Latin America's largest military technology and weapons trade fair is underway in Rio de Janeiro. This year, companies from all over the world are hoping to profit from the promises of Brazilian President Jair Bolsonaro. The president, who relaxed gun ownership laws soon after taking power in January, has raised hopes among foreign firms: His next move will be to ease investment restrictions on Brazil's defense sector.

Small guns are a big attraction at this year's LAAD- Latin America's Aerospace and Defense Expo. open only to the military, government officials and weapon systems professionals.

Organizers are expecting more than 35,000 visitors to the 4-day event – and high enthusiasm following installment of Brazil's new president, Jair Bolsonaro. 

Brazil has historically relied on domestic defense firms to supply its police and military with yearly sales reportedly totaling some 52 billion U.S. dollars. But in the era of Bolsonaro, foreign manufacturers are sensing opportunity – and new hope – for getting a piece of Brazil's expanding defense sector.

On display are almost everything from sophisticated missile systems, shoulder mounted grenade launchers, and state-of-the-art radar systems. This Gripen fighter jet, from Swedish maker Saab, boasting bombs and missiles – proved a popular attraction and photo opportunity for fair attendees.

And while the Brazilian market is the main attraction, vendors are also pitching to other Latin American militaries.

A total of 450 Brazilian and foreign companies are gathering at the fair to sell military equipment and weapons to representatives from more than 80 countries.

But those expecting major government and private contracts from Brazil, experts say, will need to wait until Latin America's largest economy gets its budget back on track.