Latin America is full of unique opportunities for Delaware exporters, specifically Chile and Peru. These economies of these Spanish-speaking nations are recovering in the wake of COVID-19. The healthcare industry is expanding and the government is looking to invest in medical devices and health record solutions. There is also a high demand for safety and security solutions. Read more about each market below.

If your Delaware small business is interested in developing new customers in Latin America, we invite you to join us on a business trip to Chile and Peru to meet new customers and potential partners. We plan to travel in person on August 2-6, 2021. Should it not be safe to travel then, we will postpone to mid-September.

The purpose of this trip is to meet with potential customers, distributors, and partners in Chile and Peru to develop new export business in these nations. Meeting face-to-face with prospective customers is critical to establishing new business relationships around the world. The Export Delaware team will arrange business meetings with distributors, agents, or customers according to the unique, specific needs of each company participating.

If you are interested in participating in this trip, would like more information, contact us at Export@Delaware.gov.

Trip Overview

The purpose of this trip is to meet with potential customers, distributors, and partners in Chile and Peru to develop new export business in these nations. Meeting face-to-face with prospective customers is critical to establishing new business relationships around the world. The Export Delaware team will arrange business meetings with distributors, agents, or customers according to the unique, specific needs of each company participating.

This trip is funded in part by a cooperative creative agreement with the US Small Business Administration. Eligible Delaware small businesses may receive grant funding to help offset the cost of traveling. Read more below to learn about this opportunity and to see if you qualify.

On the trip, you will receive specialized support from our trade representative headquartered in Latin America, Miguel de Regil. Miguel has over 40 years of experience supporting US companies as they export to Latin America. Miguel and the Export Delaware team will arrange business meetings with distributors, agents, or customers according to your needs, all specific to your company.

Before we leave for the trip, extensive research will take place to identify a target list of clients for your business. The State of Delaware’s trade representative Miguel de Regil and the Export Delaware team will then schedule meetings for you with companies on your target list. Once you arrive in-country, we will host a briefing session and help prepare you for the meetings. From Monday – Friday you will go to your one-on-one meetings, accompanied by an interpreter and driver. Each company will have a comprehensive meeting schedule. Past participants report significant sales as a result of our programming in Latin America.

Does My Business Qualify?

To qualify to participate in this trip, your business must meet the size requirements of the SBA (listed here), and the goods or services your organization that you will promote on this trip must be of US origin OR have at least 51% US content.

In addition, you must meet the following requirements:

• Operate in Delaware at a Delaware street address
• Be in business longer than one year
• Have an export plan
• Be determined export-ready by Export Delaware
• Apply to participate before April 15!

Apply to Participate

Spots for this business trip are limited and awarded on a competitive basis. You must complete an Export Delaware STEP grant application to be considered. If you are interested in participating in this trip, would like more information, or are ready to apply contact us at Export@Delaware.gov.

Chile Market Overview

With zero tariffs, an open market policy, and a stable government, Chile is a strong export market for Delaware small businesses. Of all the Latin American nations, Chile has the highest credit rating. The nation consistently ranks high on international indices relating to economic freedom, transparency, and competitiveness. For a general market overview, read more from the US International Trade Administration here.

Quick Facts

• Delaware companies exported $19 Million to Chile in 2019
• US exports totaled $15.7 Billion to Chile in 2019
• Chile is the 20th largest goods trading partner for the US
• The US is Chile’s #2 trading partner (after China)

Healthcare Sector

Due to the aging population, healthcare infrastructure projects are a priority for the Chilean government. The administration has placed a major focus on creating a unified national record of patients, in conjunction with their government-run health insurance system that covers 77% of the population.

Telemedicine technology, healthcare information management systems, digital medical record systems, remote monitoring systems for chronic diseases, and medical devices are all in high demand.

Read the full sector report from the International Trade Administration here.

Telecommunications Sector

According to the ITA, Chile has the “most advanced and modern telecommunications network in Latin America.” The nation has to import all telecommunications equipment. However, this isn’t deterring progress — they are currently on track to deploy their first national 5G network. The nation is also completing plans for a submarine fiberoptic cable connecting them with Australia. This presents opportunities to Delaware companies who specialize in this sector.

Read the full sector report from the International Trade Administration here.

Peru Market Overview

In the past 20 years, Peru has continued to be one of the fastest-growing Latin American economies. The nation now enjoys low inflation and lower poverty rates after years of structural reforms and macroeconomic policies. There has never been a better time for Delaware exporters.

Peru has reported the lowest country risk in the region, according to JP Morgan. Economists predict the nation will recover from the COVID-19 Pandemic faster than others in the region.

Read more from the International Trade Administration here.

Quick Facts:

• US exports to Peru totaled $9.6 Billion in 2019
• Delaware exports to Peru totaled $5.1 Million in 2019

Medical Device Sector

The opportunities in this sector are due to Peru’s inadequate healthcare resources. Unfortunately, the COVID-19 pandemic shed light on just how vulnerable the nation was and the need for improvement is evident. Now, digitalization and telemedicine, or telehealth, are also priorities for the Peruvian government. The ITA says the “government’s prioritization of the country’s healthcare system and the interest of private companies to invest more in specialized equipment, will yield opportunities for foreign medical device manufacturers.”

Note, “US companies must register their products in Peru by partnering with a local distributor who has the ability to register through the Dirección General de Medicamentos, Drogas e Insumos (DIGEMID).”

Read the full sector report from the International Trade Administration here.

Safety and Security Sector

Currently, there is a high demand for residential, industrial, and office security equipment. Many organizations and individuals are investing in security equipment. The Peruvian government plans to invest $117 Million on police equipment.

Read the full sector report from the International Trade Administration here.

Join Us

If your Delaware small business is interested in developing new customers in Latin America, we invite you to join us on a business trip to Chile and Peru to meet new customers and potential partners. If you are interested in participating in this trip, would like more information, contact us at Export@Delaware.gov.