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Brazil chamber to be unveiled

News Business 10.07.2012 Aaron Grunwald
Photo: Charles Caratini (archives)

Networking: The brand new Luxembourg Brazil Business Council (LBBC) will hold its first public event, a summer evening drinks meeting, on Wednesday.

Due to the Grand Duchy’s steel industry, Luxembourg is the largest net foreign investor into Brazil--ahead of the US, France and Germany--LBBC president, Laertes Boechat (photo, right), told Delano.

With the development of deep sea “pré-sal” oil reserves taking shape, Boechat reckoned that this is year to start boosting economic ties between the two nations. Brazil’s new oil fields are located 5,000 to 7,000 meters below the surface of the water--compared to 2,000 to 3,000 meters in the Gulf of Mexico and North Sea--which could create a big opportunity for Luxembourg’s maritime centre. That is because Grand Duchy flagged ships are the type of sophisticated vessels needed to build and service super deep water drilling platforms, Boechat explained.

At the same time, a small number of Brazilian financial firms, such as Banco Bradesco, have already set up their European shop in Luxembourg. And Bocheat said he sees increased investment interest among the two countries’ private equity players.

Brazil does not have diplomatic representation in the Grand Duchy--although Daniel Tesch, director of the Luxembourg auto club is honorary counsul--so Boechat said the LBBC will work with officials in both countries to help fill the business information gap.

The LBBC officially began operations on May 23 and will give its first public presentation on July 11. The event starts at 7 pm and takes place at Agua de Coco in Clausen. Register in advance by emailing the LBBC at [email protected].

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