São Paulo – The Economic Development Secretariat in Cabo Frio, Rio de Janeiro is seeking investors for its Sustainable Development Hub project. The goal is to diversify the economy away from tourism and royalties from oil exploration. “Tourism is indeed our vocation, but we want to move beyond that to create more jobs and development for the city,” the Secretariat’s Employment and Income superintendent João Marcello Neves told ANBA.
Project design is expected to be completed by the end of the year. The allotted 2 million sqm area sits next to the Cabo Frio Airport and near Porto do Forno, the seaport in neighboring Arraial do Cabo.
Now, in order to conclude the project, the Secretariat is seeking out investment abroad, including the Arab countries. “We are interested in the Arab countries, because this area is near Rio, which is reassuring when it comes to shuttling material in and out. We are open to any kinds of projects and we are willing to listen to any company that’s looking to join in. We do have a preference for sustainable economy, for projects that will not harm the environment, since this is an area of beaches and [environmental] reserves. The use of renewable energies, for instance, would be interesting,” he said, adding that 90% of the hub’s area is still available.
Goals include fostering farming, with the use of technologies to add value and increase output, cooperative work and urban associations, as well as corporate skill-building programs and handicraft. The Cabo Frio City Hall is also planning to build a convention center in which to host trade shows and business events.
Lots concessions
The hub will be managed by the Cabo Frio Development Company (Codescaf), a semi-public enterprise whose creation was approved this year. “The startup capital is BRL 5 million, and there are BRL 500,000 quotas. The City Hall retains a 51% stake,” Neves explained.
The Hub is open to investment, which will also be quota-based. Companies joining the Hub will get tax breaks. “Depending on the investor’s project, the City Hall may award land on a right-to-use basis. We will look into each project, how many jobs and revenue they will generate, and consequently how much tax will accrue. For instance, the Estaleiro Vera Cruz shipyard will repay us with a crafts school where 20 professionals will graduate each year, and most will be taken in by the shipyard itself,” he said, referring to one of the companies already slated to join the Hub.
There is also a startup incubator and accelerator for ocean-related businesses. Dubbed Polo Mar, the initiative will get support from educational institutions including the Federal Universit of Rio de Janeiro (UFRJ), as well as from the Secretariat itself, to streamline the paperwork requirements involved in starting a business. “Our vocation is the beach, so we will work with startups that relate to sustainable marine economics and technology. They will all work with these accredited educational institutions, which will act as incubators and accelerators, while the City Hall will facilitate the process of starting new businesses.”
For additional information please refer to the Cabo Frio Economic Development Secretariat website.
Translated by Gabriel Pomerancblum
