Geneva - A meeting that brought together president Luiz Inacio Lula da Silva and economic sector cabinet members with some 200 foreign business leaders yesterday was considered a success. Speeches by the Brazilians were well received. "The policies announced have been consistent and show clearly that the government is committed to attracting more investments," said Luis Carlos Costamilan, president of the British gas company BGG for Cone Sul. "My company has already invested US$1 billion in Brazil and we will certainly invest more."

That sentiment was seconded by other business leaders present, such as Giovanni Norberto Perazzolo of an Italian leather goods group, Charles Edelstinee, of Daussault Aviation (which owns 20% of Embraer), Cesar Alierta, of Telefonica, the Spanish communications operator, and Bem van Schaik of Daimler-Chrysler.

According to minister of Development, Luiz Fernando Furlan, a recent survey shows that between 2002 and 2003, investments by firms in Brazil rose over 71%, with the highlight being in petrochemicals.

Furlan said Brazil hopes to be getting US$20 billion in foreign investments annually in the near future as a result of the stable economic situation and commercial incentives the government is offering. In 2003 Brazil received US$11 billion in direct foreign investments. (AB)