Driven by the desire for diversification and access to new, dynamically growing markets, the South American economic region is gaining significant importance.
Despite very different framework conditions, 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 also ranks among the world's leading economic nations thanks to its rich agricultural, raw material, and energy resources as well as a strong industry. The country sees itself as a stable democracy with an engaged civil society and reliable institutions.
The current government of President Lula da Silva is pursuing ambitious growth and innovation programs to modernize the national infrastructure and drive economic development. This opens up attractive opportunities for cooperation and investment for Thuringian companies.
The trade figures also speak a clear language: in 2024, the largest share of Thuringia's exports to South America went to Brazil (196 million euros). Particularly in demand were metals, followed by machinery, data processing equipment, electrical and optical products, as well as pharmaceutical products.
You can find further macroeconomic information on Brazil on our Country page Brazil.
Argentina
After a long economically difficult phase with foreign exchange shortages and restrictions on imports as well as on the transfer of profits, Argentina is currently undergoing a transformation. Since the change of government and the promise of an IMF loan, the country is experiencing a clear economic realignment, and companies are looking at the country with renewed optimism.
With around 47 million inhabitants, Argentina is the third-largest economy in Latin America. According to GTAI, the country, which has a strong European influence, has rich raw material and energy reserves as well as highly productive agriculture. In addition to these strengths, it is above all the need to catch up in automation, digitalization, and technological modernization of agriculture, as well as the optimization of logistics and warehousing, that opens up numerous opportunities for German and especially Thuringian companies. Furthermore, the existing agreements between Germany and Argentina – the double taxation agreement and investment protection – offer additional security and attractive framework conditions for bilateral business.
You can find further statistical data on Argentina on our Country page Argentina.
