The Brazilian government will continue to take steps to bolster domestic consumption and ensure the competitiveness of local industries, Finance Minister Guido Mantega said on Tuesday.

Speaking at an event in Sao Paulo, Mantega also reiterated that the government stands ready to take additional measures to prevent Brazil's currency, the real, from strengthening too much against the U.S. dollar.

He did not offer any specifics on what those steps might entail.

With these measures and more that we will continue to take we want to lower the Brazil cost that remains very high for some sectors, Mantega told a crowd of auto parts executives.

The phrase Brazil cost is widely used here to refer to the high tax burden, complex red tape and infrastructure bottlenecks that keep the country's economy from growing at full potential.

Last week President Dilma Rousseff unveiled a flurry of new tax breaks and billions of dollars in subsidized loans to help struggling local industries.

Mantega also said that he hopes that private-sector banks follow in the footsteps of state-owned financial institutions, which have lowered interest rates and are increasing financing for companies and consumers alike.

Lastly, Mantega reiterated his view that Brazil's economy will grow more than 4 percent this year.