Chile intends to energize investment processes in the South American country for international companies in the coming months. This effort to promote foreign direct investments in Chile is being undertaken so that the country’s economic potential can be translated into a genuine offer to demonstrate the great value of the Andean nation as a reliable and lucrative “trading partner.”
Corfo is Chile’s industrial promotion agency
This is one of the tasks of the Production Promotion Corporation (Corfo), whose vice president, Claudio Maggi, recently participated in the Chile Summit Europe 2024, organized at the Spanish Confederation of Business Organization’s (CEOE) headquarters in Madrid. The purpose of the meeting was to strengthen efforts to deepen the scope of economic and investment relations between Spain and Chile.
The mission of Corfo, the agency of the Government of Chile, is to promote national production and regional economic growth, which is why it is immersed in different activities such as the Chile Summit Europe 2024 to present investors with the offer of possibilities ” for investments in Chile that are quite unique.
“We need global companies to take note of opportunities in Chile and help us become a relevant actor in the task of ecological transition, to have a more sustainable industrial base,” he said in an interview with Europa Press.
In some sectors, such as natural resources such as lithium, green hydrogen, or copper, which are essential for the ecological transition, Chile aspires to achieve horizontal relationships with partners such as Spain, achieving “mutual benefit.”
Streamline project permits for investments in Chile
Chile has “a lot of legal certainty” and “robust” institutions in its favor, as highlighted by the vice president of Corfo. The country does have to, however, still resolve some issues regarding bureaucracy. The Ministry of Economy is “fully focused” on this effort.
“Altering, updating, and streamlining legislation is not easy since new requirements are added to the old ones, and there has not been a cleanup of what is redundant, among other things, due to the fragmented nature of the current bureaucracy,” commented Maggi.
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To advance in this circumstance and accelerate investments in Chile, the Government is developing new legislation to make progress related to sectoral and environmental permits. “Our great challenge now is to modernize and strengthen our public apparatus, and that with this muscle, we can accompany this increase in investments in Chile in a good way,” said the vice president of Corfo.
Another of Chile’s challenges is infrastructure, a fundamental issue to improve the country’s connectivity, with aspects such as the renewal of the maritime fleet, which is one of the sectors expected to adopt green hydrogen the earliest.
Lithium leadership
Investments in Chile, particularly in the lithium sector, can generate great prosperity for the country. The fact that this will not only benefit the investing companies is why Corfo and the Government are betting on opening the door to public and private collaboration through the National Lithium Strategy.
“We have the possibility of participating in the lithium revolution, taking global leadership,” asserted Maggi, who has encouraged companies “with knowledge in lithium operations and the lithium market” to form alliances to develop this industry and make investments in Chile.
In conclusion, Chile stands at a significant economic transformation threshold, poised to leverage its abundant natural resources and institutional robustness into a beacon of investment opportunity. The efforts to increase investments in Chile, spearheaded by entities like the Production Promotion Corporation (Corfo), reflect the Andean nation’s commitment to positioning itself as an attractive destination for foreign direct investment. By showcasing its potential across various sectors, from lithium to green hydrogen and copper, Chile aims to bolster its economy and play a pivotal role in global sustainability initiatives. Despite challenges such as bureaucratic hurdles and infrastructural needs, the Chilean Government’s proactive stance in modernizing legislation and infrastructure underscores its dedication to facilitating a conducive environment for investment. Moreover, the emphasis on public-private collaboration, exemplified by initiatives like the National Lithium Strategy, highlights Chile’s recognition of the importance of partnership in driving innovation and prosperity. As the nation continues to streamline processes and foster strategic alliances, it is well-positioned to harness the full spectrum of its economic potential, becoming not only a lucrative trading partner but also a leader in shaping the future of sustainable industry. With a clear vision and concerted efforts, Chile is poised to translate its economic aspirations into tangible growth and establish itself as a beacon of opportunity on the global stage.
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