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InvestChile Public-Private Council sets out priorities for promotion of foreign investment in 2020

  • One of the key focuses will be investment retention and aftercare. 

The Minister of Economy, Economic Development and Tourism, Lucas Palacios, and the director of InvestChile, Cristián Rodríguez, chaired the second annual meeting of the InvestChile Public-Private Consultative Council at which discussion focused on the new foreign investment promotion strategy for next year.

Participants from the public sector included the Undersecretary for Tourism, Mónica Zalaquett; the Undersecretary for Science, Carolina Torrealba; the executive vice-president of the government’s Economic Development Agency (CORFO), Pablo Terrazas; and the president of the National Productivity Commission,  Raphael Bergoeing.

On behalf of the private sector, the meeting was attended by the counselor of the Manufacturers’ Association (SOFOFA), Rosario Navarro; the president of the Association of Entrepreneurs of Chile (ASECH), Alejandra Mustakis; and representatives of overseas companies such as Microsoft, Antofagasta Minerals and China Three Gorges.

Those present at the meeting had an opportunity to comment on next year’s guidelines for promotion of foreign investment in Chile, which will serve as the pillars of InvestChile’s work. During the meeting, emphasis was placed on the challenges that the country’s new internal situation poses as regards investment attraction and country image, which will require efforts on the part of both the public and private sectors.

Minister Palacios stressed that it is key that the government is addressing social demands democratically “based on the institutional framework that has brought our country development”.

“The road has been institutional, through agreements and dialogue, and companies that seek to invest in Chile in the long term value that,” he said.

He insisted on the importance of citizens and specifically foreign investors having access to information about the situation in the country from official sources, avoiding fake news and mistaken interpretations.

“For this, InvestChile – in conjunction with other institutions – has created the website; as a means of reducing uncertainty, it contains official information on the measures being taken by the government,” said Minister Palacios.

The director of InvestChile, Cristián Rodríguez, indicated that the agency’s strategy in 2020 will focus on generating an ecosystem to boost the entry of foreign direct investment (FDI).

“Beyond the current context, Chile needs to maintain FDI flows in an international context with high levels of uncertainty and new protectionist trends. International experience shows that the projects of companies already established in a country generate around twice the amount of new projects, and three times the number of jobs. Therefore, one of our focuses in 2020 will be the retention of investments and aftercare, without neglecting our promotional work,” said Rodríguez.

According to the Central Bank of Chile, foreign investment in the country reached US$10,325 million in the first ten months of this year, up by 64% on the same period last year.