Helped the manufacturing sector

The telecom industry in Brazil, too, is going through exciting times, with rapid growth and huge foreign investments. Over the last six years, Brazil has attracted more than $34 billion in foreign investments in the telecom sector.

The oil and petroleum sector of Brazil resembles that of India in many ways. The sector was a state monopoly for decades, and it is only recently (like in India) that private and foreign players have been allowed to play a role.

The industry is dominated by the state-owned Petrobras group, which reported combined revenues of more than $30 billion in 2004.

The future of industry in Brazil appears to be bright. Growing domestic demand and sustained increases in foreign investments, helped the manufacturing sector in Brazil to grow by almost 13% in 2004, according to the Central Bank of Brazil.