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Brazil Investment Guide No.1 Investment Opportunity OBELISK INVESTMENT GUIDE - BRAZIL

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Brazil Investment Guide No.1 Investment Opportunity OBELISK INVESTMENT GUIDE - BRAZIL ® Brazil Investment Guide No.1 investment opportunity OBELISK INVESTMENT GUIDE - BRAZIL Contents 4. Welcome to Brazil An introduction to one of the world’s top emerging markets. 13. Minha Casa Minha Vida 5. Economic Growth & Stability A summary of Brazil’s huge social housing programme. Summary of the main aspects of the Brazilian economy. 15. Construction Industry 6. Currency & Banking Information about the real and Brazilian banks. Investment Information about the construction boom and investment opportunities. 7. Political Situation & Stability A guide to the current political situation. 16. Investment in Agriculture The facts and figures behind agricultural investment. 8. Brazil & the Future A guide to Brazil’s enormous potential. 17. Green Investments An introduction to the range of green investments available 9. Investment Opportunities in Brazil. A snapshot of the investment market. 18. Commodity Investment 10. Property Investment A brief guide to investment in Brazil’s abundant Facts and figures about the booming property market. commodities. 11. Secondary Market for Property 19. Stocks & Shares Information about Brazil’s middle class, a driving force A look at investment in the Bovespa and share performance. behind the secondary market for property. 20. Market Risks 12. Mortgage Market An outline of possible obstacles facing investment. An outline of Brazil’s fast-growing mortgage market. 21. Summary The main reasons to invest in Brazil. 3 OBELISK INVESTMENT GUIDE - BRAZIL Brazil – Fast Facts Size: 8,514,877km² Population: 190.7 million Capital: Brasilia Government: Federal Republic Official Language: Portuguese GDP per capita: US$10,900 (2010) Welcome to Brazil The largest country in South America, Brazil is also the Brazil offers many investment opportunities in a range world’s fifth biggest in terms of size and population. Once of sectors. Some of these are familiar; others are new a poor Latin American backwater, Brazil is now a leading arrivals in this emerging market. Whatever your emerging market along with China, India and Indonesia. investment choice – property, agriculture, equities or In 2010, Brazil became the seventh largest economic commodities – opportunities are there to suit all budgets power. It’s expected to reach fifth position in 2011. and portfolios. And returns from the right products are among the highest available. Since we sourced our first Obelisk investment product there, Brazil has gone from strength to strength. It has However, as an emerging market, Brazil is not without a robust economy (7.5% growth in 2010) and high its risks. Doing business is not easy for newcomers. demand drivers, and foreign investment is at an Language and cultural barriers mean non-Brazilians are all-time high. Brazil hosts the World Cup in 2014 and at a distinct disadvantage. Obelisk’s history of the Olympics in 2016. Its strength and future potential investment in Brazil has given us first-hand experience are such that we believe Brazil currently represents the in business practices and we can call on the expertise best investment destination available anywhere. of our associates at all levels. We are therefore able to offer the right products and peace of mind. 4 OBELISK INVESTMENT GUIDE - BRAZIL GDP per capita (2010): US$10,900 GDP growth (Q2 2011): 4.7% Unemployment (Aug 2011): 6% Inflation (Aug 2011): 7.1% Reserves of foreign exchange: US$289 billion Economic Growth & Stability 2010 was an excellent year for the Brazilian economy Brazil has diversified its foreign trade, with trading with GDP growth at 7.5%. The Brazilian economy has partners in both emerging markets and the developed proved particularly resilient during the global recession, world. Brazil also boasts a strong domestic market – registering negative growth during Q4 2008 and Q1 consumer spending rose by 5.5% in Q2 2011 (the 32nd 2009 only. The 1.3% and 2% growth in Q3 and Q4 consecutive quarterly rise). Unlike many developed 2009 respectively proved that the economy was once economies, Brazil has been creating jobs and again on an upward trend. unemployment is at the lowest since records began in 2002. During the world economic downturn, Brazil fared better In April 2011, Fitch raised Brazil’s investment-grade credit than most countries by taking measures such as increasing rating to BBB+. Brazil maintained its investment-grade public spending, which stimulated employment and credit rating (BBB) in the December 2010 report from consumer confidence. The high reserves of foreign Standard & Poor’s. In September 2009, Moody’s exchange helped soften currency devaluation and the awarded Brazil investment grading. Brazil is only the sub-prime crisis did not affect the Brazilian banking system. second Latin America country to achieve this status. As a result, Brazil has emerged as one of the world’s most robust and fastest-growing economies. Brazil is a popular investment destination. Foreign direct investment (FDI) in 2010 reached a record US$48.5 Brazil has more than US$289 billion (Dec 2010) in billion, the fifth highest in the world. 