Market Entry Strategy Project

AVE Brazil

Prepared by:Yasmin Hegazzy Tamer Shqerat

Jared GeaseJuan Casares

Prepared for:International Business 200

Paolo Saona HoffmannSaint Louis University

4/9/14

Basic Information:

The official name of Brazil is the Federative Republic of Brazil.

The capital of Brazil is Brasilia.

The official language in Brazil is Portuguese.

A citizen of Brazil is properly referred to as a Brazilian.

Products or materials from Brazil are referred to as Brazilian in origin.

Demographics:

The population of Brazil is 201,032,714

The population of Brazil is growing at a rate of 0.9% annual change

The median age of the population of Brazil is 30.5 years

The population pyramid (age structure) of Brazil is as follows:0-14: 24.2%15-24: 16.7%25-54: 43.6%55-64: 8.2%65 years and over: 7.3%

The population (in percentage) that each ethnic group comprises in Brazil is:White: 47.73%Pardo: 43.13%Black: 7.61%Asian: 1.09%Amerindian: 0.43%

The urban composition of Brazil is 15.4% (30,278,580 People) of total population

The rural composition of Brazil is 84.6% (166,376,400 People) of total population

The population living in poverty (<$2) in Brazil comprises 21.4%

The population living below the poverty line (<$1.25) in Brazil comprises 5.5%

The life expectancy for residents of Brazil is 73.02 years

The fertility rate for women in Brazil is 1.81 children born/women

Market Intelligence Report: Brazil

The infant mortality rate of Brazil is 19.83 deaths/1,000 live births

Geography:

Brazil occupies 8,514,876.599 km2 along the eastern coast of South America.

Brazil spans three time zones: UTC-4: Western statesUTC-3: Eastern statesUTC-2: Atlantic islands

Brazil shares borders with: Uruguay, Argentina, Paraguay, Bolivia, Peru, Colombia, Venezuela, Guyana, Suriname and French Guiana

Brazil has 7,491 kilometers of coastline

The largest cities in Brazil, by population, are:Sao Paulo: 11,244,369Rio de Janeiro: 6,323,037Salvador: 2,676,606Brasilia: 2,562,963Fortaleza: 2,551,806Belo Horizonte: 2,551,806

Brazil has 14 cities with over 1 million inhabitants

Climate:

The climate of Brazil is mostly tropical

Brazil hosts 5 major climatic subtypes: Equatorial, Tropical, Semiarid, Temperate, and Subtropical

Temperatures average range from 22-26ºC

Rainfall in Brazil is seasonal

Government:

Brazil gained its independence from Portugal the 7th of September 1822

Brazil is a Federal Presidential Constitutional Republic:President: Dilma RouseffVice Presiden: Michel TemerPresident of the Chamber of Deputies: Henrique Eduardo AlvesPresident of the Senate: Renan CalheirosPresident of the Federal Supreme Court: Joaquim Barbosa

The National Congress is composed of:Upper house: Federal Senate

Lower house: Chamber of Deputies

Brazil is composed of the States, the Municipalities and the Federal District

The Federation is set on five fundamental principles:SovereigntyCitizenshipDignity of human beingsThe social values of labor and freedom of enterprisePolitical pluralism

Economics:

The gross domestic product (GDP) of Brazil is $2.422 trillion

The GDP of Brazil is growing 2.5% as of 2014

The GDP per capita of Brazil is $12,528

The GDP of Brazil is drawn proportionally from: Agriculture: 5.5%Industry: 26.4%Services: 68.1%

The Gini Coefficient of Brazil is 51.9 (high)

The Human Development Index (HDI) is 0.730 (high)

The working force in Brazil is 107.3 million

The unemployment rate in Brazil is 5.7%The inflation rate of Brazil is 6.2%

The major trading partners of Brazil are: China, USA, Argentina, Germany, the Netherlands, and South Korea

The total value of exports from Brazil is $244.8 billion and the total value of imports into Brazil is $241.4 billion

The major exports commodities of Brazil are: transport equipment, iron ore, soybeans, footwear, coffee, and autos

The major import commodities of Brazil are: machinery, electrical and transport equipment, chemical products, oil, automotive parts, and electronics.

