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Value Chain Report on the Infrastructure Industry in Brazil

Abstract

This report provides a comprehensive analysis of the value chain for the infrastructure industry in Brazil. It details the interconnected stages from planning and development through financing, engineering and construction, to operation and maintenance, and decommissioning where applicable. Key segments including transportation (railways, highways, airports, ports), public utilities (energy, water, telecom), social, extraction, and manufacturing infrastructure are examined. The analysis identifies the diverse players involved, such as government bodies, private developers, construction firms, operators, financiers, and consultants. Profiles of major players like OEC, Grupo CCR, Rumo, Aena Brasil, and Santos Brasil illustrate sector dynamics. Commercial relationships, primarily driven by concessions and Public-Private Partnerships (PPPs), are explored, alongside the corresponding products, services, and business models. Despite significant recent growth in private investment (reaching R$ 213.4 billion in 2023, projected R$ 259.3 billion in 2024) and record operational volumes in ports, railways, and airports, the sector faces substantial challenges. These include a persistent investment gap (current investment around 2% of GDP versus an ideal 4.31%), bureaucratic hurdles, regulatory complexity, project structuring difficulties, and financing constraints. Addressing these bottlenecks is crucial for Brazil to meet its infrastructure needs and foster sustainable economic development.

Introduction

The infrastructure sector serves as the backbone of Brazil's economy, underpinning industrial productivity, social development, and national integration. It encompasses a wide array of essential facilities and systems, including transportation networks (roads, railways, ports, airports), energy generation, transmission, and distribution, water and sanitation systems, telecommunications networks, and social infrastructure such as hospitals and schools. The state and trajectory of a nation's infrastructure development are intrinsically linked to its economic competitiveness, quality of life, and capacity for sustainable growth. Historically, Brazil has faced significant challenges in developing and maintaining its infrastructure, often characterized by insufficient investment, planning limitations, and logistical bottlenecks. However, recent years have witnessed a renewed focus on the sector, marked by increased private sector participation, particularly through concessions and Public-Private Partnerships (PPPs), aimed at bridging the investment gap and enhancing operational efficiency. Investments reached a notable R$ 213.4 billion in 2023, with projections indicating further growth, signalling a potentially transformative period for the Brazilian infrastructure landscape.

The purpose of this report is to conduct an in-depth analysis of the value chain within Brazil's diverse infrastructure industry. The scope encompasses a detailed examination of the sequential stages involved in bringing infrastructure projects to fruition and managing them over their lifecycle. This includes identifying and describing each step of the value chain, from initial conception to ongoing operation. The report segments the industry by type (transportation, utilities, social, etc.) and analyzes the main activities within each segment. Furthermore, it identifies the key players participating in the value chain, including government entities, private corporations, financial institutions, and service providers, profiling prominent examples. The analysis delves into the complex commercial relationships linking these players, the specific products and services exchanged, and the prevailing business models, particularly the reliance on concessions and PPPs. Finally, the report identifies and analyzes the primary bottlenecks and challenges hindering the efficiency and effectiveness of the value chain, offering insights into areas requiring attention for future development. This comprehensive examination aims to provide a clear and detailed understanding of the Brazilian infrastructure sector's structure, dynamics, and challenges, serving as a valuable resource for stakeholders, policymakers, investors, and researchers.

Value Chain Definition

The infrastructure value chain in Brazil represents the complete lifecycle of an infrastructure asset, from the initial identification of a need to its eventual decommissioning (if applicable). It is a complex process involving multiple stages, segments, and actors. Understanding this chain is crucial for identifying interdependencies, potential efficiencies, and critical bottlenecks. The primary steps involved are:

  1. Planning and Development: This foundational stage is critical for defining the purpose, scope, and viability of an infrastructure project. It commences with the identification of infrastructure needs, often driven by economic development goals, population growth, logistical demands, or the replacement of aging assets. This is followed by extensive feasibility studies, which assess technical possibilities, economic returns, social impacts, and environmental consequences. Project structuring is a key activity, particularly given the prevalence of private participation; this involves defining the contractual model (e.g., concession, PPP), risk allocation, financial structure, and legal framework. Obtaining the necessary licenses and permits from various government bodies (environmental, municipal, sector-specific regulators) is a significant undertaking within this stage. Activities include detailed technical specifications, financial modeling to project costs and revenues, and establishing the legal architecture for the project. The increasing role of the private sector means this stage heavily involves structuring long-term agreements that balance public interest with private investor returns.

