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Investing in Latin America has been a recurring theme on Jim Cramer's "Mad Money" due to the strong economic conditions there. Cramer's latest idea on how to capitalize is through Chile he told viewers Tuesday. Chile is especially attractive, he said, because of the nation's 4% budget surplus, which is bullish for business.

One way to invest in Chile would be to buy shares in The Chile Fund. But, Cramer is leery of the fund because one of its largest holdings is Embotelladora Andina ( AKO.A), a Coke bottler. "You should never own" a bottler, said Cramer. The fund also owns Compania Cervecerias Unidas ( CU), another beverage company, which Cramer doesn't like.

Instead of buying the fund, Cramer recommends buying the fund's best stocks: Enersis ( ENI), Vina Concha y Toro ( VCO) and Sociedad Quimica y Minera ( SQM). These are the "creme de la creme" of Chilean stocks, he said.

Enersis is an electric utility company that is growing along with the demand for power in Chile. "I would buy this one," said Cramer.

Vina Concha y Toro is a producer of "good wine from Chile at a nice price point," he said.

Sociedad Quimica y Minera owns the world's largest lithium mine, the key ingredient in lithium batteries. The stock is in 'mon back* territory, said Cramer.

As a way to play Chile through an American company, Cramer said Colgate-Palmolive ( CL) is the biggest brand name in Latin America. He believes Colgate is a buy, and below $50, it warrants a 'mon back. Colgate's shares closed Tuesday at $53.53.

Best Asbestos Bets

Now that Georgia-Pacific ( GP) has agreed to be bought out by Koch Industries, Cramer believes Crown Holdings ( CCK) and Albany International ( AIN) may be the next big industrial takeover targets.

The main thing Crown and Albany have in common with Georgia-Pacific, said Cramer, is both companies have asbestos issues that are under control and almost behind them.

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