Brazilian Vice President Geraldo Alckmin on Sunday unveiled government measures aimed at providing tax incentives to companies so they can buy new machinery and invest in transportation.

The measures are part of President Luiz Inácio Lula da Silva's plan to "re-industrialize" Latin America's largest economy, whose industrial output is still lagging behind pre-pandemic levels and is more than 18 percent below its 2011 high.

Lula's government has pledged to boost industrialization by incentivizing "green" projects such as flex-fuel and electric vehicles, renewable energy and biofuels.

The first measure, Alckmin told a news conference, is to issue an executive order establishing the "Mover" program, which reduces the income tax for transportation companies investing in new technologies, research and development.

Alckmin, who is also Lula's minister of development and industry, said the program will provide benefits totaling 3.5 billion reais ($721.34 million) next year, but will gradually increase until it reaches 4.1 billion by 2028.

"This will attract investment to Brazil," he said. "Our problems are low investment and low productivity. We need to take action to increase both."

The executive order means the program goes into effect immediately, but needs to be approved by Congress within four months.

Alckmin said Lula's second measure was a bill submitted to Congress proposing a 3.4 billion reais income tax credit for companies to upgrade their machinery, which he called an "accelerated depreciation program."

"We will stimulate the revival of Brazilian industry. Depreciation of equipment usually occurs over 20 years, and our goal is to accelerate it so that it happens in two years," the vice president said.

He added that there will be a "second phase" of the program in the future, without providing more details.

Alckmin said the loss of revenue associated with the tax incentives would be offset by import taxes, including those levied on electric vehicles imported from abroad.

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