It emerged this week that the Brazilian government plans to deliver BRL21.4bn in tax cuts to favored industries in the period to 2011, in order to boost exports.
Speaking on Monday, Brazilian Finance Minister, Guido Mantega revealed that the planned tax breaks were expected to benefit 25 industry sectors, including exporters and technology firms.
In addition to the tax cuts, the authorities revealed that they intend to create a sovereign wealth fund later this year, and to offer BRL1.3 bn in low cost loans to Brazilian businesses.
"The objective of our industrial policy is to stimulate investment and increase exports to ensure the sustainability of the growth cycle," Mantaga was quoted as explaining by Reuters.
Commenting on the launch of the Productive Development Policy Package, President Luiz Inacio Lula da Silva observed, according to Bloomberg, that:
"This puts an end to 25 years of investment apathy. This kickstarts a new cycle of growth for our nation.''
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