Thursday, May 03, 2007

Growth of Arbitration in Brazil

As of 1995, when former President Fernando Henrique Cardoso took office, some amendments to Brazil’s 1988 Federal Constitution have been passed into law. Said amendments opened formerly closed sectors of the Brazilian economy, such as oil and gas, mining, energy, and telecommunications, to the extent that Brazil has become a very attractive destination to foreign direct investment ("FDI").

This boom in infrastructure projects in Brazil, especially those related to power generation and oil and gas, have resulted in a growing number of arbitration proceedings being held in Brazil (invariably involving multinational corporations).

In 2006, Brazil maintained its position as one of the world's most favored destinations for FDI worldwide.

It looks like Brazil has never been more attractive to foreign investors. I say this because Brazil has been enjoying increased levels of FDI in 2007.

It looks like that growth of arbitration in Brazil is guaranteed (at least, the growth of high profile arbitration).

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