The Latin American Chamber of Commerce (CCNLA) was formed in 2006, primarily by Zdenek Dlesk (former Czech Ambassador to Nicaragua) and Gustavo A. Guillen (Chairman and Owner of Casa Latina), in collaboration with other strategic business partners. These EU residents saw the need to come together to form an entity that would serve the business community in accomplishing its goals, namely; business growth & maturity, high quality of life, and community independence. It was 2 years later that Froy C. Perez (Chairman and Owner of Dominican Republic Commerce) joined the directive board leading the Technology sector of the Chamber. CCNLA is comprised of local business owners, economic development members, educators, media, community -based organization leaders and decision makers with one common goal: to develop strategies and set policies to better serve all business interests in the European Union and Latin America. CCNLA is now an organization that is distinguished in the EU for bilingual access to resources in the community, unity and credibility.
Fitting Into the Big-Market Hat
An overview of the market-share in Latin America and its big role in the economic impact
In September, 2010, the Economist analysed the coming of a Latin American decade - a decade rife with commercial, cultural and collaborative opportunities, given the regions increasingly stable political climate and globalising economy.
Latin America is weaning itself from its past dependence upon commodities, primarily fossil fuels, and increasingly developing its manufacturing and production capabilities. Latin American firms are beginning to match the research and development budgets of companies in the developed world – around 2% of gross revenue – and, with the support of the state, are formulating policies and strategies designed to encourage international trade and collaboration. For example, the Dominican Republic – one of our strongest partners through CEI-RD - has established Free Trade Zones, areas where commerce is exempt from custom duties and taxes, in order to facilitate foreign direct investment and promote the export of Dominican goods into US and European markets. The association of PROCOMER in Costa Rica has available research teams ready in Germany to help develope Latin American potential in CEE , as another instance.
Latin American governments, as alluded to, have supported economic development and global integration. ‘Nearly all Latin American elections now are free and fair’, reported the Economist, and increasingly democratic and inclusive governance has coincided with economic reforms – such as embracing flexible currency practices, low regulation and lowering inflation - designed to open their markets to trade and foreign investment. This commitment to commercial integrations is reflected on a regional level through numerous regional frameworks and regular political summits between Latin American nations.
The financial situation in Latin America is also healthy. Banks in Latin America have been little affected by the Financial Crisis because they are not shackled to the toxic debt and housing market that triggered the worldwide crisis. As the McKinley Institute state, ‘Latin American banks remain well capitalized, with good liquidity’. In fact, financial assets have grown at roughly 20% year-on-year during the past decade, alleviating a lot of the previous concern that Latin America’s financial sector was to shallow. With credit available, and conservative fiscal strategies and regulations in place, Latin America’s banking sector looks in good shape and conducive for trade and investment in the region.
Whilst the Latin American economies cannot match China’s spectacular growth, over the past ten years they have delivered consistent growth ranging from 3.8 to 4.8% per year. By 2050, Goldman Sachs has estimated that Brazil and Mexico will be two of the top five world economies, with many other Latin American countries close behind.
Boston Consulting Group, ‘The 2009 MultiLatinas: A Fresh Look at Latin America and How a New Breed of Competitors are Reshaping the Business Landscape’, 2009.
- ‘A Wealth of Opportunities in Turbulent Times’, 2009.
Goldman Sach's BRIMC Review of Emerging Economies
McKinley Institute, ‘How Latin American Banks are performing in the Crisis’, July 2009.
The Economist, ‘A Special Report on Latin America’, 9 September 2010.