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Fiat announces $2.8 bln investment in Brazil

Fiat Group has planned to invest 5 billion reais ($2.8 billion) in Brazil up to 2010, the Italian automaker said.

The money will be invested in assembly plants in Betim and SeteLagoas, two cities in the southeastern state of Minas Gerais, Fiat said in an announcement, adding that the investment is expected to create 5,500 job opportunities. The announcement was made following a meeting between Fiat CEO Sergio Marchionne and Minas Gerais State Governor Aecio Neves. Earlier in Brasilia, Marchionne also had a meeting with Brazilian President Luiz Inacio Lula da Silva. According to Neves, the investment will turn the Betim plant into Fiat’s largest production base in the world. (