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The massive city of Sao Paulo is the commercial centre of Brazil,

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and the heart of business is the city's stock exchange.

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500 Brazilian companies are listed here,

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and every day 500 million euro is traded.

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Although there is still poverty in the characteristics of a developing nation,

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Brazil is no third world country.

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Today it's one of the world's major economies,

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and is lining up alongside China, India and Russia

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as one of the economic superpowers of the future.

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And its biggest trading partner is the European Union.

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I mean, that is clearly a sign that we have moved from a situation

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of old colonial power to developing country to a nation of parity.

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We just hope to give them part of our know-how

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and to learn from Brazil as well.

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One area where the world can learn from Brazil

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is in the development of biofuels.

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Companies like Petrobras are taking the export potential of green energy very seriously.

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Brazil got a head start in biofuels in the 1970s.

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In response to the oil crisis, they began running engines on ethanol

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produced from their abundant harvest of sugarcane.

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We have been using ethanol as a fuel,

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as a substitute for gasoline for a long time.

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So the company Petrobras and the country both have a very, very long history,

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and a very good experience.

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And I would say that you are leaders in terms of biofuels.

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These days, Brazilian scientists are also world leaders in biodiesel technologies,

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adding refined vegetable oil to conventional diesel.

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In the EU, we have that ambitious agenda of moving to a percentage

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of about 20% of renewable energies by 2020, which is very ambitious.

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We know that we have to import from other parts of the world,

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and Brazil will certainly have a stake in our energy mix in the future.