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Gun makers and military industry companies from all over the world gathered in Rio de Janeiro for Latin America's largest defense and security fair Tuesday, hoping to benefit from Brazil's new far-right administration and President Jair Bolsonaro's vow to loosen gun laws.

Brazil, whose gun market remains mostly closed to foreign firms, was expecting some 450 companies and nearly 200 delegations from 80 countries during the four-day expo, organizers said.

"This industry is very relevant for our economic growth," Brazilian defense minister Fernando Azevedo e Silva said in his opening speech.

Brazil is the world's third-largest gun manufacturer after the United States and China, according to Brazilian think tank Igarape.