When it comes to choosing the best Latin American country to internationalize a company, there are a number of factors involved that depend on the company’s origin, type of business, the industry, the objectives, the plans for growth and, naturally, the ability to adapt to the culture and needs of the different markets in your crosshairs.
This said, there are Latin American countries that stand out due to their economic stability, market size, infrastructure and the fact that they have a corporate landscape ripe for internationalization.
Mexico, for example, is a leader of international trade. Just between January and October 2023, it saw transactions for over 997 billion dollars. This is a highly competitive market that, due to its closeness to the United States, has grown strong and displays reliability and stability.
Brazil, Chile and Colombia are three countries that also offer competitive advantages. The first has an immense internal market and a wide range of business opportunities, though its geographic size could imply logistical challenges for companies. Chile, for its part, stands out due to its political and economic stability and openness to foreign investment. Its capital, Santiago, is considered to be a major business hub in the region. Meanwhile, Colombia, in addition to having a strategic location in South America, offers opportunities in sectors such as oil, mining, agriculture and technology.
Another country that stands out is Uruguay. It is known for its political stability and favorable corporate environment. Despite being a smaller market when compared to other countries in the region, it offers advantages in sectors such as finances, technology and agriculture.
All in all, exploring new markets requires a painstaking research, and before plunging head-first into an internationalization process, it is necessary to consider aspects such as political stability, infrastructure, business regulations, operational costs and corporate culture. Companies would do well in seeking the advice of experts who establish local contacts to streamline the process of diving into foreign lands.