  2. Financing and Investment: Securing adequate funding is paramount for realizing infrastructure projects, which are typically capital-intensive and have long payback periods. This stage involves attracting capital from a variety of sources. Public funding may come from federal, state, or municipal budgets, although its share has decreased relative to private sources. Development banks, notably the Brazilian Development Bank (BNDES), play a significant role by providing long-term loans, often at subsidized rates, and sometimes equity. Private investors, including large investment firms, dedicated infrastructure funds, private equity groups, and institutional investors (like pension funds), provide substantial equity and debt capital, often channeled through participation in concession auctions or PPP bids. Commercial banks provide shorter-term loans and project finance facilities. The capital markets are increasingly important, particularly through the issuance of infrastructure debentures (including government-incentivized types), allowing project companies to raise debt directly from a broad investor base. This stage focuses on financial structuring, risk assessment from a lender/investor perspective, and securing financial close for the project.

  3. Engineering and Construction (E&C): This stage transforms plans and capital into tangible assets. It begins with detailed engineering design, translating the basic project concept into precise construction blueprints and specifications. Procurement involves sourcing and acquiring the necessary materials (cement, steel, asphalt, pipes, cables, etc.), equipment (heavy machinery, turbines, signaling systems), and technology. The core activity is the physical execution of the project, encompassing site preparation (earthworks, demolition), civil works (foundations, concrete structures, paving, tunneling, bridge erection), structural erection, and the installation of specialized equipment and systems (e.g., railway tracks, power lines, water treatment technology, airport terminals, telecommunication networks). Rigorous project management, quality control, safety protocols, and testing and commissioning are essential to ensure the constructed asset meets specifications and is ready for operation.

  4. Operation and Maintenance (O&M): Once the infrastructure asset is built and commissioned, this long-term stage ensures its continued functionality, efficiency, and safety throughout its operational lifespan. Operation involves the day-to-day management of the asset according to its purpose. Examples include managing traffic flow and toll collection on highways, coordinating vessel movements and cargo handling in ports, managing air traffic and passenger services at airports, operating power plants and managing energy grids, treating and distributing water, managing sewage collection and treatment, and maintaining telecommunication networks. Maintenance is crucial for preserving the asset's value and ensuring service reliability. This includes routine maintenance (inspections, cleaning, minor repairs), preventive maintenance (scheduled upkeep to prevent failures), corrective maintenance (repairs after a failure), and periodic upgrades or refurbishments to extend the asset's life or improve its performance. For concessionaires, efficient O&M is critical for meeting service level agreements and generating returns.

  5. Decommissioning: For certain types of infrastructure, particularly those with finite operational lives or significant environmental footprints (e.g., oil and gas platforms, mines, some industrial facilities), a final decommissioning stage is necessary. This involves the safe deactivation, dismantling, and removal of the infrastructure components. A critical aspect is site remediation, restoring the location to an acceptable environmental condition, and managing any residual waste according to regulations. This stage requires specialized planning and execution to manage safety and environmental risks.

Segments within the Value Chain:

The activities and players within each value chain step are heavily influenced by the specific infrastructure segment:

