RIO DE JANEIRO - Brazil needs to improve its business environment and have a more open structure to attract more Chinese investors, an experts panel said at an industry event.

The first Brazil-China Seminar - Regulation and Legal Challenges for Chinese Companies and Investments in Brazil was held in Rio de Janeiro last month.

The event was organized by the Getulio Vargas Foundation, a leading governance and business think tank and college named after one of Brazil's most prominent presidents.

China is Brazil's leading trade partner and an increasing number of Chinese companies are establishing branches in the South American country.

Representatives of some Chinese companies operating in Brazil described their main problems in the country at the event, and discussed possible solutions with members of the business community, professors and diplomats from both countries to help advance Chinese investments in Brazil.

Wan Guangfeng, head of the Brazilian branch of oil giant China National Petroleum Corporation, said: "The oil sector in Brazil is of key importance, due to its pre-salt reserves and great potential for growth".

However, he said some regulations have been creating obstacles for the development of investments, such as the requirement for local content, which is widespread in the oil sector and the disorganized regulation agencies.

He suggested that a tax reform could be beneficial for the development of the oil sector in particular.

Jia Yao, administration director at the Brazilian branch of China National Offshore Oil Corp, added that the country has the potential to be great due to its large territory, human resources and a good legal system.

Floriano Azevedo, a law professor at Getulio Vargas Foundation in Rio de Janeiro, said that the business environment has experienced significant progress in the past two decades, but there is still much to do to build a more efficient and attractive environment for foreign companies and investors.

The required taxes and processes involved in opening a business are the main problems for a Chinese company seeking to invest in Brazil, said Li Tie, head of Chinese automaker BYD's Brazilian branch.

China Daily-Xinhua

(China Daily 09/05/2017 page15)