LatinNews Daily - 23 February 2024

*Brazil’s President Luiz Inácio Lula da Silva has held a meeting with the global chairman of South Korean car manufacturing giant Hyundai, Euisun Chung, who announced plans to invest US$1.1bn until 2032 in the company’s operations in Brazil, which is expected to create more than 6,500 jobs. According to a government press release, Hyundai’s investment is aligned with the federal government programme launched in late-December 2023, Mobilidade Verde e Inovação (Mover), aimed at boosting hybrid and electric vehicle production in Brazil. The press release also highlighted that Hyundai’s first factory in the southern hemisphere is in Brazil, in the municipality of Piracicaba, São Paulo state. This latest investment comes amid the Lula government’s efforts to reindustrialise Brazil. In January, the Lula administration launched a funding programme to revitalise the country’s stagnating industrial sector. Other major international carmakers, such as US company General Motors and Chinese electric vehicle manufacturer BYD, announced more investment in Brazil in January. During his meeting with Chung, Lula also expressed interest in boosting bilateral cooperation with fellow G20 member South Korea on areas such as sustainable development and technological innovation.