The primary natural resources of Brazil are: bauxite, gold, iron ore, manganese, nickel, phosphates, platinum, tin, rare earth elements, uranium, petroleum, hydropower, and timber

The major industries of Brazil are: textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment

The major primary agricultural products of Brazil are: coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, and beef

The external debt of Brazil is $475.9 billion

The exchange rate of Brazil is: 2.153 Reals (BRL) per US dollar

Physical Infrastructure:

There are 1,580,964 km of roadways in Brazil (ranks 4th in the world) with only 212,798 km of them paved.

Brazil has a total of 4,093 airports, however, only 698 of those airports have paved runways.

Brazil has a total of 28,538 km of railways, ranking 10 th in the country comparison to the world.

Brazil has 50,000 km of waterways

Brazil has 7 major seaports and 1 major river port: Belem, Paranagua, Rio Grande, Rio de Janeiro, Santos, Sao Sebastiao, Tubarao; and Manaus.

World Economic Forum (2014) Overall Infrastructure- Brazil is rated 114th out of 142 countries

World Economic Forum (2011) Road Quality- 118th

Railroad Quality- 91st

Port Development- 130th

Air Transport Infrastructure- 122nd

Available Airline Seat (Kilometers)- 9thQuality of Electric Supply- 69th

Fixed Telephone Lines- 57th

Mobile Telephone Subscription- 66th

Communications Infrastructure:

There are 44.3 million main telephone lines in use in Brazil

Brazil has 248.234 million mobile cellular lines

Brazil has 26.577 million Internet hosts and its country code is .br

There are 75.982 million Internet users in Brazil.

1. Analysis: Team Rating of Brazil´s attractiveness: The team decided to rate the

four factors that it deemed most important in relation to the product they are

trying to introduce (demographics, government, physical infrastructure, and

economy). They chose to rate the factors in a scale from 1 to 5, selecting a

number that reflected their perceived attractiveness of the country after

analyzing the information presented in the MIR, 1 being “very attractive,” and 5

being “not attractive.”

1.1. Demographics: 1

Total Population: 201,032,714

Population Growth Rate: 0.9% annually

Age Structure:

0-14: 24.2%

15-24: 16.7%

25-54: 43.6%

55-64: 8.2%

65 years and over: 7.3%

Middle Class size: 49.2% of total population

Urban/rural composition: 84.6 and 15.4 respectively

1.2. Government: 3

Government Stability: Brazil is a stable country ruled under a democratic

political system. This system has allowed international and domestic

markets to maintain confidence in Brazil.

Economic Freedom: Scores 56.9. Under the world ranking, this is

considered a moderately free economy, however it is very close to the

status of: “mostly unfree.” This has discouraged private-sector growth.

Openness to FDI: In Brazil the transfer of funds must comply with the

regulations published by the RMCCCI; where proper registration is

Business Environment Analysis Report

needed so that both interests on profit and dividends can be transferred

easily between both countries (“Avellaneda, Doing Business”). This

registration is not obligatory but recommended and it is done with the

BCB in the RDE-IED electronic system (“Avellaneda, Doing Business”).

The failure of this registration may generate unregistered foreign capital

and that could hinder the import-export process in later phases of a

company’s project (“Avellaneda, Doing Business”). As of 2000, new

laws made many equal laws for both forging investors and Brazilians

however, to get registered as a company in Brazil, a foreign company

must first be fully registered in the BCB (“Avellaneda, Doing

Business”).

