German business unfazed by Brazil’s new President Jair Bolsonaro

04 November, 2018, 20:29 | Author: Priscilla Morrison
  • Golden-crowned manakin

Bolsonaro, with a proudly authoritarian approach that attracted Brazilian voters tired of crime and corruption, will have to find a way to fit into the groupings of developing countries.

Bolsonaro, who is backed by Brazil's powerful agrobusiness lobby, had proposed the idea in the past, saying, "Let's be clear: the future ministry will come from the productive sector".

In the run-up to the election, Bolsonaro, whose first foreign visits would be to Chile, Israel and the U.S. - that according to him "share our worldview" - has said: "The future ministry will come from the productive sector".

President Muhammadu Buhari has congratulated Jair Bolsonaro on his emergence as Brazil's new President.

Mr. Bolsonaro, the so-called "Trump of the Tropics", is a notoriously divisive figure, whose hardline approach has deeply divided Latin America's largest country. Mr. Bolsonaro swept a runoff election over the weekend, winning almost 55% of the vote to defeat the left-of-centre Fernando Haddad.

Markets reacted positively to the win by the business-world favorite, who will take office on January 1 - though profit-taking set in later in the day.

The markets could continue to boom, Mariscal said, if Bolsonaro keeps his promise to allow Guedes, who is expected to be named economy minister, the autonomy needed to carry out his plans.




The 63-year-old congressman´s rise has been propelled by rejection of the leftist PT that ran Brazil for 13 of the last 15 years and was ousted two years ago in the midst of a deep recession and political graft scandal.

This, along with his disdain for the Paris climate change accord, could mark a disturbing departure from Brazil's historical sensitivity to keeping its precious environmental resources intact. However, his praise of Brazil's former dictatorship and his comments on race, women and homosexuality have raised concern.

Asked about Brazil's currency, Lorenzoni said Bolsonaro would offer businesses more predictability, but ruled out an exchange rate target.

In the nation's most emblematic city, Rio de Janeiro, over 200 people marched up the stairs of the Municipal Chamber with banners such as "No More Torture" or "Not Him" and shouting slogans against Bolsonaro and his ideology, Efe news reported.

In his first TV interview since being elected, Mr. Bolsonaro also underlined his campaign pledge to loosen gun laws.

Bolsonaro is due to travel to Brasilia next week to meet with outgoing President Michel Temer, said Bebianno.

Retired General Augusto Heleno, slated to become defence minister, told reporters that Bolsonaro has a positive view of a planned $4.75 billion joint venture between Boeing Co and Brazilian planemaker Embraer SA.

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