fields of computing and biotechonology. Because of both governmental and private funding in the diversification of its economy, the city has become an international reference in Information Technology and Biotechnology, and is also cited because of the advanced corporate and university research in Biodiesel fuel. The number of jobs in the Information sector has been growing at annual rates above 50%. The Belo Horizonte Metropolitan Area, composed of 33 cities under the capital's direct influence, is home to 16% of the country's biotechnology companies, with annual sales of over R$ 550 million.
Projects in these fields are likely to expand because of integration between universities, the oil company Petrobras and the Brazilian Government. One of the largest events that ever took place in the city, the Inter-American Development Bank meeting, occurred in 2005 and attracted people from everywhere in the world.
For a long time it was marked by the predominance of its industrial sector, but from the 1990s there has been a constant expansion of the service sector economy, particularly in computer science, biotechnology, business tourism, fashion and the making of jewelry. The city is considered to be a strategic leader in the Brazilian economy. The move towards business tourism transformed the capital into a national hub for this segment of the tourist industry
