With Rio due to host the Olympics and Paralympics in 2016, four years after London, Brazil is keen to learn from Britain's experience as it prepares to host the Games for the first time and invest heavily in stadium and transport infrastructure, Cable said.

Britain, meanwhile, is bidding to host the 2018 FIFA World Cup, four years after Brazil hosts the event.

"We are standing on the threshold of what promises to be a fantastic series of global sporting tournaments hosted by the UK and Brazil," said Cable.

"This is a huge privilege and responsibility for us both, but also a real opportunity to share best practice and expertise.

"In London, the venues for the world's first sustainable Olympic and Paralympic Games are being delivered on schedule, with 75p of every pound spent creating long-term regeneration value."

Cable hopes that Rio 2016 will want to tap into that expertise.

"This is just beginning the process of opening up tendering contracts for stadiums, stadium management, and stadium design," he said.

"Obviously that's a competitive process.

"It's not something you do on a favoritism basis, but British companies are very well placed and very interested.

"UK companies have been involved in every major global sporting event in recent history.

"This is reflected in the strong business delegation that has accompanied me to build relationships in Brazil."

The new British coalition Government claims the previous Labour administration failed to expend enough diplomatic energy on improving ties with big, emerging economies such as Brazil.

Cable has led a delegation of 26 British companies in recent days in meetings with business leaders and Government officials in Sao Paulo, the capital Brasilia and Rio.

The visit  has already resulted in the setting up of a chief executive forum made up of major Brazilian and British firms and a bilateral accord to end double taxation of airline crews that Cable hopes is a step toward a full mutual tax agreement.

"I've been talking to some of the big Brazilian companies who are now thinking outward, how do they become global players," Cable said.

"London is a very good jump-off point for Europe and the rest of the world."

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