THE Port of Rotterdam Authority has signs an investment agreement for participation in the Brazilian Port of Pecem's economic development.
The agreement, signed by Rotterdam port authority CEO Allard Castelein and Brazilian state of Ceara Governor Camilo Santana, sets out how Rotterdam will invest EUR75 million (US$85.5 million) in Pecem's port-industrial complex.
This will constitute a 30 per cent share in the enterprise giving Rotterdam port a say in decisions through representation on the Brazilian port's board. It is expected the deal will be concluded before the end of 2018.
The state of Ceara has recently invested in a variety of international partnerships aimed at further developing the region as a hub of international connections for Northeast Brazil.
Germany's Fraport operates the airport of Fortaleza, and in May 2018 the airline Air France/KLM set up a connection to this airport in partnership with GOL.
In addition, the state is laying underwater data cables for telecommunications that connect Northeast Brazil with Africa and the US.
Said Mr Castelein: "This port has clear growth potential and its strategic situation gives it a strong position for developing into Northeast Brazil's foremost logistics and industrial hub."
Said Governor Santana: "I am absolutely convinced that the people of Ceara will benefit the most from this partnership, with more employment opportunities and income."