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SINGAPORE: Despite the bleak global economic outlook, business prospects in Latin America remain bright.
According to IE Singapore, that would present Singapore businesses with new growth opportunities in areas such as infrastructure, consumer and info-communications.
Chong Lit Cheong, CEO, IE Singapore, said: "The current economic situation encourages Singapore companies to adopt a long-term view and tap on new opportunities for growth."
IE Singapore said regions such has Latin America have been relatively less affected by the crisis and are expected to grow faster than the rest of the world.
According to World Bank estimates, Latin America's real GDP is expected to grow by 4.5 per cent this year and 2.1 per cent in 2009.
This outstrips the world's real GDP growth forecast of 2.6 per cent for 2008, and one per cent in 2009.
To encourage Singapore companies to pursue growth opportunities in the region, IE Singapore and the Singapore Business Federation have organised a high-level CEO business mission to Peru, Brazil and Chile.
Teng Theng Dar, CEO of Singapore Business Federation, said: "In such turbulent times and the expected slowdown in growth, it is of even greater importance that businesses continue to pursue internationalisation efforts and opportune themselves to markets beyond the domestic shores or to look for alternative markets for growth."
So far, nearly 60 Singapore companies have operations across 30 Latin American countries. - CNA/vm
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