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Intel to double investments in Latin America

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CIOL Bureau
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SAO PAULO, Brazil: Intel Corporation, the world's largest producer of computer chips, on Friday said it aimed to double investment in Latin America in 2002 despite plans to slash capital spending globally.

"We doubled our investment in general in Latin America from 2000 to 2001 and we expect to do the same again in 2002," Intel's Latin America territory manager, Bart Heisey, told a news conference.



Earlier this week the semiconductor giant said it would cut capital spending by 25 percent after posting a sharp drop in profit and revenues due to the global economic slowdown. The news weighed on technology stocks across the world.



"It was a dramatic year, the worst year we have had in terms of growth," Heisey said. "But nevertheless, we managed to make more than $1 billion profit while many other companies made losses."



The company posted an 88 percent drop in annual profit to $1.3 billion. Heisey declined to give figures for Latam investment plans. The executive said Latin America's quick grasp of its latest Pentium computer chips showed the region was fast catching up with the United States in technology.



"Latin America used to take six months longer to adopt a technology than the United States, but in the case of the transition from the Pentium 3 to the Pentium 4, the transition was simultaneous," Heisey said.

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