Final answer:
The term used to denote foreign-owned manufacturing firms in Latin America is Maquiladora industry.
Step-by-step explanation:
The term used to denote foreign-owned manufacturing firms in Latin America is Maquiladora industry.
Maquiladoras are foreign-owned factories that import raw materials or components and use local cheap labor to manufacture, assemble, or process products for export. Many of these maquiladoras are owned by US corporations and a significant percentage of the finished goods are exported back to the US.
Keywords: Maquiladora industry, foreign-owned factories, manufacturing, Latin America, US corporations, cheap labor, export