The GDP of Piaui is approximately R$ 25 billion and its revenues are derived essentially from the service sector (~ 60%) and industry (~ 27%). Although small, it is among the fastest growing states in the Northeast, higher than the national average. With territory equivalent to the UK, it is the 11th largest state in area, but in terms of population occupies the 19th position.
Located very close to the Equator line, the region is bathed in sunlight throughout the year, specific characteristic of the tropical climate, which gives vast agricultural potential to the state and therefore industry development possibilities in this field.
One of the main government investment fronts is expanding access to vocational and higher education, which has demonstrated efficacy, with over 100% increase in enrolments over the past decade.
The capital is Teresina with 840.000 inhabitants, thus being among the 25 largest cities. Considering the metropolitan area, the population exceeds 1.1 million people.
The main reasons for investments in Piauí are:
Other non-metallic mineral products: the National Department of Mineral Production data find that Piauí is among the top 10 potential extraction of minerals from Brazil. Still, the state has the differential on the diversity of products found, ranging from iron, phosphorus, nickel, even diamonds. There is plenty of room for their exploration.
Construction: Constant investments in infrastructure, such as the expansion of airports and construction of the Transnordestina railroad guarantee potential for the sector for several years. The recent increase in the population's income level also provides growth of activities in private character.
Food and Beverages: The characteristic climate ensures the production of particular foods to the region. Moreover, the geographical location stimulates the production flow throughout the Northeast and North, showing even further potential.
Metallurgy of Non-Ferrous Metals: Ceará is a state rich in nickel production, especially after the discovery a reserve in Capitão Gervasio de Oliveira. Thus, there are wide possibilities in metal processing. The proximity to the rich states in iron ore increases the possible alloys options for developing.
Pharmaceutical products: The pharmaceutical industry is well established in the south of Piauí, working with 100% of the capacity sold and backorders. Especially after the addendum of generic medication, and that there was no opening of new businesses in recent years, there is a large demand for medications in the region. The main demanding regions are the South and Southeast.
Chemical products: Under project installation, the result of recent infrastructure works, the construction of a chemical pole in Piauí is evaluated. It would serve not only the state, but as the whole the neighbouring region.
Textiles: To become competitive, this sector is concentrated in industrial centres, as is the case of Piripiri. Besides the opportunity of skilled labour, geographic location facilitates access to the states in the Northeast and Northern region. With very wide customer profiles, you can attend from small shopkeepers, as to even regional networks.
In force since December 2011, the new law 6146/2011 tax incentives offers advantages for industries that want to settle in Piauí, granting consentment on presumed credits. Those entitled to this credit, for 20 years, are companies that hire 500 employees with the right to 100% in the first ten years and 50% within five years following and 60% over the last five years.
The new law also created the Industrial Development Fund of Piauí (Fundipi) that has resources with the purpose of development of the industrial sector, as an energy construction booster and land acquisition in industrial centres. Who manages it all is Piaui's Board of Industrial Development (Codin).