OPINIÃO. Dicas práticas de como falar com o investidor global

For over two decades, I have spoken daily with international investors about Brazil. Among my clients at Arko Advice are seven of the world's ten largest funds by assets under management. Only this week during the election, I spoke with hundreds of managers at events organized by Arko and financial institutions such as Bank of America and Banco Safra.

This routine convinced me that Brazil talks poorly to those who can invest here. Brazil publishes indicators and reports on debt, but it is harder to track investment opportunities and regulatory changes. There is also a lack of clarity on how decisions are made, what is coming up, and what is still pending. Gathering this information increases the analysis of a project and can delay an investment decision.

In the competition for capital in sectors like infrastructure, data centers, and critical minerals, where Brazil competes with Mexico and India, this matters. Portuguese also hinders the daily tracking of Brazil by foreign investors. Translating documents helps, but selecting what matters to this audience and getting the information to them is necessary.

Brazil relies on intermediaries, such as consulting firms and Brazilian banks with international presence. I write as one of them, and part of what I propose would reduce this dependence. International press fulfills a role, but its focus favors major events and crises. The media cannot track each regulatory change. Many smaller, relevant topics for investors in the country go uncovers.

I often say that Brazil looks like a Serie C game from the outside. It only becomes news when a wire breaks, or when a dog invades the backyard. There are government initiatives to fill part of this space. Apex promotes investments, the BNDES publishes projects and concessions, and the Itamaraty maintains commercial sectors in embassies.

However, my experience with investors shows that these initiatives still arrive in a disjointed manner. Coordination is needed so that relevant information circulates regularly, accompanied by explanations on what changes for those who want to invest. The most recent case is the Redata, the special tax regime for data centers, signed in September.

I received more than a dozen requests from sovereign funds, pension funds, and managers wanting to understand the measure. The law refers to regulation of eligibility conditions and the details of counterparties. Better communication cannot eliminate this uncertainty, but it can explain what is already decided, what needs to be decided, who is responsible, and the expected timeline.

This is the follow-up that should reach investors without them having to go looking for it. Brazil has a valuable asset to do this work: sophisticated diplomacy and a wide network of embassies and consulates. The sectors of commercial promotion and investments already assist foreign companies. This network could be used more to maintain regular contact with managers who decide on the allocation of capital in infrastructure and energy.

I leave four suggestions to the next President. A central information hub on the Planalto. Each ministry would send the news of interest to investors, such as an auction or regulatory change. A small editorial team would gather this material into a weekly bulletin, the What's Happening in Brazil, initially in English, with versions in other languages as needed.

Relevant laws and decrees would be published in English within 48 hours. There would also be sectoral reports bi-monthly, such as What's Happening in Brazil Infrastructure or Energy and Renewables. They would cover opportunities, deadlines, and pending issues, because investors easily dismiss propaganda. An updated portal does more harm than good, and that is why the portal needs ownership and a routine update.

It would be a single information portal, updates, and investment opportunities in Brazil. A distribution network. Embassies and consulates would maintain contact with companies and managers interested in Brazil and send information according to the sector and the profile of each investor. This material would also reach foreign embassies in Brasília and bilateral commerce chambers.

The work would be assessed by the questions answered and the contacts that advance to project analysis. Sending emails to an enormous list, by itself, does little. It needs frequency, standardization, and space for questions to be answered. Channels of conversation. The Finance Ministry would maintain a permanent channel to answer to foreign investors and would hold, every two months, meetings with the ministries responsible for the topics on the agenda, in the format of a results conference call.

Every six months, Brazilian representations in centers like New York, London, Abu Dhabi, and Singapore would organize in-person events with Apex, regulators, banks, and state governments. Interested investors in Brazil would be invited. The events could be macro or thematic, depending on the circumstance of the moment. Independent analysts would provide political and economic assessments.

Investor questions would guide the following bulletins and reports. Coordination would be handled by someone at the Planalto with experience in relations with the productive sector, supported by Itamaraty and Apex. This person would seek answers from ministries and ensure that representations abroad received the information in time to use it.

The UK offers a reference with the Office for Investment, which brings together government bodies to attract investment.