According to the company's top executive in Brazil, Jean Marc Pueyo, Carrefour, French supermarket chain has no plans to leave Brazil and will make more investments in the South American

country.

Pueyo told the Folha de Sao Paulo newspaper, addressing recent reports in the media about the French company's plans," Why would Carrefour put so much money into Brazil if it planned to

sell? No, we are not going to sell. The company is focussed on investing strongly and growing. It doesn't make sense to sell the operation in Brazil."

Overtaking Spain and trailing only France, Brazil will become the second most important country for the company next year, achieving a goal set by management a year early, Pueyo said.

Pueyo said," Our global CEO, Lars Olofsson, has clearly stated that we have priorities. Before it was called 'G4' (France, Spain, Italy and Belgium). Now it's called 'G6', with Brazil and China,"

adding that he and his wife planned to apply for Brazilian citizenship in the next few months.

Since 2006, Carrefour Brazil has grown at an average annual rate of between 14 percent and 15 percent.

Brazilian rival Pao de Aucar is investing 1.5 billion reais (some $806.8 million)and US-based retail giant Walmart announced plans to invest 2 billion reais (about $1.07 billion) in Brazil this year

prompting Carrefour to expand its investment in Brazil.

The French company which is Brazil's largest supermarket operator now expects its projected investment of 1 billion reais (about $537.9 million) for 2010 to rise to 1.25 billion reais (some

$672.4 million). (With Input from Agencies)