Egyptian firm invests in Brazil
Those interested in property for sale in Brazil could be interested to hear the Latin American nation has attracted more investment from abroad, it has been reported.
Egyptian firm Electrometer has invested $5 million (£2.5 million) in its first joint venture in Brazil with Damp Electric from the state of Minas Gerais, according to the ANBA.
The Arab organisation, which is a maker of electricity meters, has linked up with the electrical project engineering company.
Assem El Shafei, director of the new branch, said they chose Brazil because of its emerging digital technology market.
"Brazil has 60 million consumers of this product. We have a very great potential. In Brazil we are going to produce all that the market demands," he added.
The International Monetary Fund’s World Economic Outlook: Housing and the Business Cycle 2008 report, found that growth boomed in Brazil last year.
It predicts the Latin American nation will enjoy growth of 4.4 per cent this year and 3.6 per cent in 2009.
