Brasília – The president of the National Association of Vehicle Manufacturers (Anfavea), Cledorvino Belini, confirmed this Wednesday (11th) that Brazilian automakers will invest US$ 22 billion until 2015. Belini and other industry representatives spoke with Brazil’s Finance minister Guido Mantega on the country’s new auto industry regime, which provides for incentives to companies which use higher rates of Brazilian-made parts in their cars. The new regime will remain in effect from 2013 to 2017.
“Our major effort now will be to seek competitiveness for the industry in Brazil,” said Belini after the meeting with the minister. According to him, the investment will start taking place as of this year, both on the parts of automakers and the auto parts industry. The executive added that the tax breaks and financing announced by the government will contribute to boosting production.
The industry representatives called on Mantega to place greater emphasis on retail credit for vehicle purchase, which will in turn lead to increased output. Belini claimed, however, that the volume of funds allocated to consumer financing by federal public banks is low.
*Translated by Gabriel Pomerancblum
