BANNOCKBURN, IL — OEMs have stepped up investments and operations in Latin America, most notably in the automotive industry, and manufacturing production is poised for solid growth in 2013.

So says a new report on the region from IPC. The study, which is based on secondary sources, including research organizations, governmental agencies and trade associations, found that multinational corporations in Latin America are diversifying investments from assembly production into research and development, aiming to gain a firm foothold in the market.

The region’s consumer markets are also expanding, driven by strengthening currencies, advanced credit and improved credit conditions, IPC said.

“The Latin American region has received significant attention in the last few years as a potential growth area for the electronics industry,” says Sree Bhagwat, IPC market research manager. “This report not only provides insight into the economy and prominent industry sectors, it also examines political, economic and business risks companies need to understand as they consider pursuing opportunities in the region.”

The 44-page report focuses on the region’s eight largest markets — Brazil, Mexico, Argentina, Chile, Colombia, Venezuela, Peru and Ecuador — which comprise 78% of Latin America’s gross domestic product and 70% of the region’s population.