BRAZILIAN GOVERNMENT TO MODERNIZE MANAUS FREE ZONE

London, November 28, 2014.- The Brazilian Government has announced a program of modernization for the Manaus Free Trade Zone to prepare it for its 50-year extension.

On August 5, 2014, Congress enacted Constitutional Amendment 83/2014, which extends the tax incentives of the free zone, which is located in the northern Brazilian state of Amazonas, to 2073 from 2023.

"Extension of the model is not enough," Richard Schaefer, the executive secretary of the Ministry of Development, Industry and Foreign Trade, said. The free zone needs to be modernized to meet the challenges of the next 50 years, he said.

The free zone is home to around 600 high-tech companies in the electronics, IT, and vehicle production sectors, according to Braga. In 2013, these companies provided nearly 113,000 jobs and nearly USD90bn of revenue.

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