SAO PAULO, Aug 30 ― Chinese investments in Brazil, Latin America's biggest economy, fell by nearly 78 per cent last year, to the lowest level since 2009, the Brazil-China Business Council reported yesterday.

Brazil, which received more investment from China than any country in the world in 2021 ― US$5.9 billion (RM27.4 billion) ― saw the Asian giant's investments in its economy fall to US$1.3 billion in 2022, the group said in a report.

However, the drop "does not reflect Chinese disinterest in investing” in Brazil, it added, saying the number of projects undertaken had in fact increased by 14 per cent from last year, to a record of 32.

Rather, the decrease was the result of "the nature of the projects undertaken and the absence of major energy, mining, infrastructure or oil projects, which are usually more capital-intensive,” said Tulio Cariello, the council's research director.

He said several major Chinese-financed projects had also been delayed, "generally due to environmental licensing requirements.”

Despite the decrease from China, total foreign investment in Brazil last year grew by 95 per cent, to US$90.6 billion. ― AFP