Rio de Janeiro

Rio de Janeiro became an attractive place for companies to locate when it was the capital of Brazil, as important sectors of society and of the government were present in the city. The city was chosen as headquarters for state-owned companies such as Petrobras, Eletrobrás, Caixa Econômica Federal and Vale do Rio Doce (which was privatized in the 1990s). After the transfer of the capital to Brasília, in 1960, it kept attracting more companies, especially after the discovery of oil in the Campos Basin, which produces most of the total oil production of Brazil.