Brazil continues with plan to open farmland sales to foreigners
Brazil says it is pushing ahead with plans to change the law and let foreigners buy farmland, in a move widely backed by investors and opposed by land rights campaigners."We will announce the changes in the next 30 days," Brazilian Finance Minister Henrique Meirelles said in an interview with GloboNews television.
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Agribusiness is one of the fastest growing sectors of Brazil's economy and Meirelles said its continued success requires more investment.
He did not say what kind of legal changes would follow to allow foreign investors to buy farmland in Latin America's largest country or detail any other specifics about the shift.
Investors had been pushing for the changes. Currently foreigners cannot buy farmland outright so they take a minority stake with local firms in order to gain exposure to a sector. ■
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