Jair Bolsonaro uses WEF platform to sell a ‘new Brazil’ to Davos elite

Brazil’s new president, Jair Bolsonaro, threw out the welcome mat for big business and major investors on Tuesday, inviting major investment to boost Brazil's tourism industry. (Screenshot/WEF)
Updated 22 January 2019
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Jair Bolsonaro uses WEF platform to sell a ‘new Brazil’ to Davos elite

DAVOS, Switzerland: Brazil’s new president, Jair Bolsonaro, threw out the welcome mat for big business and major investors on Tuesday, telling a summit of CEOs at the World Economic Forum in Davos that his government would make the country one of the top 50 in which to do business.
Bolsonaro said he would work to open up Brazil’s relatively closed economy, reduce and simplify taxes, privatise assets and give his new justice minister the tools to tackle corruption and organized crime.
The newly-elected Brazilian president told the audience that he was “moved and honored” to be addressing the good and the great at Davos, calling the forum an opportunity to show the world a revamped Brazil that he was building.
“I want to introduce to all of you the new Brazil we are building,” he said. “We are committed to changing our history.”
He reassured political and business leaders in attendance that his government has the credibility and the tools required to reform his country.
Big investment to turn Brazil into a global tourist destination was the main thrust of Bolsonaro’s speech. But given the importance placed on climate change and protecting the natural world, he was keen to point out that he would strive to preserve the environment while developing the economy — saying policies on the two “should go hand-in-hand.”
Bolsonaro surfed a populist wave last year to ride to power, vowing an end to rampant corruption and a restoration of law and order in Brazil.
But staging his first foreign trip as president, Bolsonaro has left behind a scandal about suspicious payments involving his politician son Flavio Bolsonaro, who denies any wrongdoing.
Focusing instead on a pro-business message at the WEF, Bolsonaro told his well-heeled audience that he was determined to open up Brazil’s economy.



Saudi Aramco discussing investments in India’s Reliance Industries

Updated 7 min 27 sec ago
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Saudi Aramco discussing investments in India’s Reliance Industries

  • World's biggest oil company targets petrochemicals
  • India is a top investment priority for Saudi Arabia

NEW DELHI: Saudi Aramco’s CEO Amin Nassar said on Wednesday that the company is in talks with India’s Reliance Industries for possible investments and is seeking other opportunities in the country.
Saudi Aramco signed an agreement in April with a consortium of state-owned Indian refiners to participate in a $44 billion refinery project on the country’s west coast.
“We are looking at additional investment in India so we are in discussions with other companies as well, including Reliance and others,” Nasser said in a panel discussion in New Delhi.
“We are looking at it. We are not limited to that investment which is the mega refinery,” Nasser said, referring to the west coast project, which would process 1.2 million bpd of crude and produce 18 million tons per year of petrochemicals.
Nasser is part of the entourage traveling with Saudi Arabia’s Crown Prince Mohammed bin Salman, who is in India for a one-day visit.
Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, is India’s biggest refining and petrochemicals company and runs a 1.4 million barrels per day (bpd) refinery in western India. It plans to expand the capacity to 2 million bpd by 2030, according to plans shared with the Indian government.
Saudi Arabia, the world’s biggest crude oil exporter, is keen to expand further into oil refining and petrochemicals.
India would provide a fast growing market for oil and fuels and is already a steady buyer of Saudi oil.
“India is an investment priority for Saudi Aramco. India takes from us almost 800,000 barrels a day and by 2040 India’s total consumption will be around 8.2 million barrels per day,” Nasser said.
India is currently world’s third-biggest crude oil consumer with demand of 4.7 million bpd, according to government figures.
However, Aramco is already facing delays for the refinery project, planned for the western state of Maharashtra, as thousands of farmers have refused to surrender land for it.
Reuters reported on Tuesday the Maharashtra government is looking to move the refinery location.
Yousef Al-Benyan, the chief executive officer for SABIC, the Saudi Arabia-based petrochemical company that is the fourth largest in the world, was also on the panel. He said SABIC wants to expand its business and presence in India.