BRASILIA, Brazil, Oct. 29 (UPI) -- Brazil is hoping Spain will increase its investments in South America's largest country and economy, Brazilian officials announced Wednesday.
In a joint declaration by Brazilian President Luiz Inacio Lula da Silva and Spanish Prime Minister Jose Maria Aznar, the leaders noted that Brazil would be presenting new investment opportunities to Spain and that two working groups representing each nation had been created to bolster investment here.
Among Spain's major investments in Brazil is the Spanish telecommunications company Telefonica.
"Today Spain is Brazil's second largest foreign investor," said the statement. "We hope that its presence can be enlarged," adding that Brazil's recent efforts toward economic recovery from a sluggish past couple of years should lead to greater foreign investment here.
Brazil has shown some signs of economic improvement in recent months with a surge in its key index market Bovespa and its currency the Real.
However improvements have been slow in coming while inflation and the joblessness rate continue to dog the continent's largest economy.
