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Foxconn 'mulls $12bn Brazil move' as it seeks expansion | Foxconn 'mulls $12bn Brazil move' as it seeks expansion |
(40 minutes later) | |
Foxconn in planning to invest as much as $12bn (£7.4bn) in Brazil, according to the country's president Dilma Rousseff. | Foxconn in planning to invest as much as $12bn (£7.4bn) in Brazil, according to the country's president Dilma Rousseff. |
Taiwan-based Foxconn operates the majority of its factories in China, producing goods for firms like Apple, Hewlett Packard and Dell. | Taiwan-based Foxconn operates the majority of its factories in China, producing goods for firms like Apple, Hewlett Packard and Dell. |
The electronics maker has been looking to expand its operations beyond China, due to rising Chinese labour costs. | The electronics maker has been looking to expand its operations beyond China, due to rising Chinese labour costs. |
Foxconn is the biggest contract electronics manufacturer in the world. | Foxconn is the biggest contract electronics manufacturer in the world. |
Ms Rousseff said that her government was discussing various options with the company. | Ms Rousseff said that her government was discussing various options with the company. |
"You've got an ample range of investments that go from $300-to-$400m to $12bn over 5 to 6 years in the case of Foxconn," she said. | "You've got an ample range of investments that go from $300-to-$400m to $12bn over 5 to 6 years in the case of Foxconn," she said. |
Meanwhile, Brazil's science and technology minister Aloizio Mercadante said if discussions and negotiations go smoothly, Foxconn is planning to begin assembling iPads at its plants in Brazil as early as this year. | |
"The negotiations are far from complete but I'm confident," he said. | |
Untapped potential | |
Brazil is one the fastest growing economies in the world, making it an attractive market for companies. | |
However, many firms have not been able to tap fully into this potential as high import tariffs make their goods expensive. | |
Analysts say that if Foxconn's planned investment does go through, it will make it easier for its clients to penetrate the South American market. | |
"It makes a lot of sense," said Peter Misek of Jefferies & Co. | |
"If you're trying to serve Latin America, Brazil is certainly the biggest country you have to hit," he added. |
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