The case uses the example of a large investment made by French retail group Carrefour in Brazil to discuss the opportunities and challenges of doing businesses in the country. It gives readers an overview of Brazil's economic transformation since its colonial years until 2023, when leftist President Luiz Inacio Lula da Silva was sworn in for his third term, after the most polarized elections in the country's recent history, having to deal with an attack against government buildings in Bras lia. The case's ultimate goal is to foster a discussion about how political and economic uncertainty impacts companies operating in Brazil. For that, it summarizes the key obstacles faced by these businesses, such as the country's logistical bottlenecks, complex bureaucracy and arcane tax system. At the same time, however, the case also sheds light on the sectors that are thriving despite these difficulties and on some valuable opportunities offered by Brazil's huge consumer market and diversified economy. The descriptions about Carrefour's business in the country aim to spur a debate about these opportunities and whether they offset the risks of the local market.