Skip to content

Report Title:

Value Chain Analysis of the Infrastructure in Brazil.

Commercial Relationships:

The infrastructure value chain in Brazil is characterized by intricate commercial relationships between a diverse set of players operating across distinct stages: Planning & Development, Financing & Investment, Engineering & Construction, and Operation & Maintenance. These relationships are fundamental to the functioning and growth of the sector, often governed by specific contractual arrangements and regulatory frameworks, particularly within the context of concessions and Public-Private Partnerships (PPPs), which are prevalent business models in the country.

In the Planning & Development phase, the primary commercial relationships involve government entities (federal, state, and municipal) interacting with consulting firms and developers. Governments, as the ultimate owners or regulators of public infrastructure, initiate the process by identifying needs and defining project scopes. They contract consulting firms to conduct feasibility studies, environmental impact assessments, and technical designs. These consulting firms provide specialized expertise in exchange for fees, operating on project-based contracts. Developers, often private companies or consortia, engage with the government to propose projects, structure concessions or PPPs, and undertake initial environmental and social studies, aiming to win future project tenders. Legal firms also play a crucial role, advising both government and private entities on contractual frameworks and regulatory compliance, operating under service agreements.

The Financing & Investment stage sees a complex web of relationships centered around capital flows. Government entities, while sometimes providing direct budgetary allocations, increasingly rely on attracting private investment. This involves relationships with development banks like BNDES, which provide long-term financing, often under favorable terms, acting as crucial catalysts for large projects. Commercial banks offer debt financing, establishing loan agreements with project developers and future concessionaires. Private investors, including equity funds, infrastructure funds, and institutional investors, form relationships with developers and government bodies, participating in bids for concessions and providing equity capital in exchange for future returns derived from the project's operation. The issuance of debentures, particularly incentivized debentures, creates a direct commercial relationship between project companies (the issuers) and a broad base of investors in the capital markets, exchanging debt instruments for capital.

The Engineering & Construction phase involves direct contractual relationships between the project owner (which could be a government entity or, more commonly in recent years, a private concessionaire or SPV - Special Purpose Vehicle) and construction companies. These relationships are typically governed by Engineering, Procurement, and Construction (EPC) contracts or variations thereof. Construction companies, ranging from large national players like OEC and Andrade Gutierrez to smaller, specialized firms, are contracted to execute the detailed design, procure materials and equipment, and physically build the infrastructure. They are compensated based on agreed-upon milestones, costs, or fixed prices. Within this stage, construction companies establish commercial relationships with equipment and technology providers, purchasing machinery, construction materials (cement, steel, asphalt), and specialized technology under supply agreements. They also contract a vast network of subcontractors for specific tasks (e.g., earthmoving, electrical installation, specialized welding), operating under subcontracts.

Finally, the Operation & Maintenance (O&M) stage is characterized by long-term relationships, often spanning decades in the case of concessions. The asset owner (typically a concessionaire, like Grupo CCR or Aena Brasil) enters into O&M contracts with specialized service providers or manages these activities in-house. These service providers are responsible for the day-to-day running of the infrastructure (e.g., traffic management, cargo handling, service provision to end-users) and its upkeep, including routine maintenance, repairs, and periodic upgrades. They are compensated through service fees, performance-based payments, or a share of the revenue generated by the infrastructure. Regulatory agencies (like ANTAQ for ports, ANTT for highways and railways, ANEEL for energy) maintain oversight relationships with concessionaires, monitoring compliance with contractual obligations and service quality standards, enforcing regulations, and approving tariff adjustments. End-users (passengers, cargo owners, consumers of utilities) have a direct commercial relationship with the operator, paying tariffs or fees for the use of the infrastructure or the services provided.

Across all stages, there are also important, though less direct, commercial relationships with suppliers of various goods and services, from legal and environmental consulting to material providers and technology vendors. These suppliers operate under standard procurement contracts with the relevant players in each phase. The prevalence of concessions and PPPs means that the private sector often takes on the role of the direct client for construction, financing, and O&M services, consolidating many of these commercial relationships under the umbrella of a long-term concession agreement with the government.

Products and Services Exchanged:

The exchange of products and services within the Brazilian infrastructure value chain is multifaceted, corresponding to the distinct activities performed at each stage.

In the Planning & Development phase, the primary "products" delivered are intangible: detailed studies, reports, and legal/financial structures. Consulting firms provide feasibility studies (technical, economic, environmental viability assessments), environmental impact studies and reports (EIA/RIMA), and engineering designs (preliminary and basic projects). Legal firms deliver legal opinions, contract drafting and negotiation services (for concession/PPP agreements), and regulatory compliance advice. Financial advisors provide financial modeling, risk analysis, and project structuring services. Developers deliver project proposals and structured investment opportunities to the government. These services are typically exchanged for professional fees.

The Financing & Investment stage involves the exchange of capital for financial instruments and potential returns. Investors (private equity funds, infrastructure funds, banks) provide debt financing (loans) and equity capital (shares in project companies) to finance the project. In return, they receive interest payments (on debt), dividends (on equity), and the potential for capital appreciation. The issuance of debentures sees project companies receiving capital from investors in exchange for debt securities promising future interest payments and principal repayment. Development banks like BNDES provide long-term loans and sometimes equity, receiving interest and potential equity returns. Government, when contributing, provides public funds from budgets or specific infrastructure funds, often in exchange for achieving public service goals and owning the underlying asset (in certain models).

