Economy

China, Brazil open wider for each other

(Xinhua)
Updated: 2011-05-17 13:21

BRASILIA -- China and Brazil vowed Monday to open their markets wider for each other's businessmen with more investment and export opportunities.

That was the consensus reached by Brazilian Trader Minister Fernando Pimentel and visiting Chinese Commerce Minister Chen Deming at a bilateral business seminar.

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Pimentel said the expansion of China's consumer market opens up great opportunities for Brazilian companies, and described the bilateral trade balance as "very positive for Brazil."

He estimated that Brazilian exports to China would total almost $31 billion in 2010, and would grow 20 percent to reach $37 billion in 2011.

The Brazilian minister also stressed the growing importance of the Chinese market in addressing the global financial crisis.

For his part, Chen said China would expand imports and open up great opportunities for Brazilian exports under its 12th Five-Year Plan.

Investment promotion agencies from the two nations also inked a memorandum of understanding at the seminar in a bid to identify areas to conduct future cooperation.