Chile Holds Successful Seminar in the United States to Attract Investment

With the participation of the President of the Republic of Chile, Sebastian Pinera and in the presence of more than 200 local businessmen, notably representatives of Citibank, BNP Paribas, Goldman Sachs, JP Morgan, Morgan Stanley, HSBC and the World Economic Forum, among others, Chile presented a wide array of options in the United States for investment in Chile's various productive sectors.

Sep 23, 2011, 09:00 ET from ProChile

NEW YORK, Sept. 23, 2011 /PRNewswire/ -- Through a project coordinated by ProChile (the Chilean Export Promotion Bureau) and Corfo's InvestChile (the Chilean Economic Development Agency), and with the support of the Americas Society/Council of the Americas and the Chile-US Chamber of Commerce, Chile has undertaken a series of activities focused on revealing the country's attributes and its favorable conditions for doing business, which have positioned it as a privileged destination for foreign investment.

According to the latest rankings and international reports by entities such as the OECD, the World Bank and The Economist Intelligence Unit, Chile has been recognized as the most stable and secure country in South America; a good ally for doing business, and a country open to the world that promotes free trade and actively seeks agreements with other nations and trade blocs (among them, the United States, Mexico, the European Union, China, Japan and South Korea), while according to the latest report of the International Monetary Fund (IMF), projections for the country's growth in 2011 are expected to reach 6.5%, higher than the 5.9% forecasted in April by the same body.

"The high levels of education, solid macroeconomic fundamentals and the legal guarantees established for foreign investors are the key factors that generate confidence in our country," noted Alejandro Cerda, Trade Director of ProChile in New York, emphasizing, moreover, that "the work coordinated between ProChile and Corfo for the attraction of investment is an indication of the Government's commitment to support initiatives that strengthen the country's positioning as a platform for technology-intensive business, with the support of a series of credit lines, subsidies and incentives for foreign companies."

In recent years, Chile has positioned itself as a leading pole of innovation in Latin America, implementing initiatives that make it possible to foster entrepreneurship, global competitiveness and a dynamic business environment. Through activities such as this seminar, the country is seeking to increase the number of contacts with potential investors, while also establishing working agreements with international entities involved in foreign investment and development projects in Chile.

"During the seminar we provided useful information to investors interested in establishing themselves in Chile through high impact projects in various productive sectors, underscoring the incentives the country is offering to facilitate processes of assessment, getting established and materializing investments," says Hernan Cheyre, Executive Vice President of Corfo.

He added, furthermore, that "as a country, we have one of the lowest business taxes in Latin America and most European economies, at 17%. Nowadays, on an exceptional basis, and as a measure to make it possible to rebuild the country after the earthquake that struck us on February 27, 2010, this tax is at 20%, scheduled to go down to 18.5% next year, and to return once again to 17% in 2013."  

INCREASE OF FOREIGN DIRECT INVESTMENT (FDI) IN CHILE

With US$ 15,095 million (17.3% more than in 2009) of FDI in 2010, Chile ranked for the first time among the 20 countries that received the largest amounts in this category, according to measurements made by the United Nations Conference on Trade and Development (UNCTAD), placing only below Brazil and Mexico in Latin America.

The UNCTAD report also highlighted Chile as one of the 20 countries with the greatest potential for the 2011-2013 period in a listing drawn up from consultations with multinational companies that was headed by China, the United States and India.

Some productive sectors in which Chile offers advantageous conditions for foreign investment are Mining Industry Suppliers, with an investment potential of US$ 120,000 million to 2017; the Food Industry; Non Conventional Renewable Energy (NCRE); Biotechnology and Global Services (Offshoring).

SOURCE ProChile