BRASÍLIA: Brazil’s President Michel Temer declared Monday after talks with his Spanish counterpart that investors are returning to Latin America’s biggest, but deeply troubled economy.

Temer and Prime Minister Mariano Rajoy held talks in the capital Brasilia. The two leaders then met with heads of Spanish telecommunication, energy and financial firms. “A new era is starting... for Spanish investments in our country,” Temer told journalists afterward.

One of the world’s biggest emerging markets, Brazil is forecast to exit a more than two-year recession this year, although only just. It is also in the throes of a huge corruption scandal, with a third of Temer’s government under investigation.

Rajoy said Brazil “has very ambitious plans for its economy, matching the the immense potential of this country.”

“I am absolutely convinced that there is a lot of scope to increase the presence of Spanish companies in Brazil,” he said.—AFP