  • Transportation Infrastructure: (Highways, Railways, Ports, Airports, Waterways) Activities focus on facilitating the movement of people and goods. This involves route planning, terminal design, construction of extensive linear infrastructure (roads, tracks) and complex nodes (ports, airports), financing often via user fees (tolls, tariffs), operating complex logistical networks, and maintaining large-scale physical assets against wear and tear.
  • Public Utilities Infrastructure: (Energy - Generation/Transmission/Distribution, Water & Sewage, Telecommunications) Activities revolve around providing essential services to the population and industry. This includes planning networks based on demand, constructing generation plants, grids, pipelines, treatment facilities, and communication networks, financing through tariffs and investments, operating complex distribution systems, ensuring service reliability and quality, and managing customer relationships.
  • Social Infrastructure: (Schools, Hospitals, Defense facilities, Housing) Activities support social services and public welfare. This involves planning facilities based on community needs, constructing buildings tailored for specific public services, financing often through public budgets or PPPs, and operating and maintaining these facilities to ensure service delivery standards.
  • Extraction Infrastructure: (Oil & Gas, Mining) Activities support the exploration, extraction, processing, and transportation of natural resources. This involves geological surveys, planning extraction sites, constructing specialized infrastructure (platforms, pipelines, processing plants, mine infrastructure), financing very large, high-risk projects, operating extraction and transport logistics, and eventually decommissioning facilities and restoring sites.
  • Manufacturing Infrastructure: (Industrial Parks, Metal Production, Refining, Chemical Plants) Activities relate to developing the physical foundation for industrial production. This includes planning and building industrial zones with integrated utilities and logistics, constructing specialized facilities within plants, and managing the infrastructure connections (power, water, transport) necessary for manufacturing operations.

Players Analysis

The Brazilian infrastructure value chain involves a diverse ecosystem of players, each contributing specialized capabilities and resources at different stages and within various segments.

Types of Players:

  • Government Entities: These are central actors, particularly in planning, regulation, and often co-financing. They include:
    • Federal, State, and Municipal Governments: Initiate projects, define policies, manage public budgets, tender concessions and PPPs, and own underlying assets. Agencies like INFRA S.A. support planning and structuring.
    • Regulatory Agencies: Crucial for overseeing specific sectors (e.g., ANTT for land transport, ANTAQ for waterways, ANEEL for electricity, ANATEL for telecommunications). They enforce contracts, set tariffs (in some cases), monitor service quality, and ensure fair competition.
  • Private Developers and Investors: These entities identify opportunities, structure projects, assume development risks, and mobilize private capital. They include:
    • Infrastructure Funds: Specialized funds investing equity in infrastructure projects.
    • Private Equity Firms: Invest in infrastructure companies or specific projects.
    • Large Corporations: Diversified companies or those specializing in infrastructure development.
    • Institutional Investors: Pension funds, insurance companies seeking long-term, stable returns.
  • Construction Companies: Responsible for the physical realization of projects. They range from:
    • Large Engineering and Construction (E&C) Firms: Often multinational or large national players capable of handling complex, large-scale projects (e.g., OEC, Andrade Gutierrez, Camargo Corrêa Infra).
    • Specialized Contractors: Firms focused on specific niches like paving, tunneling, electrical installations, or marine construction.
  • Operators and Concessionaires: Companies (often private) that win bids to operate and maintain infrastructure assets over long periods (typically 20-35 years) under concession or PPP agreements. They manage day-to-day operations, collect revenues, and are responsible for maintenance and upgrades. Examples include Grupo CCR (highways, mobility), Rumo (railways), Aena Brasil (airports), and Santos Brasil (ports).
  • Equipment and Technology Providers: Supply the necessary machinery, components, materials, and technology for construction and operation. This includes manufacturers of heavy equipment, suppliers of construction materials (cement, steel), and providers of specialized technology (turbines, signaling systems, IT solutions). Examples could include companies like Randoncorp in transport equipment.
  • Consulting and Engineering Services: Provide essential expertise throughout the project lifecycle.
    • Engineering Consultants: Offer technical design, feasibility studies, project management support.
    • Financial Advisors: Assist with financial modeling, risk analysis, capital raising.
    • Legal Firms: Advise on contracts, regulations, M&A, and dispute resolution.
    • Environmental Consultants: Conduct impact assessments, manage licensing processes.
  • Financial Institutions: Provide the necessary debt and equity capital.
    • Development Banks: BNDES is the most prominent, offering long-term financing.
    • Commercial Banks: Provide project finance, corporate loans, guarantees.
    • Capital Markets: Facilitate the issuance of bonds and debentures, connecting projects with investors.

