What does Latin America need to become a global manufacturing hub?

The tense commercial relations between United States and Chinaas well as the prioritization of shorter supply chains, give the opportunity to Latin America become a global manufacturing hub. He Inter-American Development Bank estimated that this relocation could boost the regional exports of goods and services in about US$78,000 million annually.

However, to fulfill its potential as a global manufacturing hub, Latin America must close the gap in project management charges. By 2030, the region needs to reach 5.9 million positions oriented to this type of functions, an average of 119,000 new project managers per year, according to the Talent Gap Report of the Project Management Institute (PMI).

According to the latest PMI Job Trends report, sectors such as automotive, pharmaceuticals, renewable energy, oil and textiles offer great potential with Mexico and Brazil most likely to benefit if the region realizes its full potential as a hub. manufacturer.

“To remain competitive and achieve that potential, companies will need to focus on hiring problem solvers and relationship builders who can help drive change and deliver strategic value,” explains Ricardo Triana, PMI’s executive director for Latin America.

Rising energy prices in Europe, the global restructuring of North American tech giants and the health of the Chinese manufacturing sector are all factors that could drastically alter project activity and the manufacturing landscape in Latin America. Adapting to this scenario is key to being successful in a changing job market.

In the case of Peru, according to the Institute of Economics and Business Development of the Lima Chamber of Commerce, the manufacturing sector is projected to grow 1.8% in 2023, a slight recovery from what was achieved in 2022 (1.5 %). In this sense, the situation will require more professionals specialized in project management to achieve the objective of maintaining the expansion of the sector.

“The demand for project managers, especially those with the driving skills that can help organizations weather turbulent times, will be increasing. Project professionals have become more valuable and less vulnerable in case the labor market cools down”, adds Ricardo Triana.

For these professionals, according to the specialist, technical skills will not be enough to face this new challenge. In a world of widespread automation, the advantage will not necessarily fall on the most technical, but on those who know how to combine it with creativity, innovation and the ability to manage people.