Opportunities in Andean Latin America

What are the Opportunities in Andean Latin America?

The Andean Community (CAN) is a South American Customs Union which is comprised of Bolivia, Colombia, Peru and Ecuador; consisting of over 100 million inhabitants living in an area of almost 5,000,000 Sq. Kms and with a combined GDP of approximately US$1000 billion.

Business Opportunities in Bolivia

Bolivia is the smallest country within the Andean Community, both by geographic size and economic capacity, with a National GDP of approximately USD$33.2 Billion (2015). In the most recent “Doing Business 2016” report, the country was ranked as the (157) best country for doing business (the lowest within the CAP). Key national industries include mining (silver, gold), mineral processing (tin), petroleum, agriculture, textiles and jewelry.

Colombia – The Entrepreneur of Latin America

Opportunities Andean Latin America
Key Colombian industries include food processing, flowers, textiles, mining (gold, coal, emeralds), petroleum and chemicals

Colombia has the largest economy within the CAN, with a national GDP of over USD$292Bn (2013). The country has experienced sustained economic growth in recent years, despite a continuing internal armed conflict. It is the only country in South America with coastlines on both the Pacific Ocean and the Caribbean Sea; making international trade a viable option. In the most recent “Doing Business 2016” report, the country was ranked as the (54) best country for doing business. Key industries include food processing, flowers, textiles, mining (gold, coal, emeralds), petroleum and chemicals.

Peru – The Fast Growing Economy of Latin America

Peru is continuing to enjoy the benefits of a strong and expanding extractive industry sector, with the national GDP reaching USD$189Bn (2015). The country is the third largest in South America, and is borders the South Pacific Ocean, between Chile and Ecuador. In the most recent “Doing Business 2016” report the country was ranked as the (50) best country for doing business (which is the highest ranking within the Andean Community). Key national industries are petroleum, natural gas, mining (gold, copper and base metals), fishing, textiles, steel and heavy metal fabrication.

Ecuador and the Andean Community

Opportunities in Andean Latin America

Economy is a small economy with a GDP of approximately USD$100Bn (2015). The Ecuatoriano economy is heavily reliant on the petroleum industry, which now accounts for over 50% of the national export earnings and almost 25% of government revenue. Interestingly, Ecuador has chosen to use the U.S. dollar as its official currency. In the most recent “Doing Business 2016” report the country was ranked as the (115) best country for doing business. The key national industries are petroleum, food processing, agriculture (bananas), textiles, chemicals and wood products.

In 1993, a free trade zone was established between the CAN that now means 100% of all goods of Andean origin are duty-free within the region (with some conditions). In addition, there are common tariffs and duties for all goods imported from outside the community. Additionally from 2005, all citizens of member countries can travel freely within the Andean Community without a visa and can enter member states by only presenting their national ID cards.

How can the Biz Latin Hub help?

If you are planning on forming a company in Latin America and want advice on how to do so, click on the “Company Formation” link below and to learn the basics. If you have further questions regarding investment in Latin America, please get in touch with Biz Latin Hub.

Learn more about our team and expert authors.

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.
Craig Dempsey

Craig Dempsey

Craig is a seasoned business professional in Latin America. He is the Managing Director and Co-Founder of the Biz Latin Hub Group that specializes in the provision market entry and back office services. Craig holds a degree in Mechanical Engineering, with honors and a Master's Degree in Project Management from the University of New South Wales. Craig is also an active board member on the Australian Colombian Business Council, and likewise also active with the Australian Latin American Business Council.

Craig is also a military veteran, having served in the Australian military on numerous overseas missions and also a former mining executive with experience in various overseas jurisdictions, including, Canada, Australia, Peru and Colombia.

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