SANTIAGO, Chile, June 15, 2021 /PRNewswire/ -- InvestChile, Chile's Foreign Investment Promotion Agency, has just launched a new e-book about investment opportunities in the technology and global services industry - a sector whose project portfolio has grown by 755% over the last five years.
The e-book includes all the information that companies need to set up their projects in Chile, a country whose tech industry is showing particular dynamism. In 2016, there were just 13 projects in this industry totaling US $508 million, but now InvestChile is managing a portfolio of 170 projects in different stages of development, at a total value of around US $4.3 billion. Meanwhile, Chile is exporting over US $4 billion in services like telecommunications, computing and R&D each year, and growth has averaged 6.6% over the last 10 years. Similarly, data storage services have grown at 23% per year, exceeding the 18% observed in the rest of the region.
Not even the pandemic could stop the growth of the technology sector in Chile. In late 2020, Huawei announced its plan to set up a second data center and public cloud as part of its first US $100 million investment in the country. Meanwhile, Oracle has inaugurated its first Region Cloud in Chile, and Microsoft recently made its most significant announcement since it arrived in Chile in the early 1990s with a program that includes setting up data centers and a digital activation plan for the country. According to Microsoft, this program will generate US $11.3 billion in revenue and create 51,000 new jobs. Additionally, many companies that are already established in Chile (like AWS, Equifax, Evernote, Nabiax, Odata and Ascenty) have plans to expand further.
There are a number of reasons behind the increase in tech projects in Chile, but there are two that stand out. The first is the country's connectivity, with the fiber optic expansion that is underway and the tendering of a 5G network this year. The second is that Chile offers great potential for exporting tech services because it has one of the world's most extensive networks of free trade agreements and double taxation agreements. Other advantages include the availability of advanced human capital and the fact that Chile is in a similar time zone to large markets like the U.S. East Coast.
This new InvestChile e-book provides a complete description of the business climate and the profile of the technology sector in Chile. It also provides details of the investment incentives available and success stories of foreign companies that have settled in Chile. The e-book can be downloaded for free here.
Francisca Schwerter, [email protected]
Denisse Vásquez, [email protected]
E-Book Global Services & Technology Industry in Chile