Brazilian president signs law to reduce bureaucracy
RIO DE JANEIRO, Sept. 21 (Xinhua) -- Brazilian President Jair Bolsonaro on Friday signed into law the Provisional Measure of Economic liberalization bill, which seeks to reduce bureaucracy in business activities.
It was Bolsonaro's first governmental act since the beginning of the month when he had to undergo an hernia surgery.
According to the government, the new law will reduce bureaucracy and make it easier to Brazilians to start a businesses and close deals.
The new law makes it easier to initiate activities in low-risk establishments, such as small shops, without licenses.
Brazil expects that the enforcement of the new law will result in an additional 7 percent growth of the country's GDP over the next 10 years and generate 3.7 million jobs.