01/22/2024 – 20:24
President Luiz Inácio Lula da Silva announced, this Monday, 22, alongside the vice-president and Minister of Development, Industry, Commerce and Services Geraldo Alckmin, the Mais Produção Plan, which promises to inject R$300 billion between financing and subsidies for industries until 2033.
At the event, Lula stated that the R$300 billion is an “encouragement” for the industry to “take a leap in quality”. “It is very important for Brazil that we once again have an innovative, fully digitalized industrial policy, as the world demands today, and that we can overcome once and for all this problem of Brazil never being a definitively large country and developed”, stated the president.
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The new policy has six missions related to expanding autonomy, the ecological transition and the modernization of the Brazilian industrial park. Among the sectors that will receive attention are agroindustry, health, urban infrastructure, information technology, bioeconomy and defense.
“The new policy places innovation and sustainability at the center of economic development, stimulating research and technology in the most diverse segments, with social and environmental responsibility”, says Alckmin. “This policy represents a vision of the future. A declaration of confidence in our ability to compete and lead strategic areas before the world”, he added.
In an official note, the Federation of Industries of the State of São Paulo (FIESP) celebrated the announcement, stating that the government demonstrates recognition of the importance of the manufacturing industry in placing the Brazilian economy among the largest in the world.
How will the financing be
The majority of the resources, R$300 billion, will come from financing from the National Bank for Economic and Social Development (BNDES), the Studies and Projects Financier (Finep) and the Brazilian Industrial Research and Innovation Company (Embrapii). BNDES financing related to innovation and digitalization will be adjusted by the Reference Rate (TR), which is lower than the Long Term Rate (TLP).
Economist fears more public spending
The announcement was viewed with suspicion by some economic sectors. Analysts say the new program could be a new look for old revenues based on more public spending.
In an interview with Estadão, the chief economist at MB Associados, Sérgio Vale, stated that the policy is an “old guise of things that we already know: an old industrial policy based on using public resources”.
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