A massive port and industrial complex being built along the coastline of the Brazilian state of Rio Janeiro represents a “new phase between Brazil and China,” Rio’s economic development secretary said according to the Guardian. The complex, billed at approximately 1.6 billion pounds (USD2.48 billion) and touted as the largest structure of its kind, is financed by billions of dollars worth of Chinese investments and is expected to assure China a fluid supply of iron ore, oil, grain and soy once completed by 2012. The Superporto do Acu, as it is to be known, is among the most visible signs of a surge in China’s spending on Brazil and other South American countries, the Guardian says.

In addition to Brazil, China has also entered into bilateral deals with Ecuador and Peru. The Ecuadorian deal includes financial assistance for the construction of a hydroelectric dam while the Peruvian partnership mainly benefits the country’s mining industry, the Guardian notes.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.