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Doing Business with Brazil: Rewards Outweigh the Obstacles

Companies wanting to expand into the growing Brazilian market need to be aware of the obstacles, but can expect good rewards, according to a US State Department of Commerce spokesperson, as well as Tulsa business representatives already involved in trade with Brazil.

Special keynote speaker, Commerce Brazil Desk Officer Lorie Fussell, said that significant trade barriers still exist for companies seeking to enter the Brazilian marketplace. She recommends potential importers or exporters “be patient and do your homework on the country and the culture” before launching business with Brazil. She advises US firms consult with Brazilian legal and tax consultants and consider establishing an in-country partner or hiring a local agent.

Panel members and native Brazilians Stefanie Menusso, Hilti North America and Joao Arruda, Acron LP, stressed that understanding and working with the culture in Brazil is important to any business success. Along with panelist Tray Siegfried, NORDAM Vice Chairman (MBA 98), who has been involved in the NORDAM business launch in Brazil, they agreed building relationships and establishing trust with the Brazilians can pave the way for those entering the market.

“You may have to spend some time getting to know the people and talking about their families before you ever get down to talking about business,” Siegfried said.

All speakers agreed that once you build relationships and work through the quagmire of tariffs and Brazilian governmental regulations that there is a vast market awaiting development. According to Department of Commerce figures Brazil is the 9th largest US Export market and Oklahoma’s 13th largest export market. Both national and local Commerce offices are available to assist Oklahoma companies wanting to know where to start to tap into this vast market.

More than 75 participants, representing 30 local companies, registered for the international breakfast program. Doing Business With Brazil is part of a series of international programs sponsored by the Collins College of Business through IBEI, Tulsa Global Alliance, TU Center for Executive and Professional Development and other local partners.

TU studentsThe International Business and Entrepreneurship Institute's (IBEI) mission is to be a gateway to the "real world" of international and entrepreneurial endeavors for graduate and undergraduate students at TU.

The International Business and Entrepreneurship Institute fulfills TU's goals for interdisciplinary research and has the flexibility to fue a variety of subject matters. The IBEI supplements classroom learning with programs that provide students with practical experiences such as internships, seminars, workshops and international opportunities. Students are also encouraged to participate in global field studies and business plan competitions.

The Institute partners with the Tulsa Global Alliance, the Oklahoma Department of Commerce and other organizations to support small and medium-size enterprises in an effort to promote export sales and international business activity. Receptions and networking events also build strong relationships between students and area businesses. And as these relationships progress, more opportunities for TU students to remain a part of the Tulsa community after graduation become available.

The establishment of the IBEI also helps the International Business and Language program become nationally recognized and has let TU to begin developing a major in entrepreneurship for BSBA students.