Investments by Norwegian companies in Brazil reached US$ 7.3 billion in 2021 and 2022. The amount represents an increase of 5.6% compared to 2019 and 2020. The growth reflects robust investments in the maritime and offshore oil sectors and the expansion of investments in the renewable energy sector.
The data are part of the Norwegian Investment Report in Brazil. The document was produced by the Consulate General of Norway in Rio de Janeiro in partnership with the Embassy of Norway in Brasília and Innovation Norway, the Norwegian export promotion agency. The survey also shows investments in the agribusiness, chemical industry, finance, IT, media and mining sectors.
Of the US$ 7.3 billion invested in Brazil, 56% went to the offshore, maritime and oil and gas sectors. Renewable energies accounted for 16% of the contributions, while agribusiness took a 10% share. Other sectors accounted for 18% of the amount.
With the beginning of investments in projects to decarbonize the economy, renewable energies have had more and more space in the market. Norway has expertise, for example, in the segments of offshore wind, carbon capture, electrification of mobility and the decarbonization of maritime transport. The percentage of 16% of total investment in renewable energy in 2021-2022 represented a six-fold growth compared to the 2019-2020 period.
The energy sector is expected to lead Norwegian investments in Brazil in the coming years, as important companies such as Equinor, Scatec Solar, Hydro, Statkraft and Aker Solutions have recently presented new expansion projects in the country.
"Brazil stands out as a highly competitive and promising market for the advancement of clean energy and sustainable products. The strong friendship, based on trust, between Norway and Brazil, together with our shared commitment to the climate agenda, paves the way for a new and exceptional chapter in our joint history," said Norwegian Ambassador to Brazil Odd Magne Ruud.
Payment of taxes
The report also found that Norwegian companies contributed to the payment of more than US$ 1.8 billion in taxes in Brazil in the period, an increase of 47% compared to data from 2019 and 2020. There are currently 236 Norwegian companies with operations in Brazil, in 18 states, generating 31,000 direct jobs and 133,200 indirect jobs. The offshore, maritime, and oil and gas sectors concentrate 61% of the total direct and indirect workforce in Brazil.
"Norway believes that Brazil will be one of the protagonists of the energy transition in the world. Our trade and political relations have lasted almost 180 years and we are ready to help Brazil, with the provision of technologies and solutions, in its decarbonization process", says the Consul General of Norway in Rio de Janeiro, Mette Tangen.