Examples of Main Players and their Activities:

  • OEC (Odebrecht Engenharia e Construção): A subsidiary of the Novonor group, OEC is historically one of Brazil's largest heavy E&C companies. Despite undergoing restructuring, it remains a major player in executing large-scale infrastructure projects across segments like transportation, energy, and sanitation. In 2023, it topped the ranking of Brazilian heavy infrastructure constructors with R$ 4.8 billion in gross operating revenue.
  • Grupo CCR: A leading private infrastructure concession company in Brazil, managing a significant portfolio that includes thousands of kilometers of highways across several states, urban mobility systems (metros, trains, ferries), and airports. CCR focuses on operating these assets efficiently, collecting tolls/fares, and investing in maintenance and expansion. They manage about 3,600 km of highways with approximately 2.5 million vehicles circulating daily. [Based on provided context]
  • Rumo: The largest railway operator in Brazil, controlling a vast network vital for transporting agricultural commodities and industrial products from production zones to ports and domestic markets. Rumo invests heavily in maintaining and upgrading its rail network and rolling stock to improve logistical efficiency. It is a subsidiary of the Cosan group. [Based on provided context, 33]
  • Aena Brasil: A major airport operator, managing 17 airports in Brazil under concession agreements, including the significant Congonhas Airport in São Paulo. Aena is responsible for terminal management, runway operations, commercial areas, and passenger services. In 2024, its network handled over 43.3 million passengers, reflecting significant activity in the air transport segment. Congonhas alone saw over 23.1 million travelers in 2024.
  • Santos Brasil: A key player in the port logistics segment, operating container terminals and providing integrated logistics solutions. It plays a crucial role in Brazil's foreign trade, handling significant volumes of containerized cargo, primarily at the Port of Santos, Latin America's largest port complex. [Based on provided context, 33]
  • Andrade Gutierrez: Another major Brazilian E&C company with a long history in large infrastructure projects, including hydroelectric plants, highways, railways, and industrial facilities.
  • Ecorodovias: A significant highway concessionaire in Brazil, competing with CCR, managing important federal and state highways.
  • Hidrovias do Brasil: Operates waterway logistics, particularly important for grain transport in the North region of Brazil. [Based on provided context]
  • Ultracargo: Specializes in the storage of bulk liquids, operating key terminals at Brazilian ports. [Based on provided context]
  • Marquise Infraestrutura: A construction company involved in various infrastructure projects across Brazil. [Based on provided context, 37]
  • Acciona: A global infrastructure and renewable energy company with a growing presence in Brazil, involved in projects like metro lines. [Based on provided context]

Estimates of Volumes and Sizes:

Quantifying each step precisely is difficult, but investment and operational data provide scale indicators:

  • Overall Investment (Proxy for Planning, Financing, E&C):
    • Total 2023 Investment: R$ 213.4 billion (+19.6% vs 2022).
    • Private Share 2023: ~78%.
    • Projected 2024 Investment: R$ 259.3 billion (highest since 2014; ~R$ 197.1 billion private, ~R$ 62.2 billion public).
    • Projected 2025 Private Investment: Up to R$ 250 billion (driven by >110 auctions).
    • Potential Future Investment (Auctions by 2027): Additional R$ 300 billion.
    • Investment Gap: Current investment ~2.0-2.5% GDP vs. ideal estimated at 4.31% GDP.
  • Operational Volumes (Proxy for O&M Stage):
    • Ports: Record 1.32 billion tons moved in 2024 (+1.18% vs 2023). Containerized cargo grew 20% to 153 million tons in 2024. Private terminals saw 7.2% growth in container handling (H1 2024).
    • Railways: Over 540 million tons transported in 2024 (+1.83% vs 2023). General cargo (non-ore) hit a record 150 million tons in 2024 (highest in 18 years). Total 2023 volume was 530 million tons (+5% vs 2022).
    • Airports: 56.2 million passengers handled in H1 2024 (+4.4% vs H1 2023). Over 23.7 million domestic boardings in Q1 2025. Aena Brasil's network: 43.3 million passengers in 2024.
    • Highways: 29,000 km currently under concession, expected to double in the next 5 years. Grupo CCR reports 2.5 million vehicles daily on its 3,600 km network. [Based on provided context, 10]
  • Decommissioning (Oil & Gas): Significant future market, estimated at USD 3 billion in disbursements per project, though overall scale varies.

