Spanish telecommunications group Telefonica has announced plans to invest seven billion dollars in Brazil over the next four years.

The investment, which amounts to 15 billion reales in local currency, will be in fixed-line and mobile phones, as well as technical assistance call centers and Internet services, Telefonica said in a statement.

Telefonica has its largest operations outside of Spain in Brazil. The company employs some 60,000 Brazilians, and has some 48 million local clients.

The agreement was reached after a meeting between President Luiz Inacio Lula da Silva, the head of Telefonica's world operations Cesar Alierta, and the president of Telefonica Brazil, Antonio Carlos Valente.

Alierta also announced the opening of a call center in Sao Paulo that will create up to 6,000 new jobs.

(Published by Servihoo, January 18, 2007)