China’s growing influence in global manufacturing and the accelerated deindustrialization facing Latin American economies are forcing the region to design an industrial policy that strengthens competitiveness and preserves strategic productive capacities, specialists agreed during the panel “The New Global Economic Scenario: Challenges and Opportunities for Latin America,” within the framework of the Alacero Summit 2026.
Luis Foncerrada, Chief Economist of AMCHAM Mexico , said that “if things continue as they are, China will be producing 45% of the world’s manufactured goods, it will not stop and that implies very serious risks.”
“(What is needed) is a comprehensive industrial policy that, in the case of steel, includes products, users and products, any other related manufacturing, and this cannot happen without the participation of the government and governments, who can agree on a strategy, not a wish list, but a clear strategy with actions and a long-term program,” he argued.
Meanwhile, Marcos Troyjo, former president of the New Development Bank (NDB), recalled that in the last 10 years, the country has been responsible for a 33% increase in global GDP , and has entered a new economic stage in which it seeks to reduce external dependencies while increasing the dependence of other countries on its market and production chains.
According to the former Brazilian official, this transformation forces Latin American countries to rethink their industrial and commercial strategies.
Troyjo agreed that trade protection alone will not solve the problem. He compared industrial strategy to a football team that cannot simply focus on defense and stressed the need to promote investment, technological innovation, and new financing mechanisms.
Both specialists identified Mexico, Brazil, Argentina, Colombia, Chile, and Peru as economies poised to lead a potential regional reindustrialization agenda. However, they cautioned that success will depend on the ability of governments and the business sector to coordinate their positions and develop joint projects.
“It’s a great opportunity and there’s no time to waste. We have a diagnosis, we know what to do: protection, subsidies, financing, etc. It requires someone to take on the task of making it happen, and with these countries, we have the strength to achieve it,” explained Luis Foncerrada.
He stated that given the possibility that China will carry out 45% of global manufacturing in the next three years, “we are facing a monster of technology, innovation and production, reasons why industrial policy is required.
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