Legal System and Currency Convertibility: Although in the past Brazil

had strict border controls, since 2005, foreign companies have been

getting facilitations with their cross border transactions (“Avellaneda,

Doing Business”). There were two official foreign exchange markets

operating at floating exchange rates; post liberalization on March 2005

the BCB, which is the Financial Operations Registry, made a new

foreign exchange rate, under Resolution 3,265/05 and Circular 3,280/05

(“Avellaneda, Doing Business”). The new legislation grouped together

the “free exchange rate market (“Mercado de Câmbio de Taxas Livres”,

floating exchange rate market (“Mercado de Câmbio de Taxas

Flutuantes”) and the transactions known as International Transfer of

Reais” (“Avellaneda, Doing Business”). This allows the purchase of

foreign currency without direct BCB approval. Cross border transfer of

currencies is allowed but appropriate documentation needs to be

registered (“Avellaneda, Doing Business”). However if a company were

to externally finance imports for a period of time over a year, it must be

registered by the BCB (“Avellaneda, Doing Business”). The transfer of

invisible transactions such as management fees and personal home

remittances are regulated; and the transfer of Reais is legal but the funds

need to be documented and have a legal origin (“Avellaneda, Doing

Business”). It should be noted that the international transfer of Reais is

permitted and legal, provided the funds also have a legal origin

(“Avellaneda, Doing Business”). That being said, since Brazil

implemented the Brasil Maior (“Greater Brazil”), there has been a rise in

trade protections, like increased tariffs and local content requirements

(“Chapter 5: Trade Regulations”). This is why it is best to find Brazilian

partners, for example ALL; to reduce tariff and non-tariff barriers

(“Chapter 5: Trade Regulations”).

1.3. Physical Infrastructure: 2

Roads and highways: Roads are the primary method of

transportation in Brazil, this applies to both passenger and freight

usage. Of the 1.58 million kilometers of highway in Brazil only

212,798 kilometers were paved. This is one of the largest highway

systems in the world, but much of it is faulty, particularly in lesser-

developed regions. Money is pouring into this sector.

Railways: Railways are less prevalent with only 28,538 kilometers

of tracks, often this number declines due to lack of maintenance.

The tracks that exist are owned both publicly and privately, with

four main rail gauges. They compose less then a quarter of freight

movement (perhaps this 25% is exaggerated)

Airports: Airways are the most efficient form of transportation in

Brazil. There are 4,093 airports as of 2013. There are only 13

official heliports in Brazil.

Navigable Waterways and Ports: There are 50,000 km of

waterways in Brazil, however, most are located in areas remote

from industry and population. The major seaports are Belem,

Paranagua, Rio Grande, Rio de Janeiro, Santos, Sao Sebastiao, and

Tubarao. The major river port is Manaus.

1.4. Economics: 2

GDP Growth Rate: 1.9% annually

GDP per capita: $12,528

Consumer Inflation Rate: 6.2%

Trade as share of GDP: 21.1%

Potential Market: According to a study conducted by MSU-IBC

(Michigan State University), Brazil has a potential market index of 60

(scale from 0-100), which is pretty high for an emerging market.

Furthermore, Brazil is part of the five major emerging national

economies known as the BRICS.

2. Analysis:

2.1. Demographics:

Brazil has one of the largest populations in the world. Most of the

population is found within the 25-54 years age group and the growth rate

is very stable with less than 1% per year. The urban composition of

Brazils population is very high. With a workforce of over 50 percent of

the population and a middle class of close to 50% percent of the

population, Brazil poses a very attractive demographic market. Because

of this, the team rated the demographic market with a 1 (very attractive).

2.2. Government:

Brazil has a very stable political system and is open to foreign

investment. The government has adopted effective macroeconomic

policies over the last few years, resulting in improved productivity,

positive balance of trade, controlled inflation, and a stable currency. As a

result, Brazilian economy has remained stable. However, Brazil still has

moderately free economic freedom and a high degree of corruption. The

legal system and currency exchange system are full of flaws. Companies

are encouraged to find local partners in order to reduce tariffs and non-

tariff barriers.

2.3. Physical Infrastructure

Brazil has a large dependency on road transportation, which is

considered an expensive and uncompetitive method of goods and

personal transportation. Furthermore, the road system is very faulty

because the majority of the roads are not paved. For this reason, the

Brazilian market for other forms of transportation is growing. Air

transportation is still very expensive in the region and water

transportation is outdated. Therefore, the market for railroads is

swiftly gaining importance. Currently, there are only about 28,000

km of railroads. For this reasons, the team rated the physical

infrastructure market “quite attractive” (2).

2.4. Economics:

Brazil has quite a high potential market index according to the Michigan

State University. It is also considered one of the biggest emerging

markets. The GDP growth rate is stable and the consumer inflation rate is

quite low at a 6.2%. The human development index (HDI) of Brazil is

quite high and the unemployment rate quite low (5.7%). In spite of all of

these advantages, Brazil still has a very high percentage of the population

living in poverty (21%). For this reason, the team rates Brazil’s economic

attractiveness with a 2 (quite attractive) rather than a 1 (very attractive).

Nevertheless, it presents very good investment opportunities for foreign

businesses.

3. Global Attractiveness Rating for Brazil: The team decided to rate the 4 most

important factors concerning the product it attempts to introduce (AVE-Brazil)

which were demographics, government, physical infrastructure and economics.

