Viva LatAm

In less than 100 days, the attention of the world will turn to Brazil for the opening of the Rio 2016 Olympic and Paralympic Games, the first time they have been held in south America.

We’re expecting a carnival atmosphere, and we will be welcoming businesses and Team GB to the British House in Parque Lage, one of Rio’s most iconic buildings, which sits under the watchful eye of Christ the Redeemer.

Already, these Games have generated a business bonus. Some 40 UK companies have won contracts worth more than ￡150m.

And it’s a real pleasure to know that Britain is passing on knowledge that we gained from hosting the London Games in 2012.

For me, it underlines how much we could achieve in this region.

Part of the problem is that British people don’t know enough about the opportunities. 

Ask how many G20 countries are in central or southern America, and there would be few who would come back with an immediate answer.  There are three:  Brazil, Mexico and Argentina.  And other economies in this region are coming up fast. 

Did you know, for instance, that Mexico is forecast to become a top ten economy in the coming years?

Or that Colombia has averaged growth of 4% over the last ten years and is about to benefit from a peace dividend when 50 years of conflict come to an end?

And that Argentina, one of the world’s biggest food producers, is opening up towards the world again under its new President Mauricio Macri?

What’s interesting is that, 200 years ago, the UK’s relations with this part of the world were incredibly strong. As they gained independence, these new states turned to the UK - the preeminent power of the day - as their natural ally.

Our engineers worked on infrastructure across southern and central America, opening up these countries and helping them to prosper. The City of London provided finance. And there is an architectural legacy too, as seen with the 300,000 tiles supplied by Royal Doulton to decorate the Palace of Flowing Waters, a landmark building in Buenos Aires. 

We want to get back to that level of business engagement, with new technologies and products. 

Trade & Investment Minister Lord Price has just been to Colombia and Argentina, following on from his visit to Mexico last month.

He was fielding questions about whether we can help to rebuild railways, airports and roads; if our civil engineers can help with unglamorous but vital water works; whether our oil and gas experts can help to recover sub-sea reserves; and if we have enough high end luxury goods to satisfy a burgeoning middle class with a Latin American sense of style.

We know there is business to be done. Ahead of the state visit to the UK last week by Chilean President Michelle Bachelet, British firms won ￡170m in contracts at Latin America’s biggest mining show, EXPOMIN. Credit goes to the creativity of UKTI’s team in Chile. They not only attracted buyers to the UK stand by labelling it “The Miners’ Arms”, they kept them there by arranging a gig by a leading Beatles tribute band.

If you are interested in finding out more, hundreds of opportunities in Latin America are currently listed on our Exporting is GREAT website, UK Export Finance may be able to help with finance and insurance, and we have trade advisers in the UK this month to talk to British businesses about this region.

We know that Rio 2016 will be a global sensation. Whether you are lucky enough to go in person, or whether you plan to watch from home, now is the time to think about what a touch of that carnival spirit could do for your business.

Up until 20 May, you can book one-on-one appointment to speak to UKTI’s experts from Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Mexico, Panama, Peru, Uruguay and Venezuela.

Register interest in the British House for the Rio 2016 Olympics or Paralympic Games.

Set up meetings with Latin American businesses at the International Festival for Business.