Abstract

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

JEL Classification: F5; F15; F21.