During Engineering & Construction, tangible products and specialized construction services are exchanged. Construction companies provide comprehensive construction services, including site preparation, civil works (earthmoving, concrete structures, paving), structural erection, and the installation of systems (electrical, hydraulic, signaling). They deliver a completed or partially completed infrastructure asset (e.g., a road segment, a port terminal, a treatment plant). Equipment suppliers provide heavy machinery (excavators, cranes, pavers), vehicles, and specialized construction tools. Material providers supply raw materials like cement, aggregates, steel bars, asphalt, pipes, and cables. Technology providers offer specialized equipment (e.g., telecommunication antennas, power transformers, water pumps) and software for project management and construction monitoring. These products and services are exchanged for payment based on construction contracts, purchase orders, and supply agreements.

In the Operation & Maintenance (O&M) phase, the primary exchange involves the provision of services to ensure the infrastructure's functionality and the delivery of end-services to users. Operators/concessionaires provide operational services such as traffic management (highways), cargo handling (ports/railways), passenger services (airports/urban mobility), utility supply (energy, water, telecommunications), and waste treatment. They also provide maintenance services, including routine inspections, preventive and corrective repairs, cleaning, and periodic upgrades to the asset. Users exchange tariffs, tolls, or service fees for accessing or utilizing the infrastructure and its services. Specialized O&M service providers exchange their expertise and labor for service fees from the concessionaire. Regulatory agencies exchange oversight and regulatory services for compliance from operators and ensure service quality for the public.

For Decommissioning (relevant in sectors like Oil & Gas), specialized companies provide services for the safe dismantling, removal, and disposal of infrastructure assets, as well as environmental remediation of the site. This is exchanged for contractual fees from the asset owner.

Business Models:

The dominant business models in the Brazilian infrastructure sector, particularly for large-scale projects, revolve heavily around Concessions and Public-Private Partnerships (PPPs). These models define the long-term commercial relationships and risk allocation between the public and private sectors.

Under a Concession model, the government grants a private company (the concessionaire) the right to build, operate, and maintain a piece of public infrastructure for a specified period (often 20-35 years or more). The concessionaire takes on the responsibility and risk of financing, constructing, and operating the asset. Their revenue is primarily generated directly from the users of the infrastructure through collecting tolls, tariffs, or user fees (e.g., highway tolls, airport landing fees, port usage fees). Examples include highway concessions operated by companies like Grupo CCR and Ecorodovias, airport concessions managed by Aena Brasil, and railway concessions by Rumo. The government's role shifts from direct provider to regulator and grantor, overseeing the concessionaire's performance based on contractual targets and quality standards. This model incentivizes efficiency and investment from the private sector, as profitability is linked to operational performance and user demand.

Public-Private Partnerships (PPPs) are similar to concessions but typically involve a closer collaboration and often a shared responsibility for financing and risk between the public and private partners. In a PPP, the private partner is usually responsible for designing, building, financing, and operating infrastructure and/or providing services traditionally delivered by the public sector (e.g., hospitals, schools, sanitation systems). The key difference from a pure concession is often the revenue stream for the private partner. Instead of relying solely on user fees, the private partner in a PPP may receive payments directly from the government (availability payments or performance-based payments) in addition to or instead of user fees. This model is frequently used for social infrastructure or projects where direct user fees are not feasible or sufficient to cover costs. PPPs require complex contractual agreements detailing performance metrics, payment mechanisms, and risk-sharing arrangements.

Beyond these dominant models, other business models exist for specific relationships:

  • EPC (Engineering, Procurement, Construction): This is a common model in the construction phase where a single contractor is responsible for the entire project lifecycle from design to completion. The owner provides the requirements, and the EPC contractor delivers a ready-to-operate facility. The contractor assumes significant risk for cost and schedule overruns, compensated via a lump-sum price or cost-plus fee with incentives.
  • O&M Contracts: Specialized companies are contracted by asset owners (government or concessionaires) to handle the operation and maintenance of the infrastructure. These can be performance-based contracts, where payments are linked to asset availability and service quality, or cost-plus models.
  • Supply and Procurement Contracts: These govern the relationships between construction companies or operators and their suppliers of materials, equipment, and technology. They define terms of delivery, quality standards, and payment conditions.
  • Financing Agreements: Banks and development banks engage in loan agreements, specifying interest rates, repayment schedules, and collateral. Investors participate through subscription agreements for debentures or shareholder agreements for equity investments.
  • Consulting Services Agreements: Professional service firms are contracted for specific studies, designs, or advisory roles, compensated on a time-and-materials or fixed-fee basis.

The shift towards concessions and PPPs over the past few decades has fundamentally reshaped the business landscape of Brazilian infrastructure, moving away from primarily government-led construction (direct contracts with construction companies) to a model where the private sector takes the lead in financing, execution, and operation under long-term agreements with the state as grantor and regulator. This has fostered specialized players focused on operating infrastructure assets, complementing the traditional heavy construction companies.

Bottlenecks and Challenges:

Despite increased investment, particularly from the private sector in recent years, the Brazilian infrastructure value chain faces several significant bottlenecks and challenges that hinder its full potential and impact on economic development and quality of life.

