<p">This research analyses the increments of outward investment of Latin American countries, particularly Argentina, Brazil, Chile, Colombia and Mexico to other Latin American countries. These flows of investment are materialized through enterprises, known as Multilatin or translatin firms, which have reached the first places of global business ranking, like UNCTAD ranking, where firms like Petrobras, Vale or América Móvil are placed in the first position of this ranking.

Indeed, the research has as first objective to analyze the internationalization strategies of the Multilatin firms, it means, to localize the receptor economies of this investment, productive sectors and activities, which are favored by these flows. While it has also been studied the increase of multilatin small and medium enterprises. Hence, as a case study, three big Multilatin firms are taken into consideration: CEMEX, Ternium and Gerdau, but also three small-medium enterprises: Viña Concha y Toro, Arcor and Grupo Nacional de Chocolates.

At the same time, the second objective of this research is to evaluate the impact of this investment on the employment creation on the receptor countries. Particularly, it will be analyzed the generation of employment of the enterprises studied. In order to reach this objective, an employment function will have been estimated which will include the foreign direct investment as a hexogen variable. A panel model will estimate the data. 

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