It emerged on Friday that Italian auto firm, Fiat is to invest more than US$3 billion in operations in Brazil and Argentina between 2008-2010.
Reports on the investment plans were published following CEO Sergio Marchionne's meeting with Brazilian President, Luiz Inacio Lula da Silva, and the governor of Minas Gerais, where the majority of the firm's Brazilian operations are located.
Although the majority of the planned investment is set to benefit the Minas Gerais operations, Fiat's farm equipment factory in Sao Paulo is also likely to benefit.
Annual production of Fiat vehicles at the plant in Betim, Minas Gerais is expected to increase to around the million mark as a result of the increased investment.
Speaking to reporters following the meeting, Mr Marchionne explained the reasoning behind the decision, observing, according to Bloomberg, that:
"I travel the world and I haven't seen an economic environment which is stable and as favorable. You are going through an incredible period of growth."
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