US supports rise of Brazil's economy, says Obama

President Barack welcomed Brazil's rise as an economic power and said the United States would be an eager customer for its oil exports as he opened a Latin America tour Saturday against the backdrop of an escalating Western military showdown with Libya's Moammar Gadhafi.
Obama arrived in the highland capital of Brasilia early Saturday morning to start a three-country, five-day tour aimed at increasing US economic ties with the region. After private meetings with Brazil's newly elected President Dilma Rousseff at the presidential palace, the Palacio do Planalto, Obama said the US "enthusiastically" supports Brazil's economic growth.
"President Rousseff and I both believe this visit is an historic opportunity to put the United States and Brazil on a path toward even greater co-operation for decades to come," Obama said during remarks to reporters following his meetings with the president.
Brazil stands out for its strategic and economic importance to the United States. As the world's seventh-largest economy, it is a member of an exclusive club of influential developing nations along with Russia, India and China, collectively known in economic circles as the BRIC nations. Obama is looking to reset the US relationship with Brazil, an emerging economic power that even without being hostile has annoyed Washington with its independent ways.
Obama was to address a meeting of executives from Brazil and the United States later Saturday. The chief executive session is designed to illustrate the commercial opportunities for the United States in Brazil. American officials and business leaders point to the opportunities presented by the infrastructure challenges Brazil faces in its role as host of the 2014 World Cup and the 2016 Olympic Games.
In his Saturday radio and Internet address Obama singled out the economic benefits of the trip, noting the rapid growth of Brazil and Chile, the second country on his itinerary. Obama said that the United States exports more than three times as much to Latin America as to China. "What is clear is that in an increasingly global economy, our partnership with these nations is only going to become more vital," the president said. After Brazil, Obama travels to Chile, which has established itself as one of the wealthier nations in South America. His third and final stop is in El Salvador.