13 Oct 2017
Chile Unveils New Strategy to Attract Foreign Investment
The Chilean government has unveiled a new strategy to attract and promote foreign investment. The document explains the benefits of promoting foreign investment, discusses how to position Chile as a business and investment centre as well as a global platform to access other markets, outlines the economic sectors that should be prioritised, and delves into other related matters such as fostering a favourable investment climate and promoting foreign investment at the regional level.
To position Chile as a business and investment centre and a global platform to access other markets, the strategy encourages InvestChile, the country’s investment promotion agency, to align investment promotion efforts and activities in order to influence in the most effective manner the decision-making of targeted companies. As a first step, efforts should be made to build and strengthen Chile’s image as a desirable destination to do business, carefully identify the companies to be targeted, and work to reach those companies with an economically coherent message. The targeted companies could then consider the possibility of including Chile in their short list of potential locations. The strategy stresses the direct relationship that exists between Chile’s image and the inclination of investors to consider the country as a potential investment destination, as it highlights the importance of developing an economically attractive business proposition aimed at persuading companies of the competitive advantages that Chile may be able to offer.
Also of special relevance is the availability of services in Chile to facilitate the initial establishment as well as the expansion of investment projects, including the provision of information and assistance with investment promotion instruments as well as in-country support aimed at ensuring that the establishment process is as expeditious and problem-free as possible. Likewise, after-care services for companies already established in Chile should be nurtured as they also play a critical role in preserving and fostering new investments.
The strategy lists a number of economic sectors that the Chilean government believes should be prioritised. They include activities associated with extractive mining, especially copper mining, where foreign investment opportunities exist in connection with the transition from open-pit to large-scale underground mining, the development of autonomous integrated operations, the minimisation of energy and water consumption, the treatment of complex concentrates, the re-treatment of tailings and the exploitation of rare earth elements, the procurement of mining equipment, and the provision of engineering, construction and production support services. Other sectors under consideration include the sophisticated food industry, energy and logistics infrastructure for development, sustainable tourism, and exportable technology services, including services related to the life sciences, creative industries, and information and telecommunications technology.