Brazil enacts port extension legislation
New rules to draw investments in ports have been enacted in Brazil at an event attended by President Michel Temer.
Temer signed a decree that will lengthen contracts for operating public ports to 35 years from 25, and allow them to be repeatedly extended for up to 70 years, Reuters reported.
"The economy is starting to show signs of growth, in the retail sector and in agribusiness," Temer said at the event.
The changes are aimed at improving infrastructure integral to Brazil's farm sector and expanding its capacity to export commodities.
While Brazilian farmers produce food at some of the world's lowest prices, their competitive edge is undermined by the high cost of transporting it to and shipping it from inefficient and crowded ports, said Reuters.
Brazil’s Transport Minister, Maurício Quintella, said government expects the new regulations to attract 25bn reais (USD$8bn) in private investment in port terminals, according to Reuters.
The decree allows investment outside contracted port areas and ends a limit on the expansion of private terminals, Mr Quintella said.
The new rules make it easier for investors to carry out work such as dredging in common port areas and remove restrictions on third-party cargo at private container terminals.
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