Brazil averages a 2 in the team’s global attractiveness rating scale (1-5).

Therefore it is a quite an attractive market for investment.

3.1. Holistic Assessment: The team is satisfied with the overall “global

attractiveness rating” it has conducted for Brazil. For this reason, the team

wouldn’t change any portion of its analysis. Brazil, despite its economic

inequality or mild political corruption, is growing at a stable rate. It has a very

large middle class that is still growing. It is considered one of the most important

emerging markets in the world. For this reasons, the team believes that Brazil

deserves the rating they’ve come up with and that it is very representative. Brazil

is quite an attractive country for investment.

3.2. Key Factors to Watch: The three key factors that a company looking to do

business in Brazil should monitor are the government, the economy, and the

infrastructures. To be more precise, the team believes that companies should be

careful with political corruption, poverty, and a flawed roadway system.

Certain political factions of Brazil are very prone to corruption. Bribery exists on

many different levels, from avoiding traffic tickets to weapon sales in favelas.

Kickbacks are often determinants of contract receivers, regardless of merit or

effectiveness. Foreign investment can be deterred due to this level of corruption.

Poverty is a big setback to Brazil’s otherwise flourishing economy. According to

the CIA fact book, Brazil has over 20% of its population living in poverty.

Companies planning to invest in Brazil have to take this number into

consideration because it has a lot of consequences, for example, inequality and

criminality.

Brazil’s flawed roadways can also be problematic for businesses investing in this

country. The transportation of materials from one area to another may be tougher

than expected. For this reason, businesses have to take these factors into

consideration.

3.3. Short-Term Assessment: The team believes that that business environment

nowadays is not bad and that it will continue to improve because Brazil is a

major emerging economy. Brazil has a huge population and massive workforce.

The unemployment rate is relatively low, but most importantly; the middle class

is growing at a very fast rate. Furthermore, the government is currently fighting

against corruption and poverty. Both of these levels are steadily going down.

Bearing in mind all these factors, Brazil´s economy is bound to grow in the

following months and years, improving the business environment as a result.

3.4. Long-Term Assessment: For the same reasons mentioned above, the team

believes that Brazil’s business environment will continue to improve over the

coming decade.

Market Entry Strategy Analysis (MESA)

1. Operations

The largest and most important cities of Brazil are located on the countries eastern coast,

particularly, the areas labeled as Southeast, South and Northeast in the map above. These

areas include cities such as Sao Paulo, Rio de Janeiro, and Salvador du Bahia amongst

others. These are the cities with the highest population density of Brazil and the cities where

most of the country’s economic activity takes place. Brasilia, the capital of Brazil, is located

in the Federal District in the Center-West region of the country. It is the most important

city of the region, however, it is located very close to the Southeast region, the most

economically active region of the country.

Being that Brazil is a country with an immense landmass, transportation infrastructures are

primordial. As mentioned in the MIR, Brazil has many infrastructures, including airports,

trains, subways, and bus systems, among others. However, Brazil lacks high speed railways

and of course, high speed trains. Its 4 most important regions are, thus, only connected via

slower train systems and less practical air routes. The AVE-Brazil project attempts to unify

those regions by bringing people together at lower costs and in less time. Therefore this

project will be composed of two major railways, one passing through the major cities of the

South, the Southeast, and the Northeast regions, and the other connecting Sao Paulo,

Brazil’s largest city, with Brasilia, the capital of the country. The first railway (North-South

Connect) will start in Brazils southernmost biggest city, Porto Allegro in Rio Grande do

Sol, pass through Sao Paulo and Rio du Janeiro, and end in Fortaleza, Brazil´s northernmost

biggest city. Trains will go in both directions irrespectively. The second railway, linking

Sao Paulo and Brasilia (Capital Rail), will also be connected to the North-South Rail. In

doing so, this project attempts to bring Brazil´s most active regions together faster, safer

and cheaper.

According to Swiss Global Enterprises, a renowned investing center, producing rail

equipment will add to Brazil’s industries. There is also a significant foreign interest from an

investment perspective. There are not currently many local content requirements or tariff

threats, but these are likely to occur in order to maintain an inter-country production.

