As several finance ministers in the Latin American region gathered for annual meetings they noted the Japanese earthquake as an opportunity to continue their economic growth via a higher demand for raw materials. Noting the human tragedy they still felt Japan would recovery quickly through an aggressive rebuild plan.
Many Latin American countries are commodity-exporters and expect Japan to engage in a massive rebuild and reconstruction phase after the devastating tsunami. Many Latin American countries are already substantial exporters to Japan and expect that demand to continue and in certain cases to increase. The finance ministers of the region did not express fear that Japan’s crisis would bring about another global economic crisis or setback the improvement trend the global economy is on.
Japan accounts for about 10% of Chile’s exports, and represents 5% of Argentina exports mostly raw materials like copper – all that will be needed for a massive rebuild, they noted.
Mexico and other Latin American countries are also counting on Japan to continue to be a major source of investment in their countries. Early indications are from Japan that they are continuing with their long-term investment plans in the region.