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Brazil Property News: Wal-Mart invests billions in Brazil
15th January 2008 03:25
US supermarket giant Wal-Mart is to invest over a billion of reais in Brazil this year, it has announced this week.
The firm, which is the third biggest retailer in Brazil, will inject 1.2 billion reais (£323 million) in the nation during 2008 as it adds more stores to its portfolio, reports Bloomberg.com.
It is a 20 per cent rise on the amount invested in the country by Wal-Mart last year, highlighting the firm's commitment to the nation and its faith in Brazil's economy.
Hector Nunez, who was appointed chief of the company's Brazilian operations this week, spoke to reporters about Wal-Mart's plans.
"The fundamentals of the Brazilian economy are very clear…We are very optimistic," he said.
Me Nunez also noted that the country's economy may grow as much as five per cent this year.
Wal-Mart will open 36 new stores across Brazil in 2008 while rival supermarket Carrefour SA said last month that it will also invest an average of one billion reais (£0.29 billion) in the nation annually over the next three years.
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