A primary bottleneck is the persistent investment gap. While investment reached R$ 213.4 billion in 2023 and is projected to increase further in 2024 and 2025, the current level is still estimated to be far below the ideal required to modernize and expand Brazil's infrastructure to meet national development needs. The ideal investment level is estimated at 4.31% of GDP, significantly higher than the current 2% to 2.5%. This gap is a fundamental challenge, limiting the number and scale of projects that can move through the value chain.

Bureaucracy and regulatory complexity are significant hurdles throughout the value chain, particularly in the Planning & Development phase. Obtaining necessary licenses (environmental, urban planning, etc.) and permits is often a lengthy and unpredictable process, causing delays and increasing project costs. The intricate regulatory framework, involving multiple government agencies at different levels (federal, state, municipal), can create uncertainty and administrative burdens for developers and investors. Frequent changes in regulations or interpretations can also add risk to long-term projects like concessions.

Project structuring and preparation quality can be a bottleneck. While there's an push for more concessions and PPPs, poorly structured projects, lacking thorough feasibility studies or clear risk allocation, can deter potential investors and lead to difficulties during construction and operation. Ensuring a pipeline of well-prepared, bankable projects is crucial.

Financing challenges, although improving with private sector participation, still exist. While incentivized debentures have helped mobilize capital markets, access to long-term, affordable financing for all types of projects remains a challenge, particularly for smaller or less commercially attractive endeavors. The volatility of the Brazilian economy and interest rates can also impact investment decisions and project financing costs.

In the Engineering & Construction phase, challenges include the availability of skilled labor and the cost and logistics of materials and equipment. Large-scale projects require significant human capital and efficient supply chains, which can be strained. The legacy issues related to past corruption scandals in the construction sector have also impacted the reputation and financial health of some major players, although restructuring efforts are underway.

The Operation & Maintenance phase faces challenges related to ensuring long-term contractual adherence and tariff adjustments. Concessionaires need predictable revenue streams to maintain assets and recoup investments. Political interference in tariff setting or difficulties in enforcing contractual terms with the government can create financial instability for operators. Maintaining high service quality standards over decades and adapting to technological changes also require continuous investment and efficient management.

Furthermore, environmental and social considerations are increasingly important challenges throughout the value chain. Projects must navigate complex environmental licensing processes and address potential social impacts, requiring careful planning, community engagement, and adherence to stringent standards, which can add complexity and potential for delays if not managed effectively.

In summary, while Brazil has made strides in attracting private investment and increasing infrastructure activity, overcoming the investment gap, streamlining bureaucracy, improving project preparation, ensuring stable financing, and managing complex long-term contractual relationships and external factors remain critical challenges for the sector's sustained development.

References:

