Brazil plans to offer incentives — including lines of credit — to countries buying Brazilian defense products, Defense Minister Raul Jungmann announced.
The lines of credit to buyers would be offered by the Brazilian Development Bank.
Insurance instruments for Brazilian manufacturers and a dedicated defense industry group within the Foreign Trade Chamber are also being eyed by the government to boost defense industry exports.
"We need to create a specific policy for this sector, with robust instruments that can create greater efficiency in our trade relations," he said.
Jungmann made this announcement Tuesday at the opening ceremony of LAAD Defense & Security 2017, a major defense industry exhibition and conference in Rio de Janeiro.
"These [defense industry exports] are different from the usual exports because they are done on a country-to-country basis," said Maria Sílvia Bastos Marques, president of the National Bank for Economic and Social Development. "What the Brazilian government is doing, in a coordinated way, with the Ministries of Finance, Defense, Foreign Relations and all other bodies involved, is to bring international competitiveness to our industry.
Bastos Marques said terms of financing for buying Brazilian defense products could be up to 25 years with a five-year grace period before repayments begin.
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