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b DESIGN DEMAND – MEXICO

MEXICO HAS one of the highest GDPs per capita in Latin America and a growing middle class. Its retail sector is predicted to grow by a massive 43 per cent in the next five years and more than half of all luxury goods sales in Latin America are in Mexico. UK companies like Burberry, Thomas Pink and Hackett have been alert to an increased demand and have opened stores or expanded their businesses with the help of UK Trade & Investment over the past few years.

Many are successfully selling through department stores, while others have established their own retail outlets.

“Market entry depends on the brand,” says Ivan Ramirez, head of consumer goods at UK Trade & Investment in Mexico. “Through helping a variety of companies we have built up contacts and an in-depth knowledge of the sector that can save time in market research.” A special event for the retail sector will be held in Mexico early next year – for details visit www.ukti.gov.uk/ukti/mexico.

John Franck, head of UK Trade & Investment in Mexico, believes that many UK companies are missing out on opportunities in this market and has launched Mexico Matters, a promotional campaign to raise its profile. A logo is available for businesses to use to promote their involvement in the region. “The key step for UK business people is to get on a plane to see the opportunities for themselves,” he says. “Mexico will be one of the seven largest economies in the world by 2050.”

Contact Ivan Ramirez, head of consumer goods, email ivan.ramirez@fco.gov.uk

Contact John Franck, email john.franck@fco.gov.uk


c RETIREMENT RETREAT – COSTA RICA

THE COSTA Rican government is keen to establish retirement communities and has launched a nationwide initiative to promote relevant industry sectors. The country will use its competitive advantages in healthcare, tourism, real estate development, transportation and safety to attract retired people to the region from abroad. These residential projects for seniors will provide comprehensive services and personalised care, including domestic services, transport and nursing. The government is allocating resources and special incentives for private companies to get involved in this area.

In parallel, it intends to develop other activities such as advanced medical and pharmaceutical research centres, high-value recreational activities and theme parks.

Costa Rica has first-class medical healthcare and life expectancy is higher than in five of the seven most developed countries in the world. The manufacture of medical devices has increased by 16 per cent in the last five years and the area has also seen foreign direct investment in construction and tourism

For more information about the opportunities in Costa Rica, contact trade and investment officer Luisa Pastor, email luisa.pastor@fco.gov.uk


d CONNECTION POINT – PANAMA

AS THE gateway to Latin America, much of Panama’s attraction is its geographical location. Some 14,000 ships cross the Panama Canal and Panamanian ports handle more than four million containers each year. The country has the largest merchant fleet in the world and is the destination for 54 per cent of all goods coming from Europe to Central America. Connectivity is key in the region – a railway, three highways, an oil pipeline and five fibre-optic cables link it and 28 airlines fly 225 daily flights to Panama.

Panama City is also a key financial centre in the region, with 91 banks where the US dollar is legal tender. There are no exchange controls, restrictions on currencies or flow of capital, nor is there a central bank.

During the economic downturn, Panama grew by an average of 8.5 per cent and was granted investment grade status. There is a government infrastructure investment programme of US$18 billion (2010-2014), including a Canal expansion project in operation.

For details of opportunities in Panama contact Romel Adames, email romel.adames@fco.gov.uk


e TOURIST HUB – DOMINICAN REPUBLIC

OVER THE past decades, the Dominican Republic has transformed itself from an agricultural economy to a diversified society. In 2009, GDP growth was 3.5 per cent while inflation was 5.8 per cent. The economy has enjoyed an average 7 per cent growth in the last four years.

UK exports to the Dominican Republic were £80 million in 2009, a 30 per cent increase over the previous year. Main imports were medicinal and pharmaceutical products, road vehicles, beverages, specialised industrial machinery and electrical machinery.

The principal sectors on the island are infrastructure, tourism, renewable energy and agriculture, and industrial free trade zones offer attractive incentives for foreign investment in areas such as textiles and electronics. In addition, it has a free trade agreement with Central America and the United States of America (DR-CAFTA).

To find out more, contact UK Trade & Investment officer Leonora Dipp, email leonora.dipp@fco.gov.uk

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