(Yicai Global) April 14 -- Chinese home appliance giant Midea Group held a groundbreaking ceremony yesterday for its third factory in Brazil, the biggest market for white goods in South America.

With total investment of over CNY700 million (USD102 million) and located in the state of Minas Gerais, the new plant will have an annual production capacity of 1.3 million smart refrigerators, Foshan-based Midea said. It is scheduled to become operational in July next year.

Midea aims to become one of the leading refrigerator brands in Brazil within four years, said Wang Jianguo, vice president of the Chinese company and president of Midea International. 

The factory will enhance Midea’s competitiveness in Brazil, according to Felipe Costa, chief executive of Midea Industria do Brasil, the Chinese firm's Brazilian unit. Midea has great confidence in the Brazilian market and will further raise its investment in the country, he added.

MIDB will run the new plant and sell its products locally and in other South American markets, the parent company noted.

Midea's two other plants in Brazil include a household air conditioners and microwaves factory in Manaus and a commercial air conditioners plant in Canoas, according to the company.

Editor: Martin Kadiev