Driven by the desire for diversification and access to new, dynamically growing markets, the South American economic region is gaining significant importance.
Despite their very different circumstances, Brazil and Argentina offer attractive opportunities. But what exactly does this region offer Thuringian companies?
Brazil
Brazil is not only the largest economy in Latin America, but thanks to its rich agricultural, raw material, and energy resources, as well as a strong industrial sector, it is one of the world's leading economic nations. The country sees itself as a stable democracy with an engaged civil society and reliable institutions.
The current government of President Lula da Silva Thuringia is focusing on ambitious growth and innovation programs to modernize national infrastructure and drive economic development. This opens up attractive opportunities for cooperation and investment for Thuringian companies.
The trade figures also speak volumes: In 2024, the largest share of Thuringia's exports to South America went to Brazil (196 million euros). Metals were particularly in demand, followed by machinery, data processing equipment, electrical and optical products, and pharmaceuticals.
Further macroeconomic information on Brazil can be found on our Country page Brazil.
Argentina
After a long period of economic hardship marked by foreign currency shortages and restrictions on imports and profit transfers, Argentina is currently undergoing a transformation. Since the change of government and the commitment of an IMF loan, the country has experienced a significant economic reorientation, and businesses are once again more optimistic about the country.
With approximately 47 million inhabitants, Argentina is the third-largest economy in Latin America. According to GTAI, this country, with its strong European influence, possesses rich raw material and energy reserves as well as a highly productive agricultural sector. In addition to these strengths, the need to catch up in automation, digitalization, and technological modernization of agriculture, along with the optimization of logistics and warehousing, presents numerous opportunities for German, and especially Thuringian, companies. Furthermore, the existing agreements between Germany and Argentina—the double taxation agreement and the investment protection agreement—offer additional security and attractive conditions for bilateral business.
Further statistical data on Argentina can be found on our website Country page Argentina.
