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Brazil Is More Than Oil & Minerals

Brazil Is More Than Oil & Minerals

It’s got offshore oil wealth like no other. It’s a massive mining super power, led by Vale. So, is Brazil more than oil and Minerals? Cysco Systems said yes, with a R$1 billion ($555 million) check to go along with it.

Cisco’s local president, Rodrigo Abreu, said during the Cisco Plus convention in Rio that the company would be investing a billion reals over the next four years in Brazil. According to Abreu, Brazil is the company’s fastest growing market.

The investment will go towards creating a research and development center in Rio, a dream for the city that hopes to someday become the Latin American Oslo, or at least the next Houston, known for its high tech oil services and new technologies as much as it is known for the commodity itself. Cisco’s investments can surely help that happen. Abreu said development tech for that sector was part of the company’s Brazilian plan.

The R&D center will be installed in the second semester at a property near the Maravilha Port in Rio, which is currently getting a face lift for the FIFA World Cup 2014 and the 2016 Summer Olympic Games.

Brazil is known as a financial IT infrastructure developer. But the country’s newfound oil wealth off the coast of Rio, discovered by government oil giant Petrobras as recently as 2007, has the country in the oil industry spotlight. New technologies will need to be developed as Petrobras and others try to figure out affordable, less evasive ways to develop hydrocarbons hidden in the pre-salt rock of the Atlantic Ocean. Investments in new oil and gas sector technology solutions could potentially turn Rio into one of the three high tech oil services cities in the world, industry experts say.

Source: Forbes Magazine

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