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SANTIAGO, March 29 (Reuters) - Boeing Co projected on Tuesday that Latin American airlines will need 3,050 new planes worth some $350 billion over the next two decades, as economic growth accelerates in the region.
Sixty percent of Latin America's existing commercial fleet will be replaced in the next 20 years, with the overall fleet size tripling during that time, Boeing said as the FIDAE regional airshow was kicking off in Chile's capital, Santiago.
"In the long term, the economies of Latin America will grow faster than those in the rest of the world," said Donna Hrinak, president of Boeing Latin America.
"This growth will create more passenger traffic in the region and push Latin American airlines to expand and compete for business that has traditionally been dominated by foreign operators."
Boeing's clients in the region currently have 260 existing orders for new planes, the company said. (Reporting by Gram Slattery; Editing by Paul Simao)