Bloomberg is reporting that the country of Japan is attempting to recover its influence in the country of Brazil.
Juan Pable Spinetto of Bloomberg reports:
“In the 1950s, Japan helped Brazil establish industries such as steelmaking and initiated key purchases of Brazilian iron ore. Now the Asian nation is seeking to regain influence in Latin America’s largest economy, where China is the No. 1 trading partner.
Japan has signed deals from energy to food and health care during Prime Minister Shinzo Abe’s visit to the country, the first by a Japanese leader in a decade. Abe wants to strengthen ties with Brazil, where about 1.6 million people of Japanese descent live, as he urges his country’s companies to seek more business outside their domestic market.
Top representatives from Toyota Motor Corp., Nippon Steel & Sumitomo Metal Corp. and Sumitomo Mitsui Financial Group Inc. were among the business people accompanying Abe in Brasilia and Sao Paulo, the last destinations of a nine-day tour through Latin American and the Caribbean.”
Korean and Chinese companies are the top producers of electronics in the country. Japan is the sixth leading investor in the nation, which is down from third between 1950 and 1985. Brazil’s infrastructure related industries and general safety are huge attractions for investors.
Read more at Bloomberg.