Vale leads Brazil's outward FDI
Mining powerhouse Vale led outward foreign direct investment announcements by Brazilian companies in 2018.
Vale announced total investments abroad of US$2.8bn, with about US$2bn being for the relaunch of a major nickel mining project in Canada, according to local think tank Fundação Dom Cabral (FDC) in its Global Latam study commissioned by the Spanish government.
The study also cites announcements by Petrobras (oil), Iochpe-Maxion (auto parts manufacturer), Marcopolo (truck and bus bodies) and Magnesita (mining), as well as food giants Minerva, BRF and Marfrig, among others.
The document mentions Natura (cosmetics), Embraer (aircraft manufacturer) and Stefanini (technology) as emerging names in FDI.
In 2003-19, the US was the country seeing the highest number of Brazilian FDI announcements with a total of 207 projects, the study said.
Argentina (108) and Colombia (59) followed.
TOTAL INVESTMENTS
Direct investment by Brazilian companies abroad totaled US$14.7bn last year, down 31% US$21.3bn in 2017, FDC said.
According to the study, the figure was strongly impacted by Brazil's elections last year, which made entrepreneurs more cautious about foreign currency investments. FDI by domestic companies was also impacted by economic and political turmoil in Brazil.
When GDP contracted 3.6% in 2015, FDI by Brazilian companies declined 85%.
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