2011 FDI levels are reserves, the 7th largest in the world. The country moved expected to be even higher - FDI from January to July was from IMF debtor to IMF creditor in just four years, already US$32.5 billion. allocating 5% of its international reserves – a sum of some US$10 billion – to the IMF in March 2009. 5 OBELISK INVESTMENT GUIDE - BRAZIL Currency & Banking Brazil’s currency is the ‘real’ (R$). The real was strong in 2010 when it gained 30% against the dollar. The real has fluctuated against the US dollar during 2011 reflecting global economic uncertainty. The real is not yet fully convertible or freely tradeable on international markets. Conscious that this is a slight impediment to investment in Brazil, the Central Bank of Brazil is preparing the real for full convertibility. The first step was the release of the first new high-security banknotes in February 2010. The conversion process will last several years The Central Bank of Brazil closely monitors the economic and financial situation. It cut Brazil’s benchmark interest rate (Selic rate) to 8.75% in late 2009, the lowest in history. The Selic has since been raised several times to curb inflation and now stands at 12%. According to the Financial Times (FT), the Central Bank is a “model” and its tight regulations have led to a quicker recovery in the Brazilian banking sector than in the rest of the world. The FT reports that the long-term outlook for Brazilian banks is “attractive” with the banking market enjoying “enticing profitability”. 6 OBELISK INVESTMENT GUIDE - BRAZIL Political Situation & Stability ”Brazil’s well-developed democratic system remains the most critical factor supporting the rating and differentiating Brazil from the other BRIC countries.” Standard & Poor’s, Nov 2010 Brazil is politically stable having firmly established to ex-President Lula, Brazil is being transformed “into a democracy in 1985 after more than 20 years of military great economy and a great nation.” rule. Brazil is a federal republic whose president is also head of state. The current President is Dilma Rousseff Political analysts believe Brazil’s emergence as an who took office in January 2011. The government is increasingly important player in the global stage is comprised of several parties including the main Partido frequently boosted by G20 summits. Confirmation of do Movimento Democrático Brasileiro and Partido dos Brazil’s international importance came in January 2010 Trabalhadores. The next general election is due in 2014. when Brazil assumed a non-permanent position on the UN Security Council for 2010/11. President Dilma The current government is largely responsible for opened a UN General Assembly in September 2011, the consolidating Brazil’s macroeconomic stability while first woman head of state to do so. increasing social spending. Brazil now has an important international presence with participation in UN missions and leadership among emerging nations. According 7 OBELISK INVESTMENT GUIDE - BRAZIL Brazil & the Future ”With a promising long-term GDP growth rate and conservative monetary policies, Brazil is well positioned as a future powerhouse.” Ernst & Young, Sept 2010 Perennially regarded as the country of the future, Brazil a democracy. Unlike India, it has no insurgents nor finally appears to “have made an entrance onto the hostile neighbours. Unlike Russia, it exports more world stage” (The Economist, Nov 2009), as both an than oil and arms, and treats foreign neighbours with economic and diplomatic power. Like the other BRIC respect”. Brazil’s economy expanded by 7.5% in 2010 economies (Russia, India and China), Brazil is an and high growth is expected to last over the next two emerging market with the potential to drive the world’s decades. Analysts believe that Brazil will become the economy and influence international decisions.The global world’s fifth largest economy at some point between recession has highlighted the power of emerging markets 2011 and 2015. As well as massive natural resourc- and their ability to create wealth. The BRIC economies es, Brazil’s economic expansion will be based on two have accounted for 45% of global growth since 2007 fundamentals – its oil reserves and the hosting of the and many analysts believe that this figure will rise to 70% 2014 World Cup and the 2016 Olympics. or 75% in the foreseeable future. The crude oil reserves found in the Tupi and Lara fields All BRICs have investment-grade rating status and some 800km off the Brazilian coast are the largest increasingly dominate world economic figures. The deposits found in America since 1976. The fields A.T. Kearney Foreign Direct Investment Index 2010 are estimated to contain up to 10 billion barrels of ranked China, Brazil and India as the world’s 1st, 3rd oil and gas, which will provide Brazil with its “ticket and 4th investment destinations respectively.
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