Value Chain Summary Table:

Value Chain Step Key Segments Included Main Activities Types of Players Examples of Key Players Estimated Volumes/Sizes (Examples)
Planning & Development All (Transport, Utilities, Social, Extraction, Manuf.) Needs identification, Feasibility studies, Project structuring (concessions/PPPs), Licensing, Environmental studies, Financial modeling. Government bodies, Consulting firms, Developers, Financial institutions, Law firms. INFRA S.A., Consulting Firms (e.g., KPMG, EY), Law Firms (e.g., Pinheiro Neto) Part of overall investment figures. Represents initial phase costs.
Financing & Investment All (Transport, Utilities, Social, Extraction, Manuf.) Capital raising (debt, equity), Fund management, Investment analysis, Securitization (debentures), Public budget allocation. Private investors (Funds, individuals), Development banks (BNDES), Commercial banks, Government bodies. BNDES, Private Equity/Infra Funds (e.g., Pátria Investimentos), Commercial Banks (Itaú, Bradesco) R$ 259.3 billion (projected 2024 total investment), R$ 250 billion (projected 2025 private investment).
Engineering & Construction All (Transport, Utilities, Social, Extraction, Manuf.) Detailed design, Procurement, Site preparation, Civil works, Structural erection, Installation of equipment, Testing and commissioning. Construction companies, Engineering firms, Equipment suppliers, Labor force. OEC, Andrade Gutierrez, Camargo Corrêa Infra, Queiroz Galvão, U&M Mineração, Marquise Infra, Acciona Part of overall investment figures. OEC 2023 Revenue: R$ 4.8 billion.
Operation & Maintenance All (Transport, Utilities, Social, Extraction, Manuf.) Day-to-day management, Traffic control, Cargo/passenger handling, Service delivery, Routine maintenance, Repairs, Upgrades, Safety management. Operators, Concessionaires, Specialized service providers, Government bodies (oversight). Grupo CCR, Ecorodovias, Rumo, Santos Brasil, Hidrovias do Brasil, Aena Brasil, Ultracargo 1.32 Bn tons (Ports 2024), 540 Mn tons (Rail 2024), 56.2 Mn pax (Airports H1 2024), 29k km (Concess. Hwys)
Decommissioning Primarily Extraction (Oil & Gas) Deactivation, Dismantling, Site remediation, Waste management. Specialized service providers, Extraction companies, Environmental consultants. Specialized O&G Service Companies USD 3 billion est. disbursement per project (Oil & Gas).

Commercial Relationships

The commercial relationships within Brazil's infrastructure value chain are complex and have evolved significantly with the increased participation of the private sector, primarily through concession and PPP models. These relationships dictate how players interact, exchange value, and allocate risk across the lifecycle of an infrastructure project.

Interaction between Players:

