Davos may not have welcomed Brazil's newly-elected president with open arms, but the world's business elite are cautiously optimistic about his plans for reform.
The far-right leader vowed to transform Latin America's largest economy into one of the most investment-friendly places in the world.
"I think he did make his case for why Brazil could be the country to invest in," Robin Niblett, director of the Chatham House think tank in London, told CNBC on Tuesday.
"He was incredibly disciplined I thought, on message… (but) the mood in the room was totally different. I mean, he came on stage to almost no applause at all — and at the end of his speech, a little grudging applause."