  1. Tamanho do mercado do setor de infraestrutura do Brasil e análise de participação - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJS-uJgkhkJXG1DUUBeE0PnMC1tl0xy3w63GDTWvgmVhETvWIwkr1wv4vJVYItMV_sQn5WbsPSh_q5FoHaDzV-2DGxLGFp18X2RSqpViCEFNj7DvbtIFVdpUALY19lAOOKW4XeRUIi7Xbv2H--b70QQiwtRqXFcSD9j34WGZJq8NFPn84pSXj4F4rcDCg==
  2. Infraestrutura: panorama do setor e tendências no Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ4Y8Fb1n1ZcIxjU_ZwBPAijAvrUmMeh3sQWNDc80U-maNPt0BHYfPfrDRjBEWoMzWQ5NYj1eLKlwKE1IVSpthk6TR7bMtOTCFvE2PYIxw6ZhWPIOylU_1f2k7rV-NCu-mH8XE1hjIqQELWhvAvWuemhrIfLIQdaj8-VqvY_Gj-vIM5yPc_e1mCCZgHgCncl0mBtxfAXDCiUok
  3. Com investimento recorde, infraestrutura brasileira evolui em dois anos e garante benefícios à população - Agência Gov - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKFfm75JSEf1YGPS7iqDfXxOyw-18FDs16l7KXL8nFKGU0_RnBZaqXPQte3fUP01lvAPZUknKZxE1HzgOJZP8DYJsmd0PifkhP0OCRs95M-AZKN3Uw6cff56iybM2WhYx03g7Xv24EWmHjdBTL3azTRfBvvYzpH5Z7hVZIqMhwz2TYUwhWjipGWWqA1HroRLT--VjXk4AFvzdiK6RDZf_yLYPPDZSqFTnog96fxKj08tE3aZREv9oUDTU0P6f5L27GREUwYU-2OS9fEV8Q2HXHJJnXKDs6d5lX-WerCUb8YHoZhNgAK5g==
  4. Brasil se aproximou de investimento recorde em infraestrutura em 2023, mas está longe do patamar ideal - PORTAL ABCP - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJiGKnRt4Xi7zzNc5ZmMDyoAeHFJmYXwnsHz5XnJAWkuqk6pEJ78Ym16PXEcw3OiGuWCASbl78MZOkOrHLqKNMRXHjR4VVa2mBhNFodNyL-IyQ4vQ_s7-IYj4iM0pPzuMKpaweFCkwVTJ54L55YLkjWqCsI0AnRxvAzcxk3ivXeUSXSGKLHo4sBIwabhPPagSRI7vC1ISQ2OljAlevOUt704Ckf7e6JF66gd_8V3frZeQ==
  5. Brasil registra recorde na movimentação portuária em 2024, com 1,32 bilhão de toneladas - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIgbuVDjNgsOyGVel9R81mRlAIFmIZa190XvvdzN0kCsuniYeGMoZmRUgLaVABuMZ80cOBIXDP7T3BCS1Jv_XmL9S4jZ9selYPFQGfvxTW4kmS_CLrtQoo-J2ClnaAcKmsyVB8AN_DW0LM3pDu3GlX5WiXzXNc7R-5RBZbkkbe5xvyrSuhL0SsSx-m8SOKh2S9nQO3r94DJHN61WZdWUlIInK_m9aRyh_p2O0o6vGYQokQoHROZMeAm1boRxJQ2QUc1jd1Veb8=
  6. No primeiro semestre, foram movimentados 56,2 milhões de passageiros nos aeroportos brasileiros - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJO2EAWqRqAbXVBfDN2AMs_aDq7aY51iICiKJAVTvkgRwSfyxglkkIv1-zRObQPPX0UYyksyntYNd0yv-6ApP5jirQPxsowqsYTth745gmrSmxh24dTJ4IiawlbhsaahlMBq-G8D-TET2yCAhD0eN96yuUKen3FLXk3vPbyd8-eObGoxlzz8uZfbtV9Be0foYvpMken7x1MdUuQFLdT37z0Q1N1JApJgqeRQzDSVStYiTFSU5aP0CE9iCN1Qr9UJj2KbfiEwelyDjjuNgUCOf-tUy-HD5ph_nTWZXQA
  7. Movimentação de passageiros nos aeroportos brasileiros continua a crescer no primeiro semestre de 2024 - Portal Gov.br - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALFk2xMz5OiVtu1ry12lqSVj2ZuDeBT0jxYpTzP-AYFaF1I1pLR0aZ07Kg9KYyrERg3rQeUL5iwMdVo3PbzfCBV1-wp2tB4KuaP1TIhXVrNJVh8adzkpqMv8JEfkxqOv1at9KitYZLuPYEovBLLJXGdj0rufrRM03ImOZ4YGg3teQm-C4rvg8UqLU9VNbrvaWHumgY8RRLWVucf9ybDjfxPcGaGB-K_FaFIHuxxYtVHYLD0WT2AllUxq4Fb9MoU-mgFCcJ3Vt-3V5g==
  8. Movimentação de carga ferroviária atinge maior nível em cinco anos - Agência Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIl7r2-R5-QaPXxZCcdnZmxrSa7rBhV5l1YnT_Q8E2VS4fgnqpKL28OdH6EFHb68wReF7BXANoEwZgjsPXHgCB0NGhrGpJPWuiS5Ll8gsjYeQCMXbY2neb9SYaVbxc3JYflkdxd9cymTlsFD6nqTNl6r6XIXzs-XFlWyNLX998OxGEeukURVHtjDCntUIyG4L86JgPuDnwYhkfoFWI_z6yuJVG-vtfclsJadG7dmwRJlNm_
  9. Cadeia produtiva - ABESPetro - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIVsiq9ORQTVDGQWU8G5TNyV-MxfrSAEjcJguciSCb_mdURwBNbbwTPqBEoRQr6SOUiasHyc0-Mi7R7PpF1a6fYgIGzvedh9I6k0AEkIm1fu4i0VNCmXX1XoZW86DRgo8cGqg==
