TAIPEI -- Foxconn Technology Group announced plans to invest up to $12 billion in new manufacturing capacity and related services in Brazil.

The world's largest electronics manufacturing services company confirmed the news following a statement yesterday by Brazil President Dilma Rousseff.

Foxconn currently builds cellphones in Brazil, but the size of the investment suggests a more grander scale of plans. The company did not specify the extent or timeline for its investment.

Brazil has staggering import duties that makes local manufacturing attractive for companies looking to sell into the Brazilian market.

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