The Western Hemisphere and Latino Opportunities
I have recently returned from a fact-finding, relationship-enhancing trip to Lima, Peru. While meeting with local business owners, government officials and entrepreneurs, I was amazed by the commercial potential existing in the country. Not only were the people of Lima welcoming and hospitable, they also quickly demonstrated their thriving entrepreneurial culture and eagerness to do business with the United States.
Lima is a mega-metropolitan area with thousands of needs and opportunities for small Peruvian businesses to export their products to the U.S. and the Western Hemisphere. Often overlooked as an investment destination, Peru is an example of the tremendous opportunity that lies south of the border. It has been stated that in order to grow the U.S. economy American businesses must increase their exports. Latino-American businesses are uniquely positioned to do business throughout the Western Hemisphere.
For the Latino community, the commonalities which exist between all Hispanics are business assets. Although this admittedly over-generalizes, there are cultural similarities, common language, morals and values which make it easier to do business in Latin America and the Caribbean (LAC) for local Hispanics. Lower transport costs, a growing middle class, as well as greater political stability in many LAC countries also make them ideal candidates for investment.
During my travels in Latin American I have seen a lack of U.S. Latinos working in the business community, and I believe there are many opportunities with sharing of language and culture.
History has proven that marketing products to different countries can lead to cultural misunderstandings and costly mistakes if the local culture is misunderstood. Latinos in America have the ability to understand these cultural nuances and project their company’s message across borders in a way that is both comprehensible and profitable. Their advertising messages can therefore reach a broader audience and provide an opportunity to export products to new markets in the Western Hemisphere.
According to a World Bank report, the largest LAC economies are currently investing in public works and infrastructure projects through stimulus packages totaling billions of dollars. Not only do these investments signify the commitment these countries have made to job creation and increased productivity, but a regional desire to increase business opportunities.
The Chamber of the Americas (COTA) offers myriad services that can support businesses seeking to break into new markets. COTA is a nonprofit based in Denver, Colorado, which connects local businesses with investment opportunities in LAC. Our office can help you navigate the complex world of international trade including the evaluation of trade partners, documentation, identification of potential markets and more. COTA has well-established relationships in the LAC with national and regional leaders in both the public and private sectors; membership lowers your cost of doing business abroad by giving you access to new markets through these previously established channels.
COTA’s approach, which combines instructional seminars on investment, networking opportunities and international trade missions, allows you to gain entry to these markets through personal connections. Founded in 2001, COTA is committed to facilitating commerce and helping its members to improve their profitability in the Western Hemisphere.
