The number of industries interested in investing in Rio increased by 33% in 2023.

The number of industrial companies interested in opening or expanding their business in the state of Rio de Janeiro increased by 33% last year compared to 2022.

According to the Rio de Janeiro State Industrial Development Company (Codin), 123 firms have had their applications for tax incentives approved during this period.

“The state of Rio de Janeiro is becoming increasingly attractive for business. It is proved by the growth in the number of new industrial enterprises. It is more than three times higher than it was initially been expected. We are constantly working to encourage new investments, stimulate the economy and positively impact the quality of life of our people,” said Governor Claudio Castro.

“Tax incentives increase business activity and stimulate investment. Rio de Janeiro is the right and reliable place to do business that will create jobs and generate income for the people of the region,” said Vinicius Farah, Minister of Economic Development, Industry, Trade and Services.

Over the next five years, 6,600 official jobs will be created and investments of about US$ 405,6 million  will be made – on average US$ 14,5 million per company.

When it comes to the activities of businesses whose applications for benefits were successful in 2023, the wholesale trade sector leads the way. This is followed by industrial companies in general, pharmaceutical companies and waste management companies. This is reported by Toda Palavra, a partner of TV BRICS.

African Times published this article in partnership with International Media Network TV BRICS.