Doing Business In Latin America: Challenges and Opportunities

Latin America is a region worthy of further consideration by both academics and practitioners. The region consists of some 33 countries in both Central and South America. It has a combined population of more than 500 million, and three main languages: Spanish, Portuguese, and English. The biggest economies are those of Mexico, Brazil, Colombia, Venezuela, Argentina, Peru, and Chile. Without any doubt Latin America represents a huge business potential for venturing entrepreneurs. Investment and business opportunities in Latin America are growing, particularly in those countries which have committed to developing efficient market systems. Rich in natural resources and with a predominantly young and hard working population, the region has shown an ability to learn from United States' businesses, and others around the globe, and to successfully turn new capital investments into wealth and welfare, albeit with mixed success. Latin America is a region with a predominantly market oriented education and culture which has the potential to grow tremendously, given the proper institutional settings. Culturally, Latin America is much closer to the United States than many people realize and can thus presents a much easier path for entry into its markets than is the case in other developing areas of the world.