This article shows an example of applied industrial geography and policy. Based on statistical data and interviews obtained in South America, the potential of joint ventures as a contribution to more technical, financial and operational interactions in North‐South relations and tendencies towards outward orientation in industrialization are described. The assessment of interviews shows several details of possible joint ventures regarding size, production, manpower, technical equipment and transfer of new enterprises. Joint ventures are an important contribution to economic development, especially to export diversification. EU and Andean Pact institutions now support increased industrial cooperation with various incentives, while at the same time non‐European countries are realizing more projects in Latin America.