Brazil To Allow 100% Foreign Ownership Of Domestic Airlines


(THIS ARTICLE IS COURTESY OF REUTERS)

Brazil to sign decree for full international ownership in airlines: source

Brazilian President Michel Temer will sign on Tuesday a decree allowing foreign companies to own 100 percent of local airlines, as part of measures aimed at increasing investment in the tourism industry, a government source told Reuters on Monday.

Temer will sign the decree at a ceremony with the Tourism Minister Marx Beltrão, the source said.

Reuters first reported in January that the government was drafting the measure.

Last year, former President Dilma Rousseff issued a decree lifting the limit on foreign ownership of airlines to 49 percent from 20 percent.

As part of the new measures the government will also, according to the source, subsidize airlines to fly to remote areas that are poorly served by flights, such as parts of the Amazon.

(Reporting by Lisandra Paraguassu; Editing by Amrutha Gayathri)

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