  • Planning & Development Phase:
    • Government & Consultants: Governments (federal, state, municipal) contract consulting firms (engineering, environmental, financial, legal) to perform feasibility studies, environmental assessments (EIA/RIMA), basic engineering designs, and legal/financial structuring. Consultants provide expertise and deliverables (reports, studies) in exchange for fees, typically under service contracts.
    • Government & Developers: Private developers engage with government entities to propose projects, participate in public consultations, and prepare bids for tenders (concessions/PPPs). This relationship is initially exploratory, becoming contractual if the developer wins a bid.
    • Inter-Consultant: Collaboration often occurs between different types of consultants (e.g., engineering firms working with environmental consultants) under sub-contracting or joint venture agreements.
  • Financing & Investment Phase:
    • Project Sponsors (Developers/Concessionaires) & Financiers: Sponsors negotiate with banks (BNDES, commercial banks) for debt financing (loans) and with equity investors (funds, institutional investors) for capital contributions. These relationships are governed by loan agreements, shareholder agreements, and subscription agreements (for debentures). Financiers provide capital in exchange for interest, dividends, fees, and potential capital gains, while closely monitoring project risks.
    • Government & Financiers: Government may provide guarantees or subsidies to reduce risk and attract private finance, establishing agreements with financiers. BNDES often works closely with government priorities.
    • Investors & Capital Markets: Project companies issue debentures, creating a direct relationship with market investors who purchase these debt instruments.
  • Engineering & Construction Phase:
    • Owner/Concessionaire & E&C Firms: The project owner (often the SPV formed by the winning bidder of a concession) contracts E&C firms, frequently under EPC (Engineering, Procurement, Construction) or similar turn-key contracts. The E&C firm delivers the built asset according to specifications, timeline, and budget, receiving milestone payments.
    • E&C Firms & Suppliers/Subcontractors: E&C firms establish commercial relationships with numerous suppliers of materials (cement, steel) and equipment, governed by purchase orders and supply contracts. They also hire specialized subcontractors for specific tasks (electrical, mechanical, earthworks) under subcontract agreements.
  • Operation & Maintenance Phase:
    • Concessionaire & End Users: The operator (concessionaire) provides the infrastructure service directly to end-users (individuals, companies) and collects revenue through tariffs, tolls, or fees. This is the core revenue-generating relationship for many projects.
    • Concessionaire & Government/Regulator: A long-term relationship governed by the concession contract. The regulator (e.g., ANTT, ANEEL) monitors the concessionaire's performance against contractual obligations (investment levels, service quality, safety standards) and approves tariff adjustments. The concessionaire reports performance and seeks regulatory approvals.
    • Concessionaire & O&M Service Providers: Concessionaires may outsource specific O&M tasks to specialized service companies under service level agreements, focusing on efficiency and cost control.
    • Concessionaire & Financiers: Ongoing relationship where the operator makes debt service payments and provides returns to equity holders based on operational cash flow.

Products and Services Exchanged Along the Chain:

  • Planning/Development: Feasibility Studies, Environmental Impact Assessments (EIA/RIMA), Basic/Executive Engineering Designs, Legal Opinions, Contract Drafts (Concession/PPP), Financial Models, Project Proposals.
  • Financing/Investment: Debt Capital (Loans), Equity Capital (Shares), Infrastructure Debentures, Loan Guarantees, Financial Advisory Services, Fund Management Services.
  • Engineering/Construction: Completed Infrastructure Assets (roads, ports, power plants), Construction Services (civil works, installation), Heavy Machinery, Construction Materials (cement, steel, asphalt), Specialized Equipment (turbines, pumps, signaling), Project Management Services, Testing and Commissioning Services.
  • Operation/Maintenance: Infrastructure Access/Usage (transport, utilities), Operational Management Services (traffic control, cargo handling, grid management), Routine Maintenance, Corrective Repairs, Asset Upgrades, Utility Services (electricity, water, telecom), Waste Treatment Services, Toll/Tariff Collection Services, Regulatory Oversight.
  • Decommissioning: Dismantling Services, Waste Management Services, Environmental Remediation Services.

Business Models Used in Relationships:

  • Concessions: The dominant model for revenue-generating infrastructure (highways, airports, ports, energy transmission). The government grants long-term rights (e.g., 30 years) to a private entity to finance, build (or upgrade), operate, and maintain an asset. The concessionaire earns revenue primarily from user charges (tolls, tariffs). Risk transfer to the private sector is significant (demand risk, operational risk). Examples: CCR, Ecorodovias highway concessions; Aena airport concessions; Rumo railway concessions.
  • Public-Private Partnerships (PPPs): Used for projects where user fees alone are insufficient or inappropriate (social infrastructure, sanitation, street lighting). Similar to concessions in private sector involvement (finance, build, operate), but revenue often comes partially or fully from government payments (availability or performance-based payments) rather than direct user fees. Risk sharing is more negotiated between public and private partners.
  • Engineering, Procurement, Construction (EPC): A common contractual model during the construction phase. A single contractor takes responsibility for delivering the entire project on a turnkey basis for a fixed price or agreed-upon cost structure. This model places significant execution risk on the contractor.
  • Operation & Maintenance (O&M) Contracts: Separate contracts where an asset owner (government or concessionaire) hires a specialized company to perform O&M duties, often performance-based to incentivize efficiency and quality.
  • Service Contracts: Used for procuring specific professional services like consulting, legal advice, or engineering design, typically based on fees for service or time and materials.
  • Supply Contracts: Standard agreements for procuring goods, materials, and equipment based on agreed prices, quantities, and delivery schedules.
  • Project Finance: Not a business model per se, but a financing structure where lending is primarily secured by the project's expected cash flows rather than the sponsors' balance sheets. This is typical for large concession/PPP projects, often involving Special Purpose Vehicles (SPVs).

