Traditionally, for British companies, “it’s been a very low level of investment, but we did see a major upswing in the last 18 months,” said Clive Allcorn, the deputy director for trade and investment at the British consulate in Sao Paulo.

“I think there will be a growing number of niche opportunities for European business in Brazil as Brazil itself grows, as its sophistication grows, and as its taste for difference grows. And I think that those opportunities will be on a large scale because everything in Brazil is on a large scale,” he said.

The reasons for the sharp spike in European interest, noticeable since 2003, stems from Brazil’s economic stability under the center-left government of President Luiz Inacio Lula da Silva, and the continued high world demand for the commodities Brazil exports.

Inflation appears under control, growth is over five percent, a consumer spending spree has been spurred by easier credit, the real has strengthened against the dollar and, most importantly for big foreign groups, the country’s sovereign debt on Wednesday was given an investment grade rating by ratings agency Standard and Poor’s.

That sparked a 6.3 percent leap in Brazil’s stock market.

France’s 11-member Senate finance committee last week completed a six-day fact-finding tour of Brazil and came away intrigued.

“We have seen the world’s farm, a country whose dynamism has greatly impressed us,” said the team’s leader, former economy minister Jean Arthius.

If government policies continue, “nobody doubts that Brazil will see a period of really substantial growth over the coming years — we have been really amazed by what we’ve physically observed,” added the group’s rapporteur, senator Philippe Marini.

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