A dynamic and diverse region.
Latin America is a region with huge potential. It offers significant opportunities for Victorian businesses to diversify beyond traditional economic partners.
The Victorian Government has a long-standing commitment to diversification and growing its engagement with Latin America. Our Trade and Investment office in Santiago, Chile was established in 2016, and we continue to build on objectives outlined in Victoria’s Globally Connected Latin America Trade and Investment Strategy released in 2018.
Market snapshot
Latin America is a middle-income, highly urbanised region with strong potential for experienced Victorian exporters. The region is a leader across key industries that are crucial to the global economy – it is rich in mineral resources and arable land and has huge renewable energy potential. Latin American businesses are dynamic and resilient and are always looking for innovative solutions to improve efficiency, productivity, and sustainability.
Latin America’s technology space has experienced a boom over the past few years. Emerging verticals such as Fintech, Agtech and Education Technology have received record investments and are transforming the way of doing business and learning in the region.
The push for a global energy transition has prompted significant investment flows into the mining and resources sectors, where Latin America ranks as a strategic supplier. With vast wind, solar and hydroelectric potential, the region is positioning itself as a clean energy powerhouse. Also, a fast-growing middle class has resulted in increased demand for premium products, including in the food and beauty sectors.
Australia has long-standing and growing ties with the region. The country has free trade agreements with Peru and Chile, and free trade links with Mexico were established recently with the adoption of the Comprehensive and Progressive Trans-Pacific Partnership
Australia and Latin America are connected through direct flights from Chile and North America.
Latin America Insights Winter 2024
2024 marks an important year for Australia’s engagement with Latin America.
Global attention is shifting to the region as Brazil hosts the G20 Leaders’ Summit, Peru hosts APEC, and several elections take place in the region.
These multilateral forums provide opportunities to advance strategic agendas and relationships. They can also be leveraged to promote opportunities in Latin America and collaboration across industries, trade, investment, and international education.
Highlights
Victorian Government leads successful education mission to Latin America
In April, Global Victoria’s Study Melbourne led a Victorian Education Mission to Latin America, targeting Brazil and Colombia. Delegates from six Victorian universities participated in a week-long program, engaging in high-level meetings with key stakeholders and decision-makers to foster collaboration with Colombian and Brazilian education and research agency counterparts.
In Brazil, the mission provided an opportunity to showcase Victoria’s cutting-edge educational programs and research at the prestigious FAUBAI Conference, and explore new areas for collaboration on scientific research, innovation and technology with Fundacao Araucaria and FAPESP — one of the main funding agencies for scientific and technological research in Brazil.
VIDEO: Australia's Ambassador Anna Chrisp speaks about the opportunities presented at the Education Mission to Latin America
In Colombia, a highlight was the engagement and collaboration with prestigious scholarship bodies such as COLFUTURO. Victoria is delighted to welcome over 100 Colombian recipients of this prestigious scholarship to Victorian universities next year, including Monash University, University of Melbourne, RMIT University and Deakin University.
The education mission significantly enhanced awareness of Victoria, and stronger educational ties between Victoria, Colombia, and Brazil. Global Victoria looks forward to building on these connections and continuing to strengthen bilateral relationships in Latin America.
Global Victoria Women (GVw) - Building Connections with Latin America Forum
In May, Global Victoria hosted the two-part Global Victoria Women (GVw) - Building Connections with Latin America Forum in Melbourne.
The first session – Female Leaders Accelerating Business with Latin America boardroom discussion gathered over 25 female leaders from industry, government and higher education playing a key role in driving business and engagement with Latin America.
The discussion covered the current state of play, opportunities, and challenges for Victorian businesses in Latin America, cultural nuances and tips for business engagement. Participants also shared inspiring stories
of female leadership and empowerment across trade, investment, and education.
The second session – Inspiring the Next Generation of Latin American Leaders was an energising networking initiative delivered in collaboration with Study Melbourne.
Latin American students, alumni, and emerging leaders connected with leaders, driving strengthened engagement between Victoria and Latin America. Monica Mendez, Chief Delivery Officer at SECOS Group, a highly successful Victorian exporting business, shared insights about her career journey and working across international markets.
Victoria’s business ties with the Latin American region continue to grow and diversify.
Through the GVw initiative, we look forward to continuing to support, inspire and empower women in international business connected to Latin America.
Global Victoria’s METS Trade Mission to Exponor 2024
Latin America is one of the world's most dynamic regions for mining and natural resources.
Recognising the strategic importance of this region, Global Victoria recently led a Mining Equipment, Technology and Services (METS) Trade Mission to Exponor 2024 in Chile's mining capital, Antofagasta.
Global Victoria (in collaboration with Austrade) assisted 9 Victorian METS companies to showcase their innovative solutions, forge meaningful connections with key industry players, and pitch their technologies and services to some of the world’s leading mining companies.
Opportunities in the Clean Technology sector in Chile
Global Victoria partnered with Austrade to host the Opportunities in the Clean Technology sector in Chile event in Melbourne, featuring presentations led by senior delegates of Universidad Adolfo Ibanez (UAI) – Chile’s top technology and business university.
The session aimed at sharing information on Chile’s Clean Technology Institute (Instituto de Tecnologías Limpias or ITL), a recently established consortium of Chilean universities and industry stakeholders focused on turbocharging the development, piloting and adoption of clean technologies in Chile.
