The North American Wal-mart corporation first set up shop in Brazil in 1995, and since has established 318 stores throughout the country. It currently employs 70,000 people, and with its new plan, will employ 9,000 more.

Wal-mart Americas CEO Craig Herket met with President Lula this week in Brasilia, where they discussed Wal-mart’s plan to invest around US$1 billion in 80 to 90 new stores throughout Brazil. Wal-mart also recently acquired several Brazilian megastores, including Bompreco and Big.

Since 2004, Wal-mart has invested $1.2 billion reais in Brazil, building 36 stores in that period of time. Wal-mart considers Brazil a strategic location due to its large population, booming economy, political stability, and growing middle class.