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.