They use the tariff code used commonly by the Mercosur Common Tariff Code shared by

Brazil, Argentina, Uruguay and Paraguay. Materials would likely come through this

Mercosur block.

Main imports for railway products include the following in (US$)

-Railway and tramway locomotives and parts therein, track fixtures and

fittings, as well as signaling equipment- 260 million

-Other rail locomotives- 104 million

-Diesel-electric locomotives- 103 million

-Self-propelled coaches- 13 million

-Parts of railway or tramway locomotives- 44 million

-Containers for fluid transport- 12 million

2. Challenges:

The project faces economic and fiscal risks for both, the country of origin and the home

country. However, the risks are greater for the country investing in Brazil because it is still

considered a third world country.

The economic risks for the country of origin, Spain, are quite straightforward. Investing in a

country still considered a third world country is a huge risk for any business. The presence

of poverty in Brazil, according to the MIR is still quite high. Poverty causes political

instability and social unrests. Both of these could halt a project of the magnitude of the

AVE-Brazil because some of the governmental money would be used to fund it. This would

imply some cuts in public spending, which usually affects more the poor than the rich.

Furthermore, in Brazil there is a lack of skilled laborers in the area of fast speed trains.

There are insufficient domestic savings to fund the whole project and therefore it is heavily

dependent on foreign capital. AVE-Spain is only willing to fund half of the project.

Additionally, Brazil has many infrastructure shortcomings, is exposed to raw materials price

fluctuations, has a considerable public debt and high interest rates, and, most importantly,

has very heavy taxes. Yet, the highest risk for Spain is the prevalence of corruption and

inequalities in Brazil. There is a very low trust in politicians. Contact points within

Brazilian bureaucracy will be essential to help expedite paperwork, licenses, permits, etc.

“According to the World Bank's 2012 annual global report "Doing Business", which

evaluates the ease of starting a business, dealing with construction permits, registering

property, and paying taxes, Brazil ranked 126th this year out of 183 countries.On average,

it takes 13 procedures and 119 days of work to start a business in Brazil.

And construction permits demand an average 17 procedures and 469 days to finally get

authorized.” Partially due to all of this bureaucracy 40% of start up businesses fail before

ever really taking off. Businesses require approval from 12 separate government agencies.

Document and paperwork costs become an expense that must be realized by the company.

The corruption is often enhanced due to the system’s faults. Bribes move paper through the

different systems quickly and can open doors that would otherwise remain legally closed to

new and pre-existing businesses.

AVE will have to choose whether or not it is worth bribery to attain the job against

competitors as well as the expedition of paperwork. If it decides not to, then the process

may take too long. Corruption is a determinant risk factor and one that Ave-Spain is willing

to take for such a big project.

The risks for Brasil are minor because the business is not national. At least half of the

money would come from the outside. Most of the hired workers would be Brazilian and part

of the earnings would go to the government. Risks would therefore be of economical nature

and social nature. Furthermore, there would be some ecological risks because building

certain railways would require minimal deforestation. Nonetheless, trains are the least

polluting form of transportation.

Clearly, the risks for the country investing in Brazil are much higher than the risks for

Brazil simply because Brazil, albeit part of the BRICs, is still a third world country. This is

reflected in the level of poverty, corruption, and inequality. AVE will have to fight against

those risks if it wants this project to be successful.

3. Target Market and Projected Sales:

Ever since 2007, Brazil has been debating weather or not to introduce a high-speed rail in

the country to satisfy the demand for relatively cheap and fast transportation. This project

was cancelled that same year, however, conversations started again in 2010. As of today,

the project is under construction because a study revealed a demand of 33 million

passengers in 2015.

The name of the project is TAV (Trem de Alta Velocidade) and the idea is to connect, at

first, Rio de Janeiro and Sao Paulo, and subsequently connect other important cities such as

Brasilia, Curitiba, and Belo Horizonte. The tickets would cost about 60 dollars on average.

It is budgeted at US$ 9 billion. This project is currently looking for investors because Brazil

doesn’t have enough money to fund the project publicly. This is advantageous for AVE-

Brazil because it has two options. It could partner with TAV Brasil and invest on the

project, or it could compete with it. Both options will be analyzed in other sections.

Nonetheless, according to the study previously mentioned, the market is big enough to

support both projects.

