Wal-Mart to invest $1.06 bln in Brazil next year

U.S. retail giant Wal-Mart plans to expand its operations in Brazil in 2009 by investing some1.06 billion U.S. dollars and opening another 80 to 90 stores.
It will be the largest investment by Wal-Mart since opening its first outlet in Brazil in 1995 in the state of Sao Paulo.
The investment, which was announced by the president of Wal-Mart's Brazil division Hector Nunez on Wednesday during a meeting with Brazilian President Luiz Inacio Lula da Silva, is estimated to produce over 9,000 direct jobs for the country.
The company says it has invested 1.85 billion U.S. dollars in Brazil in the last four years, including 2008.
Wal-Mart now owns 318 stores in 17 of Brazil's 26 states, as well as the capital Brasilia, employing over 70,000 people.
Source:Xinhua