London, United Kingdom – 2013, August (Marketing Empire PR) – Latin America represents a dynamic region of the world that has an extensive supply of resources and represents a number of burgeoning economies that are soon to be major players in the global economy. In fact, analysts at Goldman Sachs say that by 2050, Mexico and Brazil will be among the world’s six leading economies.
Despite the financial crisis that affected much of the world during the past few years, the economies of Latin America have sustained a substantial amount of growth, and this trend is forecasted to continue into the future. According to World Bank, the Latin American economy is projected to grow by 3.5 percent in 2013, and it is also projected to grow an average 3.9 percent in 2014 and 2015. This is in contrast to the global economy, which as a whole, is forecasted to grow 2.4 percent, with high-income countries growing at a mere 1.3 percent.
A key component of growth in the Latin American market has been the rising global demand for commodities. This region of the world is a powerhouse of natural resources. It possesses 33 percent of the earth’s renewable water resources, 25 percent of its forests and 12 percent of the world’s arable land. It also houses extensive reserves for mining and various extractive industries, has the second largest supply of oil reserves in the world and has substantial amounts of copper, silver and lithium. Another major commodity of the region is found in food and agricultural products.
With all of these resources and a substantial population capable of providing the support needed to facilitate growth and support, it’s no surprise that many corporations have turned their focus on Latin America as a destination for expansion. Whilst many SMEs have found it difficult to overcome the cost and legal barriers that make it difficult to integrate into a foreign economy, an increasing number of enterprises are turning to organisations that can help them form a relationship with local partners capable of helping them establish a base of operations.
Matthew Francis, CEO of Latin America Strategy, commented, “With our assistance, SMEs are able to control the cost and pace of their integration into a foreign market. We have partners “on-the-ground”, so to speak, who are also able to assist with legal and financial issues particular to the region and who can also help provide marketing, investment sourcing and HR services. This greatly decreases the difficulty and risk that is typically associated with foreign expansion.”
Because of the growing demand for its resources, Latin America will have to define the limits of its economic expansion. During the coming years, the region will have to deal with the ever-growing energy demand and power struggles for access to its natural resources like land, forests and water. Only through careful planning and long-term policies will the region be able to offset the growing pressure of demand.
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