  10. O superciclo de concessões em infraestrutura | VEJA - Assine Abril - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKYzKCtKIaixClltt8hivcoaKIGsttfUWqOmbvvAiy9JhfM9SkGt2SK_nimfwmMFQM1pq6ee-XR5osB69GV6U1zlXKiFypbLCDSJn7P9CGBZHAzCUSTMCyAgfotMR8dThtl3J03poKzsQUWjASVLD3DtgwyTBiDAu50TS1xfCMEwPikoo6X_g==
  11. Infraestrutura: investimentos crescem em 2024 | Blog do IBRE - Fundação Getulio Vargas - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ4Ka_WdcVUrLyVzzNGet5ivsybih2vU10tUfN-v_nQmtuDTanfMHigqM0WohUF-ONn-80tpgL_24JYOGhhXpE70rzqoQhPWz7Q316VLakavRZE_CVqxKDbv1m-pvJPZbTYU41jxIbs4ksZOI86aMhvP0MOiMud4jb9WqBpXN3jyeUY
  12. Portos brasileiros registram maior movimentação da história com 1,32 bilhão de toneladas em 2024 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAINztSkhkJBFs-VjJ3POPeMKirl_6kycORK-jaeJ0HmW5DGhpIg59i1QZbZP4UtqpUN0zIfCxFzjaIUchZAW60voDnFrKFU7EGa54HwpqSgr0FvpQSzE4Wk_kptdE9a2ZcVY1HHw0T2Avh3V6SzZAsut1JMxlYhqev47Y41rwOEXAvOlHngeAh-YEUPnEqWjUGe29ArsDwuGLBEt3hDf5NbPHcJ5aphA1K4R6I6hh0xdwZwCDzMV1Ub_UDiWE28_8gEgMo9MfqYeYaNsuyAiFCnP7Rjjkd33k5ohc8Mmw==
  13. Ferrovias brasileiras registram maior volume de cargas em seis anos - Transporte Moderno - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ-kDj4B4Tk97-z78CoLAKEXktlTVv2H7ry82jOZbAkkD0kWPsU_noKql7r4ey5AWGU-RVQ65IjP1NjGtBbMF-dRuo4fODOvlHGoW2sBwBrzVQATYl0ZBJfOnjEryMrzO5baFsas-yAXu-jdl6LHk_3puqIxqHdvLZCxcDXAEJT32ExlyWTP4FA759WuDjW5DLFBct4Gj3VZU6TXB4j50_RHM2DZfCC
  14. Movimentação portuária brasileira atinge novo recorde em 2024 - ILOS - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJFJFnwYguPpVR-ls4aBOJ72aby8R9hj0v0IH9xcKrnE0QRYNOA4OCuV2iz36EdhxhzVrvjVzjkzGoTt6oCmaxLU6nIVA2zxwrNZ_FJAHRX6ydHWYS44_WONwR24ELR0TfQ9QqiIaH6-f6Ejo-ay-kVLXxGB1A5dA-5PkLansE44ZbOngJ1bgZf
  15. Movimentação em aeroportos cresce 6% em março e supera 23 milhões de passageiros no trimestre - Agência Gov - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKhwOhPBEHZBB4xB0DZSDyqjheJlUB_Uq6bXvsB5yLQ8Tx5D4FZfGLLwZaTBCzcBAYU9gLPB7i3cz73VPhGePV-J0Spp_wK_JYGfdoLfWL_uz7MoJldj-4UKMLoIeVrKRB_gSGqBwJWlIXWSmzuQ9jq94CI398GjRaxIP_meZ7IudX1xYh2mO8sY4FkHBbpY0k05ye6L5i4AzjuhzYt4-tOOjSOqwWIWw4cbHMvPpQRPCy6rvN1Sq5gTrc8NL_AIfvp
  16. Aena informa recorde de passageiros em seus aeroportos e heliportos no Brasil e no mundo em 2024 - AEROIN - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJhQXnReh2TOHtVxLukIuWjSnGqtwt7MHn4LqgVfcmoiRfrce-oIDPi_77eM6_tFzeYGphECs7eu4LjI8vXWuHdEGTie0CyK3bldYulLDyb83kLQs6-4xcPOKhJNznkHELQxGjIZkkkvfu-17813BXBEY9xBJk9WJV7sg9oF3ubQacdsSoK4OQG-6iEncdW5fHUF-m8SG7dl2C0h1crbynFr38lFg-ulObiyA==
  17. Lei das Concessões: Trinta anos de transformações e novos caminhos para a infraestrutura brasileira - CBIC - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI-aPKnNkKq3gR7QDosz2K3BsCk-uMrRwPea3P5THRn-7gcilJxdjc0q83EAmqoQ76jSCEsEvUTX2jMExfKMwyyqXlpdMyCmD2GHV4x0wt9dID6w5YIWDE-2Lv4r3ij8vlXYPCP14HsxqMqcSdeHIM6pPnCvVMgOY0Etlxfskmyd-pDZdiu6rJa-7LA4mWap07Fbk3c2fp4yB9bItGdZcmKdYkQM_rZk9pojIeCsw==
  18. Investimento em infraestrutura deve registrar no Brasil o maior valor desde 2014 - EY - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIZG-FPpwe62KjQYKi733JMxcUHoctDm26XkfgLU_pibFqzrz0qs7jO-7ZtWoDARAbVVMmwm80dsD4IPzPqbQD9MGWP-vlFrn8YAtRtfZ00bSWSaWZ6EKg6Kq6bZ-gx0ZFdsLf0FRJjdIeCytuS0FOI5XDm9rCxQoqKlXowvCNzYkK4OAFFQLrdfYW_lm3z4FJxm_jKKWru58k=
