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Regulatory governance is at the heart of attracting investment for logistics infrastructures. Earlier approaches have been criticized for the micro-management exercised by central government and for the perverse incentives set by domestic lending institutions. Whatever the current preferences in terms of facilitating investment and competition, there are long-term issues that require addressing. These are:

• The need for a stable policy framework that allows for long-term planning and consistent decision-making.
• The need for a strategic capacity to develop logistics infrastructure that goes beyond the politically and administrative convenient.
• The need to develop a clear understanding of the PPI (or any other central unit) as a coordinator of concession plans that promotes regulatory agencies and ministries in developing concessions.
• The need for appropriate resourcing of regulatory agencies to support the monitoring of concessions along agreed 'tramlines'.
• The need for a reputation among concession-holders that 'gambling' is not lucrative and that regulatory regimes are credible and not prone to ad-hoc renegotiation on the basis of political pressure.

This report diagnoses a number of regulatory capacity deficits, ranging from the need to enhance analytical strategic considerations, the need to consider coordination and oversight more directly, as well as to develop more challenge capacities. At present, regulatory debate in Brazil is shaped by an emphasis on reducing 'discretion'. This emphasis is understandable in view of the contemporary political climate, but is unlikely to enhance overall regulatory capacity.