Ford to invest $2.3b in Brazil in five years

• Source: Xinhua
• [10:05 November 21 2009]
• Comments

The American car manufacturer Ford announced Friday that it would invest 4 billion reais ($2.3 billion) in Brazil over the next five years.

The factory in Bahia, northeastern Brazil, will be the destination for most of the investment, according to a source from the automotive sector.

It is the largest investment program since the company started operating in the South American country.

Brazilian President Luiz Inacio Lula da Silva and Governor of Bahia State Jaques Wagner attended the announcement ceremony in the courtyard of the plant in the city of Camacari.

As part of the plan, the government offered federal and state tax benefits to Ford.

The enlargement of the factory in Camacari has been negotiated for two years. According to the plan, the factory's production capacity will be expanded from 250,000 units annually to 300,000 units.