LATIN AMERICA AND THE CARIBBEAN

Trade between Türkiye-Latin America and the Caribbean has gained significant momentum in recent years. The strategic steps taken by DEİK through its Latin America and the Caribbean Directorate and the investments of Turkish companies in the region form a strong basis for capitalizing on the opportunities offered by this dynamic market

Latin America and the Caribbean have an ethnic and cultural mosaic that began with deep-rooted indigenous communities and has been enriched by migrations and cultural interactions over the centuries. Looking at the region’s history, it is possible to trace the ancient civilizations such as the Aztecs and Incas. While Spanish colonizers and slaves brought from Africa added different cultures to this structure, Palestinians, Syrians, and Lebanese from Ottoman lands -called ‘Los Turcos’ by locals- joined the groups migrating to Latin America. In the following years, Italian, Dutch, and German immigrants also became part of this colorful picture.

The resulting diversity created a distinctive identity unique to Latin America and the Caribbean. This cultural blend, combined with social solidarity, has given birth to a warm and joyful way of life typical of the people of Latin America and the Caribbean. Despite political and economic difficulties, the people of the region are not compromising in their zest for life. For those who want to do business with this region, understanding this cultural richness and diversity is the first step to building strong relationships.

TÜRKİYE-LATIN AMERICA AND THE CARIBBEAN ECONOMIC COOPERATION: ROAD MAP FOR GROWTH

Trade between Türkiye-Latin America and the Caribbean has gained considerable momentum, growing by 450 percent since 2000. This increase is seen not only as a numerical achievement, but also as a strategic opening in Türkiye’s foreign policy towards Latin America. Türkiye has been establishing a growing presence in this long-neglected region for the last quarter century, and Turkish companies have succeeded in growing trade by establishing solid bilateral relations in the region.

In the past, mostly small and medium-sized Turkish companies were active in Latin America, but the investment of large Turkish companies in the region in recent years has been an important turning point. Thus, Türkiye is taking its commercial presence in this region to a permanent level. On the other hand, investments from Latin America and the Caribbean to Türkiye have also increased remarkably. These mutual ties open up the potential for cooperation not only between the two regions but also with third markets. In addition, the cultural impact of Turkish TV series, which have gained immense popularity in Latin America, also contributes to this positive picture. The TV series, which create a friendly interest in Türkiye among viewers in the region, facilitate the warm welcome of Turkish business people in Latin America. The success of Turkish producers and artists also opens the door to commercial collaborations and increases interest in Türkiye.

DEİK’S LATIN AMERICA AND THE CARIBBEAN DIRECTORATE: A STRATEGIC STEP

As an important strategic move towards the development of Türkiye-Latin America and the Caribbean relations, a dedicated Latin America and the Caribbean Directorate was established within DEİK. While Latin America was previously managed under the same roof as North America, this new structure takes into account the different cultural, economic, and strategic structures of the two continents. With a population of approximately 700 million, Latin America and the Caribbean require a specialization of their own with their unique dynamics and opportunities. This new directorate acts as a bridge by directly and quickly communicating the opportunities and risks specific to Latin America and the Caribbean to DEİK members. While increasing our members’ interest in the region, it also contributes to the development of bilateral relations between the countries. This initiative of DEİK provides the Turkish business community with knowledge about Latin America and the Caribbean, enabling business people to make more informed decisions.

STRATEGIES TO STRENGTHEN TRADE RELATIONS WITH LATIN AMERICA AND THE CARIBBEAN DEİK’s

Latin America and the Caribbean Directorate is working hard to quickly communicate the commercial opportunities in the region to the business community, to promote investment opportunities, and to direct companies to investments in the region. Increased business trips and connections established with the contributions of embassies allow the Turkish business community to penetrate Latin America and the Caribbean more deeply. Latin America and the Caribbean are a region with their own unique cultures and business habits, so it is important for Turkish companies to develop cultural knowledge and a strategic understanding of the region before expanding there.

Acting with local partnerships stands out as one of the key factors for success in the Latin American market. DEİK and embassies are reliable guides in establishing the right business partnerships. Latin America’s rapidly changing economic and political structure offers attractive opportunities as well as some risks. However, these opportunities offer great advantages for Turkish business people who face less competition due to high-profit margins in the region and embargo practices in some countries. Cooperation with patience and stability can make Latin America and the Caribbean a long-term market for the Turkish business community.