The Australian Industry Group (Ai Group) has signed a Memorandum of Understanding (MOU) with the Federation of Industries of the State of Sao Paulo (FIESP) - Brazil's largest industry body - in a move that will pave the way for more Australian business engagement with Latin America's largest economy.

"This is Ai Group's third MOU in South America which demonstrates our commitment to assisting members in this growing market," Ai Group Chief Executive Designate, Innes Willox, said today.

"Latin America is shaping up to be the next big destination for Australian exporters and investment. With a young educated population and great wealth of natural resources, this region is finally beginning to realise its potential.

"Mining and energy technology and services, engineering and consulting services, education and training, information technology, tourism and infrastructure are key sectors with opportunities for Australian exporters into Brazil. This MOU will enable the two organisations to exchange information and assistance, to help business better explore these opportunities.

"Companies who wish to position themselves for growth should consider including Latin America in their export plans," Mr Willox said.

The signing of the MOU was witnessed by Minister for Tradeand Competitiveness,Dr Craig Emerson in Sao Paulo. Ai Group's Louise McGrath was also in attendance.