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Japan's Pioneer to Open New Factory In Brazil
Jun 26, 2003
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Japan's Pioneer Corp. said that it plans to open a factory to manufacture sound systems in Manaus, northern Brazil, in March 2004. The Japanese audio and video equipment maker said it will invest 32 million real, or about U.S. $11.2 million, in its first factory in the country. The factory will initially employ 150 people, Pioneer said in a statement. "This daring project targets the expansion of our local market share," Pioneer said. The factory will be located in the Industrial Pole of the municipality of Manaus state of Amazonas in the heart of the Amazon rainforest region. The Manaus Free Zone features a special tax policy, which can be up to 40-percent more advantageous than in other Brazilian states, and is part of the Brazilian government's strategy to boost economic development in the forest region. (Kyodo News)

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