  19. Movimentação nos portos apresenta melhor resultado da história para o mês de fevereiro - Agência Gov - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJV0bqV4UxQAT7q_QbAUapXMsVvgyH2BMjd3Cee3JXYAajI6T101D3OgCZmddWz_sb5895DbB9D50HtamnxCtEzFHeCESMPygGGwILWu428ScUh0RkNywEhgVfgocNxOfg5Mt7gJEPAt8-2bPSnpIsRpqZcOxUP2NYmB9DVxV4Ieb572-Le3s0aFbYsp8X5cqFI15CNXCI1EA6_jzi63ct107RMxf8-M3KyJKSx8Ri-8HY1AUkV0pwDX374u62uHpcpfLp_Ri4bn_k
  20. TRANSPORTE FERROVIÁRIO AUMENTA 5% EM 2023 E ATINGE MAIOR PATAMAR DESDE 2018 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK10WvRw0ifVwkPvT3piTiA2-l9kRKHoCqzZzqPikr66Xpie4EkonKSO6qBIjgNg7Rbw5UqebPAcGY0Ze0mImkQZK7zxipEeMzmnkXmCETBc20f5dENCrfjtKKitnP1PkUxSx5E6JY-kH4zOEtVbW3OYJER9Mr_k-NvN9QQGXiOOQtmomNC5J7jN0qbScsxv6z7Vhg89iiCdWSuxQ6A9qBkJs-h2Q==
  21. Infraestrutura 2025: R$ 250 Bilhões em Investimentos Privados - Investor Avaliações - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALFZXkCscl5B9O9J8-UEXvtks46K_6bm2T8Ishd6qhszxTBhK_1JxZ5h5Gjh5rrltATSne_uwvOKmvtAeRquZHbt4VbCZZTjcCIXXM35QUyroq-oB-J6zJnVqRo3qHTzVkhQpu0IHodKlYMZBytywNni1A5yTwng0O
  22. Bilhões à mesa no novo ciclo de investimentos em infraestrutura no Brasil - InfraNews - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJhhsy28nGhXhJ_jxDJBRPvRiq7GvySfj5_6IE8Oxr7WjxYHpJW2cf3fOdhb8_wspiPFGCgyqgKkmF_wRk3SHcskbYHRlR_qfO4tliB9CgT1jb6EkP4By7Zu-Vs5wPdyDQmhS-DW6jENasDJUuri0CggvMgV_1mDXP5WBoXpFgkiSgVHs9MU3e7vkxcDk189J1KiNGAHcGWqWk=
  23. Movimentação de carga por ferrovias bate recorde em 2024 - Transporte Moderno - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALEinukUK6ve5g0tAc3Pl7MjtxWiOQKEZJfBxBHwXQmjyPpiAlFuCADXRuoRbPEOPaWYwUchkenMGkeXI2fG5HQkiRjmNIBqGkYGo0blZGAHduJ9m70wn-J5KNXfa5mRhFFr-1HVnJ5O0_aSc4p6KGvlMwF5F-OFRBERAbtRivACARPGUNPFNX1sUfhZWDWQD5hGbGc_wCNfVDfbg==
  24. Movimentação de contêineres nos terminais portuários privados cresce 7,2% no primeiro semestre - Guia Marítimo - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIAJat25Pabc5NkuxNo1ysYdZzf-tJgv2ARpc41lmTuwDinpmOfXakhrC9Zt2LAJBkZSah-0odxY4YXyZ8DIhU_JVuT7qqwo9kbCuIIz4EtOaX_xiOt5xV2BkXZ0tB8QOAVSQ27DIKC13fL6eOSGX53Mz0cAgQwrMBwBTZ2e9fGEoiBm9thgpAKnARS_lQMnHLW5pnpTbplmcKAx8krJ8JpopjKFaDcaNYQBGsU9VCeslS-ios6Ojm65Q==
  25. SUMMIT CONCESSÕES DE RODOVIAS | Rodovias | Praça Antônio Prado, 48 - B³ - Centro Histórico de São Paulo, São Paulo - SP, 18970-020, Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKlFFLBDGXAEYrI_lvew88bC6Ze7JSqgt0WxwYnLSR3WGVG6uk7C-E8C2BxIgl3m1wLIiAgcGIdKFNFEqvtXxQeE14tTk0nKLKBwhTTyHrtOXyr5J4=
  26. As cadeias globais de valor e a inserção da indústria brasileira - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKQXcIGCj2JyPWZEGAV8NaM1PV4N-A046dDBfLXUYTn7wsZBlYIJxTL4l0Lz426YXcD48Vy8iI6qyJ4ZW2Y_lNx_uxIiR0AOKopAT9EuBFYjsz04TrP8pitESLj512uu6ExAzL2EzCF1ncpXoSl7Vw989lIA==
  27. Transporte aéreo: Número de passageiros nos aeroportos aumentou no primeiro semestre de 2024 | Mobilidade Estadão | - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIxHLlJf3CON59AyQyiMbhYHawjMTXCNvUUjSeOZXmrdieX3QyMZaTo2KMfLtAPnEJZLJU_7h6FT-HfsjmScET5wjGOrqiT7ODHmp-Vk9ztQwfWcbYh8ys1SlGFHzWcJE0y3-UTS2bTnc24ucLvSY2W7L4a6C6vL2zw4JJudy84-ZJCp3ZG0MRt07uL63odRnTwYSAfhcy-SlnTItS31OaUIHu0857lzDpBZDs5FLTXdEs7B_o5lX_dQ-709VaERJpeTepU6mLzUEH0gi724A==
  28. Movimentação de carga geral atinge maior patamar dos últimos 18 anos - Portal Gov.br - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIpMhQVa9HFCTHmIRlFoOHAkQOqMIWpNr2jUR-tv8YiCQiCpns7G3Xrz3YEjEXHYZsmSGbqWqnhXg1Hs_dZjdNiNSUe14rD5bzmH1FohF_d2S0HESYXbMBQXipRwslIOzCtFv1xtBtbImhn8w0QZ-KCGw2bxzu7V2xiXxw-e0IyDaCcvgYPIWvF6-uS1ahno13wd67aw7uZrowXamQMRoOEr0L4M2UZ2oOLArKCZh19UiimvGDVWwSavexcwA==