With a strong international focus, ITL plans to allocate funding to implement novel technologies that will help reduce Green House Gas emissions, optimise water use and mitigate other environmental impacts in the mining, energy, and industrial sectors in Chile.
Twelve Victorian organisations, including clean technology exporters and higher education institutions attended the session and explored opportunities for partnership and collaboration to test and deploy their expertise and solutions in the Chilean mining and energy industries.
Global Victoria looks forward to continuing to support Victorian businesses in the clean tech sector to enter and explore opportunities in the Chilean market.
World Agri-Tech South America Summit
The AgTech ecosystem in LATAM is one of the most dynamic globally. In June, Santiago VGTI Trade Manager, Macarena Fuentes, participated at the World Agri-Tech Summit 2024 held in São Paulo. Innovative leaders, founders, investors, and global agricultural experts discussed the latest trends, technologies, and solutions transforming the sector.
The visit included strategic meetings with Brazilian companies and partners such as JBS, which opera
tes in the State of Victoria, as well as investment funds, accelerators, and public-private entities supporting the ecosystem. The team also engaged with key decision-makers from the most innovative startups and companies in Argentina and Brazil, which are developing cutting-edge technologies in sustainable agriculture, smart farms, regenerative agriculture, traceability through blockchain and reduction of GHG emissions.
The Victorian Government’s participation at the summit provided an opportunity to deepen our connections with the South American AgTech ecosystem, convey Victoria’s value proposition as an AgTech hub in Australia and attract fast-growing technology providers from Latin America into Victoria.
Looking ahead
Global Victoria is an event partner of the ALABC Melbourne Dinner 2024 that will celebrate ALABC’s 35-year anniversary and Victoria’s growing relationship with Latin America through trade, investment, and education links.
Brazil Week is coming to Melbourne for the first time, and Global Victoria is supporting the Australia Brazil Chamber of Commerce (ABCC) to forge bridges for business, trade and investment between Victoria and Brazil.
Global Victoria will support a group of Victorian mining technology providers with a tailored business program (including access to the Australian pavilion, networking and pitching opportunities, branding, and business development support) at EXPOSIBRAM 2024 in Brazil. The event is an opportunity for Victorian METS to explore opportunities and accelerate their expansion in one of the world’s leading mining markets.
Global Victoria is working with partners to support several delegations from Latin America from varied sectors who are planning to visit Victoria around October and November 2024.
Previous regional insights
Key industries of opportunity for Victorian exporters
Mining, engineering, technology and services (METS)
Latin America is a traditional mining and resources market with world-class operations spanning across the continent.
The region is a global leader in the extraction of copper, gold, silver, lithium and other minerals of significance to the world’s economy. Over the past three decades, several world-leading Victorian-headquartered mining companies have established operations in Latin America (primarily Chile, Peru, and Ecuador).
With the support and in-market expertise of Global Victoria’s team in our Santiago office, a growing number of Victorian mining engineering, technology and services (METS) companies have secured business opportunities in the region, through trade programs and bespoke support.
Agricultural innovation
Agribusiness in key Latin American markets, including Brazil, Argentina, Chile, Peru and Uruguay, is capital-intensive and operated by highly sophisticated and competitive corporate players, which have successfully integrated into global agri-food supply chains.
These operators are early technology adopters and are increasingly seeking to improve productivity, sustainable farmland management and traceability applications.
The impact of climate change on weather patterns and water availability has prompted significant investment in new technologies to ensure efficient management of water and environmental resources. Demand from European and Asian buyers are requiring Latin American agri-food exporters to improve sustainability and traceability standards by incorporating new technologies.
Renewable energy
With a quarter of the region’s electricity coming from renewable sources, Latin America has historically been a leader in renewable energy. As global climate action picks up and the trend towards net-zero consolidates, the region is expected to become a hotspot for renewable energy investment.
A combination of vast renewable resources, disruption across global energy markets and domestic policy signals has resulted in the acceleration of the clean energy pipeline in the region. Countries such as Brazil and Chile have launched ambitious clean hydrogen strategies and several large-scale projects are currently in the pre-feasibility, feasibility and construction phases.
Education
Latin American students are an important and vibrant contribution to Victoria’s classrooms and communities. The Victorian Government's Trade and Investment office (VGTI) in Santiago actively promotes Victoria’s world-class education opportunities, and Victorian institutions achieve joint research partnerships with Latin American counterparts, including in the areas of sustainability, climate change, agriculture, water management and energy.
Countries like Colombia and Brazil are major sources of international students in Victoria. Other markets of high potential include Mexico, Chile, Peru and Argentina.
Innovation and digital economies
Latin America’s digital landscape is transforming rapidly. The region has the highest rate of urbanisation in the world and fast-growing levels of connectivity.
The fintech sector is one example of a vertical that has experienced rapid growth in recent years, as millions gain access to banking services through new digital platforms. Brazil is a world-leading fintech market and Mexico and Chile are also growing at a rapid pace. In Chile, a new Fintech Law was approved by Congress in October 2022 which will provide greater clarity on the regulatory framework for the sector.
A sophisticated and social-media-savvy consumer market also presents opportunities for Victorian digital technology companies across a range of segments.
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