Chile is setting up a new investment promotion agency, while the government has also unveiled a legal proposal designed to exempt tax for foreign firms importing capital goods.
The new investment agency will drum up investment opportunities in Chile. This year alone, the agency will conduct promotional activities in more than 40 countries.
The goal is to create a global impression that “Chile is a good country to invest, and good country to live in.”
The South American country received US$20 billion in foreign investment in the first 11 months of 2014, about a 16% increase from the same period in 2013.
Chile is also mulling new foreign investment law, although precise details are unavailable.
The idea to launch a new investment promotion agency took shape in January this year when Chile held organized an international investment forum in which executives from 60 global multinationals took part.
To be established in line with OECD guidelines, the agency will offer investors first-hand information on investment opportunities in the country, besides facilitating direct access to the relevant officials.
To make foreigners aware of potential business partners in Chile, the agency will hand them a list of private sector firms looking for joint ventures.
The agency will be comprised of senior ministers and government officials, and will brief the president regularly on its activities.
According to the country’s Economy Minister Luis Felipe Céspedes, the agency will also focus on increasing productivity and sharpening innovative skills among local laborers. “It will allow us to focus on attracting foreign investment in those sectors where we have clear competitive advantages,” he said.