Brazil levels playing field for foreign companies in government contract market

BRASILIA - Brazil’s government is changing the rules to give foreign companies an equal shot at winning government contracts, the Economy Ministry said on Monday.

Economy Minister Paulo Guedes has pledged to fight corruption and open up one of the world’s most protected countries to foreign business and the overseas investment necessary to modernize Brazil’s crumbling infrastructure. As of May, foreign companies will no longer need a Brazilian representative to take part in public tenders in a market worth an estimated 50 billion reais a year, the ministry’s secretary for management, Cristiano Rocha Heckert, said in an interview Monday. Nor will they be required to have a Brazilian tax identification, he said.

The extent of corruption in Brazil has been seen in the country’s “Car Wash” investigation, which has stretched over five years and jailed former President Luiz Inacio Lula da Silva while also bringing down a string of business leaders and power brokers.

New Brazil with jairbolsonaro 👏👏

Os caras querem acabar com oq resta da indústria nacional...

'Heckert said, which would expand the level playing field for foreign companies to a much larger market, valued at 700 billion reais a year.' $167B/yr in outlays should stop corruption in it's tracks

6:33 AM · 28 янв. 2020 г.·True Anthem

Thank you Bolsonaro!

Great day

Wow. Good luck. 🤞🏻

Clapping furiously!

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ingresse CEO left Silicon Valley to found his startup in Brazil - Business InsiderThis Stanford-educated startup founder stands by his choice to leave Silicon Valley to start his company in Brazil: 'There was more impact to be made here.'
Source: BusinessInsider - 🏆 729. / 51 Read more »

Companies in Shanghai cannot resume work before February 9 due to virus fight: governmentThe Shanghai government has said companies in the city are not allowed to resume... What will that do to an economy? Here's hoping and praying for the well being of the people of Shanghai! Conspiracy Theory of the New Novel CoronaVirus
Source: Reuters - 🏆 2. / 97 Read more »

Why Unilever is joining hands with platforms to tackle harmful content - Business InsiderA top Unilever exec explains the CPG giant's about-face in combating harmful content online and why it's working with the platforms after threatening to yank budgets
Source: BusinessInsider - 🏆 729. / 51 Read more »