More In­vest­ment For Rio Olympics Amid Cri­sis

City mayor Ed­uardo Paes welcomes more sup­port and in­vest­ment from China

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The Rio Olympics, which will kick off in 100 days, ex­pects more Chi­nese firms to in­vest and spon­sor amid po­lit­i­cal and eco­nomic trou­bles in Brazil. In Wed­nes­day’s meet­ing with Song Yang, Chi­nese con­sul-gen­eral to Rio, the city mayor Ed­uardo Paes welcomes more sup­port and in­vest­ment from China. “China has al­ways been a trusted and key part­ner of Brazil. Bei­jing has many suc­cess­ful ex­pe­ri­ences which are worth for Rio to learn. Rio Olympics is an event draw­ing world­wide at­ten­tion and Brazil is over­com­ing dif­fi­cul­ties to meet the chal­lenges,” said Mr Paes. “Brazil welcomes Chi­nese com­pa­nies and fi­nan­cial in­sti­tu­tions to sup­port Rio, seiz­ing Olympic op­por­tu­nity in such a great sports event.” Sid­ney Levy, Rio 2016 Com­mit­tee chief ex­ec­u­tive of­fi­cer, and Ana Paula Pes­soa, Rio 2016 Com­mit­tee ex­ec­u­tive di­rec­tor of fi­nance, also ex­pressed the same opin­ions at the meet­ing. Levy and Ana in­tro­duced the Rio Olympics spon­sor­ship mech­a­nism and hoped Chi­nese com­pa­nies in fields of oil and gas, elec­tric­ity, minng, agri­cul­ture to join in spon­sor­ship of the Olympics. They be­lieved the Games would be a boon to Chi­nese com­pa­nies ex­plor­ing over­seas mar­kets, espe­cially in Brazil.

Brazil’s econ­omy is in steep de­cline for the sec­ond straight year, mean­while Brazil­ian un­em­ploy­ment has shot up to 10.2 per­cent. Olympic or­ga­niz­ers have had to slash bud­gets, fu­el­ing fears of em­bar­rass­ing de­lays. De­spite Brazil’s eco­nomic and po­lit­i­cal tur­moil, slow Olympic ticket sales and de­lays at some Olympic venues, Paes said he was op­ti­mistic at a press con­fer­ence earlier on Wed­nes­day. “We ar­rived at this mo­ment in a way many doubted we could,” Mr Paes said.

“There are some de­tails and is­sues to be ad­dressed, prob­lems we saw in the test-events. But things are go­ing well in the prepa­ra­tions.” As China hosted the 2008 Bei­jing Olympic and Par­a­lympic Games, many Chi­nese com­pa­nies with Olympic ex­pe­ri­ence are keen to take part in the Rio Games. Amid the eco­nomic cri­sis in Brazil, Chi­nese com­pa­nies have been an im­por­tant role for the Rio Olympics. Chi­nese sports­wear com­pany 361° be­came the of­fi­cial uniform sup­plier for the games, agree­ing to pro­vide more than 106,500 uni­forms to tech­ni­cal staff, vol­un­teers, test event per­son­nel and torch re­lay par­tic­i­pants. Bei­jing Hua­jiang Cul­ture De­vel­op­ment Co Ltd (known as Honav), the li­censee of lapel pins for the Bei­jing and Lon­don Olympics, is the li­censed man­u­fac­turer and ven­dor for both mas­cots of Rio Olympics and Par­a­lympics, as well as the of­fi­cial pins for the Games.

Rio de Janeiro Olympic Park.

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