Brazil's industry titans worry they can't compete

Dom Phillips – Bloomberg, 03/29/2012

The meeting between Brazilian President Dilma Rousseff and 28 business leaders on March 22 was a heavyweight encounter.

The president faced off with Brazil’s most powerful retailers, bankers and industrialists — who between them represented 12 percent of the country’s gross domestic product, the Folha de Sao Paulo newspaper reported.

Brazil’s captains of industry had come to deliver a somber message, one increasingly heard around Brazil: Domestic industry is losing the battle to cheaper imports. It simply isn’t competitive enough.

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