Business / Hangzhou G20

Brazil to woo Chinese investors at G20 Summit

(Xinhua) Updated: 2016-08-27 10:56

BRASILIA - Brazil aims to court Chinese investment at the upcoming Group of 20 (G20) Summit in Hangzhou, China, scheduling a seminar for investors and meeting with officials over a joint investment fund.

The seminar will take place in Shanghai the day before the Sept 4-5 summit, Carlos Marcio Cozendey, undersecretary for Economic and Financial Affairs at the Foreign Affairs Ministry, said Thursday.

Cozendey, Brazil's so-called sherpa to the G20, declined to give further details, saying that would have to wait until the impeachment trial against suspended president Dilma Rousseff concludes.

Brazil's Senate is expected to vote whether to impeach Rousseff for alleged fiscal wrongdoing starting on Tuesday.

By Wednesday, the outcome should determine whether Rousseff resumes her duties, which appears highly unlikely, or interim President Michel Temer is instated to see through her term.

Should Temer be confirmed president, said Cozendey, he will be going to the summit to present his country's political changes and new economic plans.

Brazil and China are expected to sign a memorandum of understanding for the creation of a China-Brazil fund to finance infrastructure projects in the South American country.

Also in the works is a memorandum of cooperation in trade and services, designed to establish permanent mechanisms for the highest-level talks in those fields.

In Hangzhou, Brazil's leader is also set to meet with Roberto Azevedo, the director general of the World Trade Organization (WTO) from Brazil, and with the leaders of Spain, Italy and Saudi Arabia.

Leaders from the BRICS bloc of emerging economies, namely Brazil, Russia, India, China and South Africa, are to hold their own meeting in Hangzhou.

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