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Rio de Janeiro had been a long time capital of Brazil and has therefore attracted a lot of attention and investments from profitable companies. Till the end of the 19th century, Rio was the wealthiest state in Brazil before Sao Paulo took over. The economy of Rio can be categorized according to its working sectors.
Rio invests a lot in sugar-cane production. It has large plantations in the area of Campos. Production of Oranges also forms a significant part of the farming sector. Coffee was once a vital industry, but due to environmental factors, it has lost its importance. Other food grains are also produced but not in large amounts to be sold on a large scale. Among the livestock industry, there are various animal farms all over the city. Fishing industries mainly produce sardines and are a significant part of the Brazilian economy.
Rio has attracted many oil companies with the discovery of oil in the Campos Basin. There are many international oil companies like Shell, EBX and Esso, which have their branches in the city. Not just offices, but many companies have their headquarters situated in Rio. Some of them are telecom corporations like Oi and Embratel.
Rio comes second in the industrial sector and leads as a financial and service centre. The service sector is dominated by the banking sector, which is an active part of the economy. Rio’s stock exchange Bolsa da Valores is the second most dynamic stock market in Brazil.