The first ever Latin America and Caribbean Investor Club was unveiled by the Department for International Trade (DIT) on Tuesday and is open to more than 200 companies from the region that currently have a stake in the UK.

The initiative aims to provide a forum connecting businesses with key officials across UK government departments, to help both identify mutual obstacles to trade and investment, and to enable investors to connect and network.

“Its launch recognises the huge importance of trade ties between the UK and Latin America, and signals our long-term commitment to supporting businesses from this region establish operations across the UK,” said Graham Stuart MP, Minister for Investment.

“As an international economic department, we will continue to promote the strengths of the UK, with an open, liberal economy, world-class talent and business-friendly taxation, to maintain our position as Europe’s leading destination for inward investment.”

The new club will host the first Latin America Invest Awards celebrating Latin American companies that have successfully invested in the UK and that bring most value to the economy.

The new club forms part of the DIT’s increasing focus on UK trade and investment with the Latin American and Caribbean region, which represents a large potential market. Total trade in goods and services between Britain and the region is currently £26.1bn ($34.3bn).

The Latin America and Caribbean Investor Club will be chaired by two representatives of each of the five countries that have the highest investment presence in the UK: Argentina, Brazil, Chile, Mexico and Colombia.