Silva is keen to attract foreign investment in new business ventures, especially in the field of renewable energy, reports reaching here said Monday.

The president of a country should attract foreign capital by offering credibility and political, social and legal stability, Lula told a business forum held in the northwestern Portuguese city of Porto and attended by some 200 Portuguese and Brazilian business leaders.

Lula, who is on an official visit to Portugal, said the Brazilian government is committed to developing hydrogen industry and establishing partnership with countries around the world in the construction of wind, biomass and solar energy plants.

The president also noted that he had no plan to privatize any public-sector company, saying “in Brazil, we are not going to sell public companies.”

Lula also complained about the country’s high benchmark interest rate, currently at 13.75 percent, the highest level since 2017, for making borrowing more expensive and investing in the country more difficult.

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