World Economy

Brazilian beef 'pretty safe,' says Brazil's finance minister

Brazil is going in right direction: Finance Minister

Brazil is still attracting a stream of foreign direct investment even after a corruption scandal involving its meat industry, the country's finance minister said Wednesday.

The scandal, which broke in March, stems from a two-year Brazilian police investigation, which revealed how meat-packers paid off inspectors and politicians to overlook practices which include processing rotten meat and shipping exports with traces of salmonella.

With just 21 in 4,800 meat processing plants involved, Brazilian Finance Minister Henrique Meirelles said the quality of his country's beef doesn't worry him.

"I don't worry about that, I think that is pretty safe," he told CNBC.

"The question now is one of the producers assuring everyone the quality is good and definitely inspections will be made and quality is going to be analyzed, which is fair and good for everyone involved at the end of the day," Meirelles said.

As foreign direct investment into Brazil is diversified and largely not into meat production, inflows are still strong and growing, he added.

Addressing the series of scandals and corruption investigations in Brazil of late, Meirelles said the process will ultimately be beneficial.

"We are basically seeing a process in Brazil, which we at the end of the day will leave the country in a much stronger and better shape institutionally — and that is important," he said.

"I've met some officials from other countries who tell me... 'My country would not survive the kind of process that Brazil is going through,'" he added. "And I think that's good for the country: This will leave a stronger Brazil."

—Aza Wee Sile contributed to this article.