One of the most important aspects for a business professional to master in today’s globalized world is knowledge of the English language. Large corporations are now established all over the world. Stock, commodity and currency markets are so closely linked that the smallest changes in a particular important stock price can impact the prices of other stocks worldwide. Given this situation, English has emerged as the common language with which information flows globally and is often considered the world’s business language.
Many countries in Latin America have been classified by the EF English Proficiency Index as demonstrating a low English proficiency level including Chile, Peru and Ecuador, with Colombia and Venezuela demonstrating extremely low English proficiency levels. According to a study by OCCEducacion, 80% of job listings in Latin America require a proficient English level with only 20% of professionals having this capability. Given this gap, and with the growth in foreign investment, there is a strong need to increase the level of business English competence in workforce’s throughout the region. This will facilitate the global flow of information and to enable companies to establish a base in the region without conflicts in communication.
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What is Business English and Why is it Important?
Business English is language related to international trade and commerce with a specific focus on business communication or business related issues. It is used by business people and employees who need to use it in connection with their daily work or business related activities. Given that the use of business English can be applied across all industries and is frequently being used as a common corporate language, it is considered that learning business English is one of the most important skills for individuals working in an international environment.
One key area where there is a necessity for business English is that of back office services. A critical aspect for foreign entities that wish to establish a presence in Latin America is that they must have the ability to communicate effectively with the business professionals performing their legal, accounting and administrative work. Lawyers, accountants and business professionals must be able to convey the local laws and practices in a manner in which foreign companies will understand and in most instances, this will be in English. It is therefore extremely important that the gap between the demand for back office service professionals that speak English and those that have the ability to speak English is reduced.
In Colombia, companies such as Bogota Business English are aiming to solve this problem by providing business English courses focused on a corporate level. They also conduct intensive business English courses and corporate English courses and have successfully taught business English to numerous corporate executives, lawyers, accountants and back office professionals to date.
Biz Latin Hub can assist you doing business in Latin America & the Caribbean
At Biz Latin Hub, we provide integrated market entry and back office support to investors throughout Latin America and the Caribbean, with offices in more than a dozen countries around the region and trusted partners in many more.
That unrivaled reach means we are ideally places to support multi-jurisdiction market entries and cross-border operations.
Contact us today to find out more about how we can support you.
The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.