Wal-Mart to invest $1.06 billion in Brazil

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(Xinhua)
Updated: 2008-08-14 09:37

RIO DE JANEIRO -- US retail giant Wal-Mart plans to expand its operations in Brazil in 2009 by investing some $1.06 billion and opening another 80 to 90 stores.

It will be the largest investment by Wal-Mart since opening its first outlet in Brazil in 1995 in the state of Sao Paulo.

The investment, which was announced by the president of Wal-Mart's Brazil division Hector Nunez on Wednesday during a meeting with Brazilian President Luiz Inacio Lula da Silva, is estimated to produce over 9,000 direct jobs for the country.

The company says it has invested $1.85 billion in Brazil in the last four years, including 2008.

Wal-Mart now owns 318 stores in 17 of Brazil's 26 states, as well as the capital Brasilia, employing over 70,000 people.