Brazil to open airlines, agricultural land to foreign buyers : sources | Reuters

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  • Brazil to open airlines, agricultural land to foreign buyers: sources | Reuters
    http://www.reuters.com/article/us-brazil-investment-idUSKBN15E2LN

    President Michel Temer will propose legislation to lift restrictions on foreign ownership of airlines and agricultural land in Brazil as he strives to pull the economy out of a two-year recession, government sources said on Monday.

    Temer’s center-right government plans to send Congress a bill allowing 100 percent foreign ownership of airlines, though investors will be obliged to help expand regional flight services, two sources said.

    The government will soon propose a bill lifting a ban on foreign investors buying agricultural land in Brazil, on the condition that 10 percent of any purchase is destined to land reform to benefit landless farmers and peasants, said a presidential aide who was not authorized to speak on the matter.

    Temer last year vetoed an aviation bill that would have allowed full foreign ownership of local airlines in an agreement with senators who wanted inclusion of measures to boost regional aviation. The new draft will do just that.

    “The initial idea is to reopen regional routes that were abandoned so that they get regular flights again,” a source with knowledge of transport policy said on condition of anonymity.

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