China is expected to invest between US$20 billion and US$30 billion in Brazil this year, said the Brazil-China Chamber of Commerce and Industry.

Charles Tang, president of the trade body, recently told Brazilian newspaper Diário do Comércio that the economic conditions in the South American nation have allowed China to raise its investment in several sectors, including railway, oil, gas, water and hydroelectricity.

Mr Tang additionally said the state of Minas Gerais is expected to be one of the major destinations of Chinese investment in Brazil.

A recent survey of analysts conducted by Brazil’s central bank suggested the economy of the South American nation would contract by 2.8 percent this year, after declining 3.7 percent in 2015.