In 2024, 65% of all outward FDI projects (by value) were directed toward other Latin American countries. Together, these five nations accounted for an overwhelming 92% of all Latin American FDI outflows. Mexico’s América Móvil — a telecom giant — and fintech upstarts like Ulala and Rappi are also on relentless regional expansion runs. However, few Latin American firms operate in this British territory. Tsulerman points out that Argentina and Peru have tightened foreign investment reviews in strategic sectors like energy and telecommunications.