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O presidente Michel Temer durante a abertura do Salão do Automóvel, em São Paulo. Cesar Itiberê/PR

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President Temer signs decree for subsidies in car sector

In exchange, auto makers will have to invest in research

Published in 08/11/2018 - 17:18

By Marli Moreira São Paulo

This Thursday, (Nov. 8), at the inauguration ceremony of the Salão do Automóvel in São Paulo, President Michel Temer signed the decree dubbed Rota 2030 on new rules for Brazil’s car industry. The signing took place hours after the Senate passed the measure to create the initiative.

The program installs a new tax regime for car makers in Brazil, which will have to invest in product and technology research and development. Temer described the move as a “major stride for both the industry and Brazil.”

The president lightheartedly admitted he was “anxious” about whether the Senate would approve his provisional decree, as he would not like to walk out of the place amid boos. “[But] I left to applause.”

Rota 2030 will bring investment to the country, Temer argued. “More advances may be showcased in the next edition [of the Salão do Automóvel]” the president said, noting that the sector accounts for four percent of the country’s gross domestic product.

Translation: Fabrício Ferreira Edition: Fernando Fraga / Mariana Branco

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