Senator Armando Monteiro Neto was confirmed this week as Brazil’s new Minister of Development, Industry and Foreign Trade. Mr Monteiro Neto became the fourth new minister announced by President Dilma Rousseff for her second term in office.

On Monday, Mr Monteiro Neto outlined what will be his priorities for the coming years.

“The main challenge is to promote competitiveness, which means reducing systemic costs and increasing productivity,” said the new Minister, according to a statement on the official website of the Brazilian Government.

Among the main policies, Mr Monteiro Neto mentioned the need for microeconomic reforms that don’t in themselves raise the tax burden on business. Suggested reforms include improvements in the tax system and cutting bureaucracy and simplifying administrative procedures, in order to facilitate trade and investment.

The official also said Brazil would have to carry out a more active foreign trade policy and that the Government would encourage investment and the revitalisation of the country’s manufacturing industry.

“The macroeconomic rebalancing is an essential condition for strengthening the confidence of economic agents and the resumption of stronger growth,” said Mr Monteiro Neto.