The shift towards concessions and PPPs, accelerated by legislation like the Lei das Concessões (1995) and subsequent frameworks, has fundamentally altered commercial relationships, fostering specialized private operators alongside traditional E&C firms and increasing the complexity of contractual and regulatory interactions.

Bottlenecks and Challenges

Despite progress and significant investment inflows, the Brazilian infrastructure value chain grapples with numerous bottlenecks and challenges that impede efficiency, increase costs, delay projects, and constrain the sector's contribution to national development.

  1. Persistent Investment Gap: While recent investment figures show an upward trend (R$ 213.4 Bn in 2023, projected R$ 259.3 Bn in 2024), they remain substantially below the estimated need of 4.31% of GDP required for adequate modernization and expansion. The current level hovers around 2.0-2.5% of GDP. This chronic underinvestment limits the number and scale of projects undertaken, perpetuating infrastructure deficits across various segments, particularly in sanitation, urban mobility, and logistics integration.
  2. Bureaucratic and Regulatory Hurdles: Navigating the complex administrative and regulatory landscape is a major challenge, particularly in the Planning & Development phase. The process for obtaining licenses (environmental, land use, operational) and permits from multiple layers of government (federal, state, municipal) is often protracted, opaque, and unpredictable. This creates significant delays, increases project development costs, and introduces uncertainty that can deter private investment. Frequent changes in regulations or interpretations further exacerbate this risk for long-term investments like concessions.
  3. Project Structuring and Planning Deficiencies: The quality of project preparation is variable. A lack of robust feasibility studies, inadequate risk assessment and allocation in concession/PPP contracts, or insufficient technical detailing can lead to projects that are not "bankable" (attractive to financiers) or face significant problems during execution and operation. Building a consistent pipeline of well-structured, high-quality projects remains a challenge for government entities responsible for tendering. INFRA S.A. plays a role here, but capacity constraints can exist.
  4. Financing Constraints: Although private capital participation has grown, financing remains a hurdle. Access to affordable, long-term financing is not uniform across all project types or sponsor sizes. Dependency on BNDES, while crucial, has fluctuated. Developing deeper, more liquid domestic capital markets for infrastructure finance (beyond incentivized debentures) is ongoing. Economic volatility, high interest rates, and currency fluctuations can significantly impact project finance costs and investment appetite.
  5. Execution Challenges (E&C Phase): The construction phase faces challenges related to:
    • Skilled Labor: Shortages of qualified engineers, technicians, and specialized construction workers can impact project timelines and quality, especially during periods of high activity.
    • Supply Chain and Logistics: Volatility in the cost of key materials (steel, cement, asphalt) and logistical complexities in transporting materials and equipment to remote project sites can lead to cost overruns and delays.
    • Contractor Capacity/Health: While major E&C firms exist, the sector is still recovering from reputational and financial impacts of past corruption scandals (e.g., Operation Car Wash), which affected the balance sheets and creditworthiness of some key players.
  6. Operational and Contractual Management (O&M Phase):
    • Contractual Stability and Enforcement: Ensuring adherence to long-term concession/PPP contracts over decades, including agreed tariff adjustment mechanisms, can be challenging amidst political cycles and economic pressures. Political interference in tariff setting poses a significant risk to concessionaires' revenue streams and investment recovery.
    • Regulatory Risk: Adapting to evolving regulatory requirements or facing unexpected changes mid-contract can impact operational costs and profitability.
    • Maintenance Funding: Ensuring adequate funds are consistently allocated for long-term maintenance and periodic upgrades is critical but can be challenging under tight budgets or revenue shortfalls.
  7. Environmental and Social Issues: Infrastructure projects inevitably interact with the environment and communities. Navigating complex environmental licensing (often a major source of delay), managing land acquisition and resettlement issues, ensuring meaningful community engagement, and mitigating socio-environmental impacts require sophisticated management and add layers of complexity and risk. Failure to manage these aspects effectively can lead to project cancellations or significant opposition.
  8. Intermodal Integration: Brazil's logistics infrastructure suffers from poor integration between different transport modes (road, rail, ports, waterways). Optimizing the value chain requires better coordination and investment in transshipment points and integrated planning to reduce overall logistics costs.

