Ernesto Revilla, managing director and head of Latin America economics at Citigroup:“Foreign direct investment to Brazil had a banner year in 2022, reaching close to $91 billion, 93 percent higher than in 2021. However, the details of the data paint a picture that, while still positive, is more nuanced. Out of that $91 billion, only $37 billion (or 40 percent) of the total corresponds to new capital in the Brazilian economy. This is still significant, as it increased 23 percent versus the $30 billion of 2021. But the rate of growth is less spectacular. However, reinvested profits in the Brazilian economy reached $33 billion, from $17 billion in 2021, and inter-company loans accounted for $21 billion from nothing the year earlier. In other words, the financial decisions of multinational firms to keep the money in Brazil or allocating it there in 2022 accounted for most of the foreign direct investment that year, rather than new capital. This was probably a consequence of…”