The chaotic Latin American market is key to publications in a wide range of areas and is one that those with a focus on Asia often overlook. It is difficult to say why people in Asia are so focused on their own backyard, but they ignore an entire continent of some 700 million people that runs from Mexico to Tierra del Fuego, but they do.
There are opportunities there. There are opportunities to develop new markets, to sell more products, to find new ideas and to develop fruitful partnerships and relationships.
Over the past few months our work has taken us to Latin American markets with publications from the U.S. and Europe looking to expand their coverage there. What we have found is opportunities in markets that are often chaotic, frequently bureaucratic, not always law abiding but populated by educated workforces with creativity and drive.
Most Latin American markets have been stuck for decades in a middle income trap, mostly as a result of weak institutions. Once far richer than most countries in Asia, they are now frequently trailing in terms of economic output per capita, institutional development.
But many are making a comeback thanks to globalization and tighter links to North America and Europe. Some countries, most notably Chile, have made it a point of creating tighter links to Asia. Understanding those links creates opportunities that many are missing.