The Latin America Economy: Finding The Opportunities
The economy of Latin America is represented by 20 countries and over 560 million people
. This region is filled with endless opportunities that still remain untapped throughout the years. This has attracted large numbers of foreign companies to search for growth opportunities after realizing that they could no longer just depend on the United States, Europe and Asia for growth.
Brazil is the biggest player in the economy of Latin America and has brought a big spotlight on the region for upcoming respected international events. In 2014, the soccer world cup will be hosted in Brazil. In 2016, the summer Olympics will be hosted for the first time in this region as well. Although the United States was the heavy favorite, the international committee thought that Brazil was fully capable of hosting these prestigious events. Its industries are characterized by textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and machinery equipment.
Chile has always been referred to as the one of the most stable economy in Latin America as it is considered the safest and least corrupt country in the region. It possesses a wealth of rich minerals and wide variety of agricultural products. It exports mainly consist of copper, iron, nitrate, fruit, fish and wines.
Despite the international crisis, Peru seem to stay in very good shape even though its economic health is very dependent on its exports. The country is a leader in the fishing industry producing 10% of the world supply. It is also the largest producer of gold in Latin America and an important producer of zinc and copper.
As you can see, there are several opportunities in the economy of Latin America with countries such as Brazil, Chile and Peru. Although it might take a little bit of time to penetrate these markets, it will be worthwhile in the long term.
by: Joshua Adekane
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