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the continent, including Chile, Peru, and Colombia. (See sidebar on page 37.) "We are in the Americas for the long haul — as people who share common political values, as economic and busi- ness partners, as neighbours," Prime Minister Stephen Harper said during a trip to the region in July 2007, to mark the 10th anniversary of the Canada- Chile Free Trade Agreement. That deal was the first of its kind for Canada in the region. "Canada can play a dynamic role working with our partners in the hemi- sphere to build a prosperous and safe neighbourhood of nations committed to democratic values and social inclu- sion," said the PM. While the ardour of many Canadian investors in the region has cooled in recent months due to the political and social unrest in some countries — plus the relentless sabre-rattling of Chávez in Venezuela — many big-name money experts share Harper's upbeat assess- ment of the region. "Sure there are risks, [but] there are many more good reasons to invest in South America," says Donald Coxe, a onetime Ontario lawyer who is now a well-known international busi- ness writer and global portfolio strategist for BMO Capital Markets, one of North America's leading full-service investment firms. In addition to a having a large and increasingly educated population, Coxe lauds the long constitutional history of most countries in South America, all of which (except French Guiana, which re- mains a colony of France) have earned their independence over the past 200 years. "Apart from Venezuela," he says, "their constitutions are relatively stable, [and] there have been terrific improve- ments in regards to the respect of rule and law." Coxe also believes that South Ameri- ca's European-based laws and languages are an added charm — plus a com- petitive advantage over Asia — when it comes to attracting North American and European investors. "Spanish and Portuguese are a lot easier to learn than Chinese or Hindi," he says. "You can pick them up in one winter visit, which isn't the case for complex languages based on characters." More important, he adds, is the fact Innovative Thinking Helps Close More Infrastructure Deals At First Canadian Title we thrive on professional challenges, we take pride in the commercial services we provide and we share in your enthusiasm when helping close a transaction — large or small. Let us help you close your next infrastructure deal by providing innovative thinking backed by the protection of a First Canadian Title commercial title insurance policy. www.firstcanadiantitle.com CALL FIRST 1.866.804.3112 Insurance by FCT Insurance Company Ltd., with the exception of commercial policies by First American Title Insurance Company. Services by First Canadian Title Company Limited. This material is intended to provide general information only. For specific coverage and exclusions, refer to the policy. Copies are available upon request. Some products/services may vary by province. Prices and products offered are subject to change without notice. TM Trademark of The First American Corporation. that South America is teeming with proven and hoped-for deposits of nat- ural resources like gold, copper, and other precious metals that have already attracted dozens of Canadian mining companies, from junior exploration companies, like B.C.-based Rusoro Min- ing, to this country's two giants in the field: Barrick Gold and Teck Cominco. "It's difficult to find mining properties in Asia," says Coxe. "There's really only Russia; but, with everything that's going on there these days, nobody's too eager to get involved." To be sure, the exploration and de- velopment of natural resources is the main interest of most Canadian busi- nesses operating in South America. And their activities, which drive, define, and dictate the bulk of the work being done by Canadian lawyers on behalf of their clients, often require and involve the 34 OC T OBER 2008 www. C ANADIAN Law ye rmag.com ntitled-3 1 9/9/08 8:58:13 AM