4. Entry Modes

Turnkey Project: If AVE plans to compete for dominance in the train market of Brazil, this

contractual entry mode is its best alternative. AVE would have to look for one big client, for

example, the government, and invest heavily and on the project. It is a very politicized

process and the risks and costs are high. However, firms become more competent, and most

importantly, nations obtain infrastructure from leading companies such as AVE.

Wholly Owned Subsidiary: This is probably the least viable entry option. It is very

expensive and risky, however, if AVE wants to compete for market control with TAV

Brasil, it’s the second best alternative. A wholly owned subsidiary in Brazil would be

entirely owned by AVE. They could either build new from the ground up, or purchase an

existing company such as TAV (its competition).

Joint Venture or Strategic Alliance: AVE could work with other Brazilian companies

involved in the train market. Competing with TAV Brasil is an option, however, partnering

at the start, via alliance or joint venture, could be profitable for the both of the companies

since it would be less costly. AVE would have readily available railways and TAV Brasil

would have the money it needs to complete the project. However, if AVE decides to

compete with TAV, it could partner with other local businesses. For example, Logistica S.A

(“ALL”), which has a total of 12,900 km of railways and is the largest independent logistics

company in Latin America (“The Company”). The second company AVE could work with

is Companhia Paulista de Trens Metropolitanos (“CPTM”). It is from the state of Sao Paulo

and it had about 2.5 million passengers in 2012 and 128 trains operating (“CPTM”). AVE

could also work with a third company, Super Via. In 2012, Super Via imported trains from

China, increasing their numbers to a total of 270 trains and 102 train stations (“Quem

Somos SuperVia”). This company transports about 600 thousand passengers daily and has

transported about 7 million people so far (“Quem Somos SuperVia”).

5. Marketing Campaign

Since the project comprises a huge investment, it does not need to be marketed. The market

is very defined (railway transportation) and the lack of competition (only one competitor)

would make a marketing campaign a waste of money. However, it should target the

government by offering the best price. By doing so, it would be able to compete with the

TAV-Brasil.

6. Final Analysis

AVE has to decide what is best for it. It could partner with TAV Brazil, compete with it, or

simply not invest in this market. All three options have advantages and disadvantages. If

AVE decides to partner with TAV, negotiations should start soon because the project is

already under construction and awaiting international investment. If AVE decides to

compete with TAV Brasil, negotiations with the Brazilian government should start soon

because they are known to be quite resilient to international businesses operating in national

territory. However, this team believes that this option is not viable because it is extremely

expensive and risky, considering there is already a massive project under construction. If

AVE does not want to partner with its prospective competition, this team recommends that

it not enter the market at this moment.

All in all, the team believes that the best option for AVE is to form a joint venture with

TAV Brasil. It would be beneficial for both companies because they would share the costs

and the risks. AVE has much more experience than TAV with bullet trains. Its records are

impeccable and the designs are very successful. By joining, TAV would avoid investing in

train design and it would get the money it needs to complete the project. AVE would also

benefit from this venture because it would enter a new market without necessarily investing

in infrastructures (such as rails and materials) and it would avoid bureaucratic difficulties.

For these and other reasons stated in this report, the team recommends that AVE market its

project in Brazil only if it is willing to merge with its competition.

References (all MIR information comes from CIA):

https://www.cia.gov/library/publications/the-world-factbook/geos/br.html

http://books.google.es/books?id=sS10g63BjdkC&pg=PA475&lpg=PA475&dq=blocked+funds+brazil&source=bl&ots=ekvI4npUgZ&sig=hhaEq6jIUnWXGMQBL6yL3iJbYu8&hl=en&sa=X&ei=SFI-U5bqNYithQeWlIHYAQ&ved=0CDMQ6AEwAQ#v=onepage&q=blocked%20funds%20brazil&f=false

http://www3.weforum.org/docs/GCR2011-12/14.GCR2011-2012DTIIInfrastructure.pdf

http://www.brazil.org.za/brazil-infrastructure.html#.Uz45O2RdWCh

http://www.bnamericas.com/news/privatization/brazils-railway-industry-set-to-produce-rolling-stock-for-us46bn-concessions-plan1

http://www.sge.com/en/filefieldprivate/files/1672/field_blog_public_files/7918

http://elearningmind.com/brazil-corporate-training/

http://ethic-intelligence.com/experts/89-brazil-anti-corruption-trends

http://www.bbc.com/news/business-18020623

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