  29. Concessões de infraestruturas de transportes no Brasil: Identificação de empreendimentos, marcos legais e programas federais nos segmentos aeroportuário, ferroviário, portuário e rodoviário de 1990 a agosto de 2018 - Publications - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI6fBc7KMlf24iM3Ne2xj5kx45kwn-4k4cMzK4wSRyb7zKBboIfVfkGfiL9dB6GE7ZDGoP4cWLDoFERmrMbEzRRlI28YHTzg9ve4w3rQcYCIE2gVj8g1clOjJ9mC9ZFRMxQgfrpGrFNnX8pLqCKafFYXR430fgwKMM9eLOTNNyw4z9WipAwln19zFrQam-NCD35sIaofSoo1HmedVLMT9klMtHGr6kHz3yyfrFah3ERavYrbuvW
  30. Concessões rodoviárias e a infraestrutura no Brasil - Portal BE News - https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAKS_WPXAhy4EqsvHH9cvJeTczQAqG8elcAwnmKFCH_uF3h74k8LMo9sb8Os1kAFQpEeqXePx3CfUrwbPvLRAYg0_wWgOlG8QQGRdTLyiq88-lSyCSwvgc4Ugd5u1y8gl49qKNO7QVD_K61Jq4d0KJaL08ATJSbYVW8GunSczPq5kWRjyzUjITVC6Cr5RgV-
  31. Atração de investimentos privados para a infraestrutura no Brasil: motivações e barreiras - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALTXRx9bXL0pbOXWZ0aypN17rCERMe2WdtynlK2ZXs0ytzM8SSqFIMPJDpbhyP3WvlEfFRGVls5EduX17pUSaME_0A2jRbIZWoYR0bhIDZiQbI9KsHoQqHi8YvPsGjUP2tnCnMVPgYS1YbvTSyUQfPl_7O6qSHESEBlFZylAlF26PPvs09MdguKs6-BwWBI1tdcbJ2LKR2IjL2jdkEWUug=
  32. Panorama do Setor e Tendênciasem Infraestrutura no Brasil - KPMG International - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKea5KnxzTjm5IRzC2u8PTU29wMlXyNqNAUvjfFUXktidY0uEe8ILyKO0z7fvffKY-UjaLIb6mj--tUDbD7zfUswQz4ZKa03ZuBpqEcnQswNkVa1iKCF2igQ0vRYu0QE6OdkoVzTymDXZVz1HpMNg-AIDCVCFa0Z8QFM3qZIPMsIqn4ZE2z67EJa9krMlQ7gAoHNf8t6QQZWO5au6yIZE-D71UJM5uHPVqs3Z6i7B8AkPZSiEFUjOds
  33. Grandes empresas de infraestrutura unem-se em movimento para programas de longo prazo no setor - Agência iNFRA - https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAJ0LM2vFg-ufDH59U72K1Lxwp7KKylP6KNXOooB2N9I0zF6L3wCDcmbvRy7eKGClIDCwGXgVGZUeZwfHBqLOztmCQD_yNjJPTIrf0P9vGe6kBf-i5WAdYKuXXVHeYjl31lYf5GBrTnlh8WaatlYnADXKX0w8-1Fpsf_KaNPwgI3taUcntN8Q4lg1-Xm4rc3TTxvi2WOYnfswg8hxYyniNWEdLELA87q0Y0gMZi75kipFBmaw==
  34. O que é Cadeia de Valor e como gerenciá-la na indústria? - Someh - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNtxWO48lq3TbB3FXraPIINkLVOgMUtAFdsPET8q7aJarI_dU4uN1kwhNKmI_vs4QZYznOWnRkzb4Y4MnA7NWLP4MHASp9-atAZFa5tUD1ojE2hue5s8a8lee41i0sAyYjZvtnetn68JSCLC9qZXfws-3d5x5kemjNuMhZcizHDhOhQ==
  35. Brasil no novo modelo das cadeias globais de valor - Agência de Notícias da Indústria - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKUkC6P0_AXxJM-idr29Oa8Zyq_r_ECCNn-Rr73Pfite-TpHuqyCQ0cNljKerW7-kLYcajP52U21bkBgALYfAbcUs0UpJLT9jRzakff9W73Jh_g1_N7gL8_OhkLMPewF6FSPcTs6pzbzEKQnu0oUbGxurEXAAmhSyNiI2RME-7gSOSb5gPMG7nV9yTIdgi7nDI5Lmxzq4NYiBMyTPQFTzFgvJEF1BNJA34WcwCR1QdCpRkrig==
  36. Cadeia de valor: potencialize suas vantagens - Sebrae - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALY29e_ipgb_ZNznUl_nhNlQgDjbJi1U563vZI-yiYYLCy8NT5Df2RJuKbAXuT4yNud4LaCIsBFNn08_u5PHPRjLTnOfYHOB7Izs3fdixc\s0BQDFptEMhqzVvzHj-yMpc5QGLUS8r2vpfTeGWDe24BbToemXpEyG98wUTR6Me-piS19HuJPTv7ysQUWip4e2GqJUUPeVBJ3mSEX5AC-kyYDZuBEocxLFmJjmb5Z8omUGoClXbI4hWd9U2Xqg==
  37. Marquise Infraestrutura - Infraestruturando o Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALlU3kgSNIkbb_tbwJJDBdPFACrGPaeSA_29vKvp_WSInjqF4RFl1JqVApjwheGzfFpVQmqvop9nNkaCG_fjAcvk_4yf3EeBWFdwg9mzFW6Dz08-u2TJ5Wi8HPbZtrJN_Y=
