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 Spring 2024
Latin America in the Global Spotlight
2024 has cemented Latin America’s significance as a hub for global collaboration and opportunity.
This year, Brazil hosted the G20 Leaders’ Summit, Peru welcomed APEC, and several pivotal elections are unfolding across the region, drawing international attention. These events became platforms to advance strategic partnerships and promote Latin America as a destination for trade, investment, and international education.
Victoria’s Commissioner to the Americas, Nigel Warren, represented the State of Victoria at the APEC CEO Summit in Lima, Peru, from 13-15 November. With the theme People, Business, Prosperity, the summit highlighted innovative solutions to address regional challenges, particularly through disruptive technologies like artificial intelligence and digital health.
Connecting Mines and Minds: Energy and Mining Delegations Between Victoria and Latin America
Latin America’s pivotal role in the global energy transition continues to open doors for collaboration with Victoria.
As a resource-rich region with significant reserves of critical minerals like lithium and copper, it is driving global advancements in clean energy. Countries such as Chile and Brazil are at the forefront of renewable energy innovation, offering opportunities for Victorian companies to engage with a rapidly evolving market.
Our Santiago VGTI team, led by Natalia Gorrono and Macarena Fuentes, has been actively fostering these connections. They supported multiple delegations from Latin America visiting Australia, facilitating partnerships with Victorian companies and advancing discussions on sustainability, innovation, and net-zero targets.
At IMARC 2024, they engaged with delegations from Peru, Chile, Brazil, Ecuador, and Argentina, helping these groups connect with Victorian Mining Equipment, Technology, and Services (METS) companies. The event centred on leadership and cutting-edge technologies aimed at building a more sustainable mining future.
The following week, two high-profile delegations from Chile, led by AusCham and SOFOFA, explored Victoria's thriving energy and mining sectors. Highlights included visits to innovative companies like Electralith, Power Plus Energy, Wave Swell Energy, Duratray International and Black Stump Technologies, as well as leading research and training centers such as the Victorian Tunnelling Centre at Holmesglen TAFE, Deakin University’s Battery Research and Innovation Hub, Rio Tinto’s Research and Technology Centre.
The Santiago VGTI team also showcased Victoria’s clean energy capabilities at the All-Energy Conference in Melbourne, the southern hemisphere’s largest renewable energy event.
Natalia and Macarena also guided a cohort of Victorian exporters at Exposibram 2024 in Brazil, showcasing Victoria's capabilities and forging valuable connections. Their efforts laid a strong foundation for the upcoming Global Victoria-led mission to ExpoMin in Chile, scheduled for April 2025.
Strengthening Victoria’s Education Connections with Latin America
Education ties between Victoria and Latin America reached new heights in 2024. Study Melbourne hosted a senior education delegation from Latin America to participate in the Australian International Education Conference (AIEC). During their visit to Victoria, the delegation not only attended AIEC but also toured several leading universities, exploring opportunities for collaboration such as dual degree programs, student exchanges, and joint research initiatives. These engagements underscored Victoria’s strengths in fostering global partnerships and driving innovation in education.
The mission included representatives from top Colombian universities, Fundación COLFUTURO, and Brazil’s Araucaria Foundation, further solidifying educational partnerships.
The Study Melbourne Latam Team, in collaboration with the Queensland and NSW governments, successfully launched the inaugural Vente Australia Fairs in Bogotá, Lima, and Santiago. 
As the first event of its kind led by state governments and supported by Austrade, the fairs registered the interest of almost 12,000 high-calibre students eager to explore study opportunities in Australia.
The event showcased the strong demand for Victorian education in Latin America, with the participation and support of Victoria's leading universities further highlighting the state’s world-class academic offerings and commitment to fostering global educational partnerships
Growing Latin America connections in Melbourne
Global Victoria, as part of the Global Victoria Women initiative, hosted a briefing session in September focused on Victoria-Colombia connections, international education and empowering women and girls in sports.
The briefing was part of a broader program in Melbourne for a group of talented Colombian girls and amateur athletes from Puerto Tejada as part of a cultural and sports diplomacy initiative organised by the Colombian Embassy in Canberra and the Embassy of Australia to Colombia.
Brazil Week comes to Melbourne
Global Victoria was delighted to partner with the Australia-Brazil Chamber of Commerce (ABCC) to host the inaugural Brazil Week event in Melbourne at the Investment Centre Victoria.
The theme for the business event AI: Opportunities and Challenges in a Digital Era included valuable insights across two panel sessions, followed by a networking reception. Valeria Noleto, CEO of ABCC, Ema Lawrence, Director, Global Engagement at Global Victoria and Tim Kane, Director, DFAT Victoria State Office provided welcome remarks at the reception highlighting the significant connections and opportunities for collaboration between Brazil and Victoria across trade, investment, and international education.
Australia Latin America Business Council (ALABC) Annual Dinner and Latin American Ambassadors Program in Melbourne
Global Victoria partnered with the Australia Latin America Business Council (ALABC) to celebrate their 35th anniversary and business excellence award winners as part of their Annual Dinner in Melbourne.
The event brought together key stakeholders from diverse sectors, underscoring Victoria's strong commitment to expanding its strategic partnership with Latin America. Aligned with the dinner was a two-day site visit program for Latin American Ambassadors, welcoming Ambassadors and Consular representatives from Brazil, Cuba, Chile, Ecuador, El Salvador, Guatemala, Mexico, Paraguay, Peru and Uruguay.
As part of the Ambassadors’ program, site visits were undertaken to Victorian exporters PowerPlus Energy and SDI Limited highlighting Victorian capabilities and innovation and their existing presence and business interests in Latin America.
The Ambassadors also visited the Geological Survey of Victoria's (GSV) Drill Core Library and CSIRO Food Innovation highlighting opportunities for collaboration and partnership in key sectors of mining and agriculture.
Forward Look
- Macarena Fuentes will travel to Lima to support the Victorian Tunnelling Centre at a major mining conference, showcasing Victoria’s expertise in underground skills training. She will also attend Peru Rocks, a prominent event focused on mining exploration, to strengthen ties with key industry stakeholders.
- The team is actively preparing a trade mission of Victorian METS companies to coincide with the Expomin conference in Santiago, Chile, in April 2025. Additionally, plans are underway for an exploratory mission to Arminera in Argentina in May 2025, further expanding Victoria’s footprint in the region’s mining sector.
- The Santiago VGTI office will support Orica’s annual Chilean Innovation Summit in November 2024, fostering collaboration and promoting cutting-edge solutions within the mining and resources sector.
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 creating 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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