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Brazil to open up airlines and agricultural land to foreign buyers

Staff Writer |
President Michel Temer will propose legislation to lift restrictions on foreign ownership of airlines and agricultural land in Brazil.

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Temer's centre-right government plans to send Congress a bill allowing 100 percent foreign ownership of airlines, though investors will be obliged to help expand regional flight services, two sources said.

The government will soon propose a bill lifting a ban on foreign investors buying agricultural land in Brazil.

The condition is that 10 percent of any purchase is destined to land reform to benefit landless farmers and peasants, said a presidential aide who was not authorised to speak on the matter.

Temer in 2016 vetoed an aviation bill that would have allowed full foreign ownership of local airlines in an agreement with senators who wanted inclusion of measures to boost regional aviation. The new draft will do just that.

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