  38. Trajetórias da infraestrutura no Brasil. Concepções, operacionalizações e marcos conceituais em perspectiva - SciELO - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKBvEypWKt3uNk5uB26nS4-AR-UaxOwSGPI6QeGhuKmFdJhym4b6-EYmFwvqlscgJBpU6Gkz1XI2WKCyoOAt9FUpwJWtvcRwHXmdIaTGZCthFzuDi2sdQspKf8lNhPHbUvJMW3w_yH9xzjayA==
  39. Infraestrutura :: Brasil 4.0 - Firjan - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK1fxnOFA-MnGPx7yxtXY0vlJ7HrANZo9_0bjl8Wt68PbjDspqhY3safoz0SZjmXxv8elOwpIP0lOTgQz4s9UUKf7LHPe0cz4nWoj7hGgOnoQYgaWpaacn9n70osblaY4ftC5UI0ikwxOJ6XRUFZthy1RTU62dbDU3LHTIOQX5oT-QNtz_BkLKkKoeyiCXRF7tetTU8TaE=
  40. Infraestrutura e Planejamento no Brasil - BNDES - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIcinZ9u05v00YeXBD0qMYaKW_M3BQXpvpenAEy9VB5Isq30-6JJxuDNr-_RI1AsXcGoshjaVU5hyqh0TF1RZMNhDhP-8OFNmjPANxc_DgF3qOx6rlfoplVDUslZKyB-JJ5IRbtbJkvQVAda7k93hfJ4BoCEkJBZwNxdO73Kw-lMJs_W9B53m3kR9wwAm1-cPA6Pizhtrerf_X_FSfe5KByMqqxIz5Tmlso7nQLJ1DFvsZsnWutqEiY
  41. Brasil Tamanho do mercado de infraestrutura, preço, previsões para 2033 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIvxBzRu23JJhvYqhEn0vfraiMUm6IqZd8cBi0L73IGEPuTY_BsBkZBU4ZSIYhpZ680aVIl7hbCJijUiCw9yN749paISnxdiHoBoyXZrtIwCls6ZI3NOUwnQcKV_3Cm5Mp6portIcnPa79AnqwEv8EVdDA2iUn8MvML8nl_9s52
  42. Inicial - INFRA S.A. - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALP3f4jzpwa8kBBcxygrwrucFWFApFsu6uMQH_TTRgNbI9Fb4br-J5uiI61P09DyP_yMWSvk_Gae878MSQplu_emADsT3dN8ilnEhrsSeu-MK4=
  43. Ranking aponta OEC como a maior construtora de infraestrutura do país - Notícias - OEC - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKxzgY0TaF2vEo1tKPTT6sw3X6kf_gVaTXI2_JJZ9WobghRGoqMOJ4LqCz4PYOIxX-IJHa_1qHxuFwGrdqhc6TWvaFSK56LXB5xJvueSGkhIIZKpVh9nzerlnUILFs-6bEVbgfKBzbZawBKYgTGAUwdwwk6hY_HwXVvxGVQqxjLrVqHHd5diqNC2jQsQAvUC9zfEdQLwGcZmixHIZZDohAW
  44. Infraestrutura: o que é, tipos, problemas - Brasil Escola - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALjKONe1-dTH0GzU2UWEtjzVvhpS_cubve58RSO5liJVLR9Kn78OUZgrHJBhHID0ZVfaiy_peYDtCb0i7U0VLtZZLdnpG0zpHqNtuKjoFzq7C5NhlrRSB7t138yty1tQfq3tex01DF732X3yQ_ud7731Ks=
  45. Infraestrutura: oportunidades no Brasil - Pinheiro Neto Advogados - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKwBOXeRLqYwHwHHzj-rgCUOpPJueCmSTdCh3_nWS1eSPYQB1lrofb16S4H8VTwhjMTnPslLiA6qlORGFqsJfaqPDP0EVofFh2uljMMFT1Vp_8tm2ccbGUBeA9n2ygtupLNVy19TMVViBeQKLlmsCPLhtkV_X_7kq8eJPinRNzIeAKv4lPMhc9TUBjix8KSmTUDFaMQZu5uG2ymp9oXPnZnXMCQ0t1H8PqRFCRob1C8FojGhb6sfXX10NAuRBDJ3zg=
  46. capítulo 1 – infraestrutura no brasil: contexto histórico e principais desafios - repositorio ipea - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJjP8lYyz2yZF2rBaJAI-B_hplgp8aKMU_GZ5MnpzQW3xfvB_4-6dc6SAXMWfvwPkaqu52cMOdAm4QITWU0Uqkdkh384st0P58P3lhNEhmmNAcAJWvA1EewCXctneQT-9PVK9JoaCa74VOO2_ZQcEB-TQCF2grl4ujMVBilhVW2KP6KDUToKmh0vPaIZZ3SNix6IrI=
  47. Plano Brasil de Infraestrutura Logística - PBLog - CFA - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALPL2sTC9UxXOvU62WkuNx6CR-LkN26AkmlQIJdepVEqfpjZy3H-j8xw_9jgbcTAZqG_C2CMixE6bJudHZPdhPRhBgVKCuT3IsrINDZ-oXyhXh5FV5QdZfU0uAqo0TmnNHNnMZqu1kp_WluOLGmTMGYaXzcDgGvhwSK
  48. Infraestrutura - Mapa Estratégico da Indústria 2023-2032 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAISnW9YrO4JlOA-P3xculOJfS-_u7wTiiLA_H4IK32-nu8BARnteWBZs1AIPao-pE3tHgaaloA-uecGx6or0sb5TNTUO0vPHSmi-w2Nl3U4lvLoIbHpFTVFAM9ZiXr27JXJL6dlwbLVc1cKYQ==