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Latin America Focus

Why Latin America?

Dynamic Trade Relations with China

Despite being commonly referred to as a collective geographical term, it would be a mistake to view Latin America as a homogeneous entity, as each of its individual country possesses distinct identities and characteristics. Instead, the region should be fondly appreciated for its cross-cultural melange of Pre-Columbian, colonial, and modern influences, rich heritage, and ethnic diversity. And indeed, it is precisely this unique heterogeneity, its vast territory, abundant natural resources, and great development potential which underpin the dynamic trade relationship between China and Latin America that has really taken off over the past decade and a half.

In the wake of the commodity boom drawing to a close, China has ushered in a new era of trade relations with Latin America in line with its own new growth model based on innovation and domestic consumption, which is manifested in the rise of spending on research and development and infrastructure—including in Latin America. New opportunities are already looming on the horizon for Latin American firms to provide a wider range of goods and services, as China is pursuing a more sustainable, consumption-driven development path in the long term.

China remains a major trading partner for many Latin American countries.

According to data from the United Nations, China was the largest trading partner for Brazil, Chile, and Peru in 2020. The total trade volume between China and Latin America reached a record high of $315.8 billion in 2020

China has been increasing its investment in Latin America in recent years, especially in infrastructure projects.

In 2021, China's State Grid completed the acquisition of a controlling stake in Chilean power company Transelec for $1.3 billion. China is also investing heavily in renewable energy projects in the region.

Belt and Road Initiative (BRI) has been a significant driver of its investment and infrastructure projects in Latin America.

Many Latin American countries have signed agreements with China to participate in the initiative, with a focus on developing transportation, energy, and telecommunications infrastructure.

China has been promoting digital cooperation with Latin American countries in areas such as e-commerce, artificial intelligence, and cybersecurity.

In 2021, China and Chile signed a digital trade agreement aimed at facilitating cross-border e-commerce and promoting digital innovation.

Latin America's Market Potential

Mercosur and Strong LAT Trade Agreements

Investment in Domestic Infrastructure to Support Business Growth

Highly Trained Workforce

Moderate Commodity Prices

Regional efforts to increase digital access will favor technologically resilient businesses

A growing consumer market with a population of over 650 million people

CW's Latin America Focus

In view of Latin America’s and Spain’s increasing trade with China, we have the Latin Department (Latin American and Spanish business advisory desk) to serve exclusively Spanish- and Portuguese-speaking clients. This special service model remains to this day one of a kind among local CPA firms in Hong Kong. 

Having a sophisticated team of managers and advisors, we are confident of providing industry-leading advisory services, offering flexible, timely, localised services to address the needs of clients from Latin American and Hispanic countries. Progressively, we have been part of the compelling growth of economic and diplomatic relations between China, Latin American countries and Spain to deliver “all-inclusive” services.

At present, the Latin Department serves more than 200 active clients from Latin America, Spain and Italy. In future, CW will continue to expand its Latin American and Spanish network and take the lead in Hong Kong as a preeminent consultancy partner for Latin American and Spanish clients.

Latin Department 2023