Internationalization of Brazilian companies: the rise and fall of a state policy

ABSTRACT

The aim of this work is to analyze the rise of the Brazilian exports and foreign investment support policy during the Lula and Dilma governments (2003-2016) and its fall as a state policy in the Temer (2016-2018) and Bolsonaro (2019-2022) governments. In the first part, we present the theoretical and methodological approaches used to understand the internationalization of companies within the scope of Brazilian foreign policy between 2003 and 2016. In the second, we demonstrate the main instruments of state support for the internationalization of national companies in this period. In the third, we selected elements of Brazilian foreign policy for Africa and Latin America as an interface for the insertion of national companies in these markets. Finally, we analyze how elements of the economic and political situation help to understand the fall of state support for the internationalization of national companies in the Temer and Bolsonaro governments, such as the replacement of the Long-Term Interest Rate (TJLP) by the Long-Term Interest Rate (TLP) in the new BNDES contracts.

KEYWORDS:
Internationalization of companies; foreign policy and international political economy