Companies are consolidating their business travel in Latin America as corporate traffic to the region increases exponentially, according to Hogg Robinson Group.
The corporate travel Services Company said, in order to meet this growing demand, it has appointed two new Partners in Bolivia and Panama.
Business travel is growing in Latin America as its emerging economies thrive.
The region’s growing importance to business has led to more investment from the travel industry including American Airlines, Delta and Continental, all of which are launching new routes to Latin America, and the TAM Brazilian and LAN merger, intended to help them contend with foreign competitors.
Peter Vargas, senior vice president, HRG North America, said: “Latin America has weathered the global financial crisis and, as the market begins to recover, our clients are expressing their desire to grow in the region and consolidate with a single TMC.
“Corporates understand that a regional programme managed by one organisation maximises efficiency and value, through one point of contact, simpler processes, increased buying power and product standardisation.
“Our new partners in Bolivia and Panama are extremely experienced to deliver to these requirements, and also bring excellent local knowledge and expertise.”
Brazil and Mexico are arguably two of the most significant countries in the region as, according to the IMF, they are the 8th and 14th largest world economies respectively.
Unsurprisingly, many multinational corporations such as Camargo Correa, Sadia, Embraer, San Antonio and Baxter have selected Sao Paulo and Mexico City as their consolidated Latin American hubs for corporate travel management.
Lima, the Peruvian capital, is also emerging as an important hub for business travel consolidation due to its convenient location and stable economy.
HRG has had representation in Latin America since the early 1990s and now has 14 Partners in the region: Argentina, Brazil, Bolivia, Chile, Costa Rica, Colombia, Ecuador, Guatemala, El Salvador, Mexico, Peru, Venezuela, Uruguay and Panama.