Addressing these multifaceted challenges requires concerted efforts involving regulatory reform, improved institutional capacity for planning and project structuring, stable long-term policies, continued development of financing mechanisms, and effective contract management.

Conclusion

This analysis highlights the intricate structure and evolving dynamics of the infrastructure value chain in Brazil. The chain comprises distinct yet heavily interdependent stages: Planning & Development, Financing & Investment, Engineering & Construction, Operation & Maintenance, and sometimes Decommissioning. Activity spans critical segments including transportation, public utilities, social infrastructure, extraction, and manufacturing, each with unique characteristics and player ecosystems.

A key finding is the increasing prominence of the private sector, driven predominantly by the Concession and Public-Private Partnership (PPP) models. These frameworks have successfully attracted significant private capital, with investments reaching record nominal levels in recent years and expected to continue growing. This shift has fostered specialized private operators like Grupo CCR, Aena Brasil, and Rumo, alongside traditional E&C giants like OEC. Operational metrics confirm high activity levels, with record cargo movements in ports and railways and recovering passenger numbers in airports.

However, substantial challenges persist throughout the value chain. The most critical is the persistent investment gap, with current spending falling significantly short of the levels deemed necessary to overcome historical deficits and support sustainable economic growth. Bureaucratic complexity and regulatory uncertainty remain major impediments, particularly slowing down the crucial early stages of project development and licensing. Ensuring a pipeline of well-structured, bankable projects and stable, long-term financing solutions are ongoing needs. Furthermore, managing long-term contractual risks, addressing socio-environmental concerns, and improving intermodal logistics integration are vital for the sector's future success.

In summary, while Brazil's infrastructure sector shows positive momentum fueled by private participation and policy initiatives, realizing its full potential requires addressing deep-seated structural challenges. Continued focus on regulatory simplification, enhanced planning capacity, consistent policy frameworks, and innovative financing solutions will be crucial.

Areas for Further Research:

  • The long-term impact of recent regulatory reforms (e.g., new frameworks for sanitation, railways) on investment and efficiency.
  • Comparative analysis of the effectiveness and risk allocation in different concession/PPP models implemented in Brazil.
  • The role of technological innovation (digitalization, automation, sustainable materials) in improving efficiency and sustainability across the value chain.
  • Assessment of climate change adaptation needs and strategies within Brazilian infrastructure planning and operation.
  • The effectiveness of current mechanisms for ensuring socio-environmental safeguards and benefit-sharing in large infrastructure projects.

References

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  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-AZKN3Uw6cff56iybM2WhYx03g7Xv24EWmHjdBTL8azTRfBvvYzpH5Z7hVZIqMhwz2TYUwhWjipGWWqA1HroRLT--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-vlFrn8YAtJtfZ00bSWSaWZ6EKg6Kq6bZ-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_6bm2T8Ishd6qhszxTBmK_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-uS1ahno13wd67aw7uZrowXamQMRoOEr0L4M2UZ2oOLArKCZh19UiimvGDVWwSazvexcwA==
  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/AWQVqALTXRx9bXL0pbOXWZ0aypN17rCERMe2WdtynlK2ZXs0ytzM8SSqFIMPJDpbhyT3WvlEfFRGVls5EduX17pUSaME_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-i5WAdYKuVXVHeYjl31lYf5GBrTnlh8WaatlYnADXKX0w8-1Fpsf_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_u5PHPRjLTnOfYHOB7Izs3fdixkcs0BQDFptEMhqzVvzHj-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==
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  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
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