Companies seeking to expand their customer base have rated Brazil as one of their top FDI locations, according to a study from global consultancy KPMG.

In the survey, 41% of more than 185 businesses with current investments in Brazil said they were interested in expanding in the country. When asked what their prime driver was for this expansion, 66% cited a desire to expand their customer base through access to local and regional markets.

Mark Barnes, principal in charge of KPMG’s US high-growth markets practice, said: “Brazil’s economy is rebounding more quickly than most after the economic downturn, and [good] long-term growth has also been forecast, as the country has been a hotbed for companies looking to acquire commodities and natural resources.

“Brazil’s strong, growing middle class with disposable income and an appetite for new goods and services also makes it an appealing market for companies looking to expand their customer base.”

However, some factors were noted as potential barriers to investment in Brazil, such as complex and high taxation, cited by 52% of respondents.