InvestChile has presented the final version of Chile’s new strategy for attracting foreign capital to the Committee of Ministers for the Promotion and Attraction of Foreign Investment, chaired by Lucas Palacios, the Economy, Development and Tourism Minister.
The text is the joint work of InvestChile, the Economy Ministry and other related ministries. It contains the general guidelines that will govern the work of InvestChile and establishes a strategic vision for growing foreign investment in Chile.
The strategy puts forward a plan to proactively attract foreign capital, determines the criteria for targeting companies and – for the very first time – consolidates the coordination between Chile’s different services and ministries in regard to investment promotion.
Minister Palacios emphasized the importance of foreign investment not only for the country’s economic growth, but also for its citizens, saying that “in addition to stimulating the economy, [foreign investment] creates new jobs, raises local sustainability, innovation and inclusion standards, and generates a positive impact on the local business ecosystem.”
“That’s why it’s important to have a strategy that provides us with the tools to encourage more foreign companies to bring their business to Chile, especially at times like this when economic recovery is essential,” said the Minister.
Andrés Rodriguez, InvestChile Managing Director, highlighted that, “for the first time, Chile will have a strategy that effectively focuses the State’s efforts in the area of foreign investment promotion, coordinating the work of different ministries. This is a valuable roadmap that will chart the course for attracting investments that will play an important role in our economic recovery.”
In addition to Minister Palacios, the following ministers also participated in the committee meeting: Treasury Minister Rodrigo Cerda, Energy and Mining Bi-Minister Juan Carlos Jobet, Agriculture Minister María Emilia Undurraga, Public Works Minister Alfredo Moreno, Science and Technology Minister Andrés Couve and Foreign Affairs Undersecretary Carolina Valdivia. After receiving approval from the Committee, the document must be ratified by President Sebastián Piñera.