Argentina and Brazil are among countries in South America that are "very strong", according to Ovation Global DMC managing director Patrick Delaney.
The DMC currently has 60 offices around the world, but is planning to increase that to 100 by the end of 2012, said Delaney.
"We are looking particularly at South America to make strategic partnerships," he added.
Buenos Aires reached 11th place in the ICCA 2009 cities rankings, up from 15th in the 2008 list, while Argentina moved from 22 to 19 in the countries list.
Meanwhile, Liberty International Tourism Group is planning to expand into up to seven new countries next year, with a focus on Latin America and Asia, said chief executive management assistant Rene Regal.
"2011 will definitely be a year of growing markets," said Regal. "It will not be as stark as 2009/10, but the biggest business will be in 2012/13."