Can the U.S. build business in Latin America?

For a few years now, I’ve been hearing how there are so many business opportunities in Latin America with Brazil at the top of the list. I hear how they are spending a lot of money on defense, space and security. And of course I hear about events like the World Cup in 2014 and the Olympics in 2016 leading the charge, and how there will be new and highly funded programs which need solutions. I’m curious about how that is working out for most U.S. companies?

Brazil, the largest in size and budget of the Latin American countries, continues to put up barriers to entry for many companies to get a seat at the table to do business.  It’s difficult for the average U.S. company to sell to Brazil. The country has set up complicated requirements like having an office in the country or having ties to large Brazilian companies. The situation is compounded by the Brazilian government choosing to limit its relationships with U.S. space companies, associating itself with France and China to a large degree, in the name of ITAR regulations.

So how do U.S. companies get their foot in the door? Is it worth the investment time, effort and money to keep trying? I look forward to others opinions on the topic.