Belo Horizonte (meaning ‘the beautiful horizon’ in Portuguese) is the capital of the state of Minas Gerais. It is the second largest economic center of Brazil (behind Sao Paulo, but ahead of Rio de Janeiro). It is also one of the most rapidly growing industrial cities in South America. Belo Horizonte is the third largest metropolitan region in Brazil with with close to 5,600,000 inhabitants. One of the most important industries of the city is the tourism industry. Tourists from Brazil and the rest of the world visit Belo Horizonte every year even though the city lacks one of the most important features of Brazil - beaches. The city also holds several national and international events every year, making business tourism a growth sector.
Other major industries of the city are: pharmaceuticals, chemicals, textiles, food, refractories and furnishings.
Biotechnology and Information Technology are fast-emerging industries. In fact, Belo Horizonte is home to more than 16% of total biotechnology industries in Brazil. The biotechnology industry of the city contributes over US $550 million to the Brazilian economy. The city is a leader in advanced research related to biodiesel. Several multinational IT companies have their headquarters in the city of Belo Horizonte. The jobs in the IT sector have been growing at a rate of 30% per year. This has been possible due to the efforts of private funders and the government of Brazil. The projects in these two industries are poised to expand significantly in the coming years.
The service sector is also a fast growing industry in the city. In fact, the service sector alone accounts for nearly 85% of the GDP of the city. The other 15% is contributed by the industrial sector.
Belo Horizonte and its neighboring region are home to diverse industries. Heavy industries such as oil drilling, mineral processing and vehicle manufacturing are located in the area surrounding the city and are important to the city’s economy. Investing in the real estate of Belo Horizonte city is a lucrative option. Jewelry making and fashion are also good for investment.
Belo Horizonte is home to some of the best universities of Brazil. Thus, there is no dearth of skilled manpower in the city. The city has world-class infrastructure and very good connectivity to other cities of Brazil and the rest of the world. It is very well connected by air, railways and roadways. The telecommunication and electricity infrastructure has helped in the growth of many industries.
The rapid development of Belo Horizonte is also responsible for the transformation of the regional economy. The economically active sectors of the city are throwing up growth opportunities and the city is expanding as a hub for industrial development. The government is making an effort to diversify the industries in the city of Belo Horizonte. The city plays a vital role in the Brazilian economy and will continue to do so in the future.