Wal-Mart to Increase Investments in Brazil

The Brazilian branch of U.S. department store chain Wal-Mart announced on Tuesday that it will keep investing in Brazil, despite the international financial crisis' impact on the country's economy.

According to the Brazilian branch president, Hector Nunez, Wal-Mart's investments in Brazil will reach 1.6 billion reais (695 million U.S. dollars) this year. The company intends to open 90 new stores in the country, which will generate about 10,000 new jobs.

Despite the crisis, Wal-Mart registered revenues of 17 billion reais (7.4 billion U.S. dollars) in 2008, up 17.1 percent from 2007.

It was a growth above the world average, which was of 6 percent, he said, adding the 2009 will be a good year for the company.

Brazil will keep on growing, we will keep on investing and this global economic crisis will have to end someday, Nunez said.

Besides its main brand, Wal-Mart also owns other five smaller supermarket and department store chains in Brazil. The company also owns two drugstore chains.

Source: CRIEnglish