Greg Holland (British Chilean Chamber of Commerce) and Mat Youkee (UK Colombia Trade) spoke to us about the emerging market of Latin America and how UK exporters can get a foothold in it.
You can watch the video of the webinar below, and check out our Recent Webinars page to access all the Open to Export webinars giving practical guidance and answers to all your exporting concerns.
The UK traditionally has had a good business relationship with Latin America and this will continue, allowing you as a business to have access to a large market with almost 100 million people in it.
Key reasons as to why you should choose Latin America
The Pacific Alliance – this is an area in Latin America where the trade barriers have been reduced between key countries – Chile, Columbia, Mexico and Peru. Further integration is likely to arrive in the next few years so it will be even more important for UK exporters to take advantage of it.
The GDP growth in this area is increasing – even if it’s increasing at a slow rate. In Brazil the average for GDP growth was 4 percent between 2003 and 2013 and in Chile it reached 6% in the same period.
Greg went over the leading sectors in each country mentioning which of these are particularly worth exploring. For instance, Mexico is the global leader in the aerospace sector with a growth of 72 percent and over 72 companies.
Here are some top tips to consider:
- Keep in mind the size of the country you are considering exporting to, many contain different regions and each one could conduct business differently.
- The UK brand is very popular with more and more businesses wanting to be in partnership with UK companies. Use this to your advantage when talking with business partners.
- Life moves at a much slower place in South America compared to the UK and the rest of world, so remember to keep calm and focused.