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Microsoft to invest $100 million in Rio IT hub
Thursday - 11/8/2012, 9:48am EST
RIO DE JANEIRO (AP) - Microsoft says it is investing $100 million in a new technology center in Rio de Janeiro.
The center is to house an advanced technology laboratory, a research and development platform for the company's Bing search engine, as well as a business incubator aimed at promoting local Internet technology startups.
It will be housed in an abandoned 18th century building, once Rio's first gas factory, in the city's downtown port, a now shabby district undergoing a vast makeover ahead of the 2016 Olympic Games.
Local officials speaking at a news conference where the project was unveiled on Thursday expressed hopes that Microsoft's investment would mark a turning point in their efforts to transform Rio into an IT hub, much like New York, Chicago, Los Angeles or Berlin.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)