Mining, manufacturing & agricultural opportunities
Latin America's increasing strength in mining and manufacturing is also creating opportunities, rather than competition, for Australian businesses.
"The strong mining and manufacturing economies of Chile and Brazil are of particular interest for Australian exporters,” Belfort explains. “Our expertise in manufacturing mining equipment and developing technology to optimise processes has great export potential, especially in supplying Brazil's aluminium and base metals industries and the Chilean copper industry.”
Similar in climate, our agrarian sectors are also attuned. Rather than creating conflict, the similarities actually work in Australia's favour, particularly for manufacturers of agricultural machinery and technology.
"The production standards for wine and meat are often similar to Australian standards, creating a market for Australian food processing equipment and technology.” Belfort says. “The Chilean wine industry and the Argentine meat industry are two such examples. Australian companies that manufacture farm machinery and components and environmentally friendly technology and equipment to assist in fertiliser production will also benefit from this complementary trade."
Belfort identifies other areas of opportunity for Australian companies in Latin America. Economic growth in the region is increasing the size and buying power of the middle class. This sector of the population is also showing a sophistication of consumer tastes.
This new area of demand creates opportunities outside the traditional strengths in mining and agriculture in the value-add consumer market, especially telecommunications, pharmaceuticals and healthcare, entertainment and education services.