Brazil seeks buyers in China in privatization wave

Brazil's President Michel Temer heads to China with ministers and business leaders Tuesday to woo investors as he seeks to privatize a host of state utilities.

Temer has announced plans to privatize 58 state firms in a bid to spark an economic revival after two years of recession.

"We hope China may be interested in taking a stake in these concessions and bring capital to Brazil. It will be very useful to us," he said in an interview on Chinese state television.

The planned privatizations range from the Congonhas aircraft terminal in Sao Paulo to big state-run energy utility Eletrobras and even the national mint.

While in China, Temer will also take part in a summit on September 3 of the BRICS grouping of major emerging economies.

He is scheduled to meet with Chinese President Xi Jinping on Friday.

Brazilian presidency spokesman Alexandre Parola said the two countries would sign bilateral deals on infrastructure, health, culture and technology.

"Brazil is a safe destination for Chinese investment and a big provider of food and supplies to China, our main trade partner," he said.

Brazil's foreign trade ministry says bilateral trade was worth more than $58 billion last year.

Source: AFP