and particularly in the more protectionist countries. Venezuela is clearly difficult but even the larger market in Brazil is tough to compete in. They require so much to be locally produced that it becomes a barrier for companies to enter.

I spent 3 years looking at every way I could to put a $500m+ vehicle and engine assembly factory there and could not make it pay. The ROI for the heavy investments required down there is minimal. The difficulty to import or manufacture down there stymies growth.