The government of President Luiz Inacio Lula da Silva unveiled plans on January 22, 2024 to invest 300 billion reais (60 billion dollars) in Brazil’s industry.

The funding is the backbone of a proposal the government is calling “New Industry Brazil,” a comprehensive re-industrialization plan that will provide credit and funding for sectors such as health, defense and agribusiness. The majority of the funds, around 250 billion reais, will be provided by Brazil’s national development bank BNDES.

The efforts are crucial to make Brazilian industry competitive on the global stage, Lula said at an event to present the plan in Brasilia. “For Brazil to become competitive, it needs to finance some of the things it wants to export,” he said.

Similar to the infrastructure investment package the government launched last year, the industrial plan is largely modeled on a program Lula relied on during his previous presidency from 2003 to 2010.
This time, it also includes investments in decarbonization and modernization initiatives.

“From now on, the country will be able to count on permanent investments for Brazil’s neo-industrialization and ecological transition,” said BNDES head Aloizio Mercadante in a statement.

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