October 1, 2021 | Business & Exports

A reliable country for doing business and a leader in economic freedom

A reliable country for doing business and a leader in economic freedom | Marca Chile

Chile is one of the most commercially open countries in the world and stands out as the best in the region for its ease of doing business and its economic freedom, while also being the most competitive country in the region. Chile plans to become a hub for technological investment, attracting large companies to expand there.

Chile has an open, transparent and dynamic business environment. It is democratic and has a stable economy, making it an attractive and reliable place in which to invest and do business.

Every year since 1998, Chile has been ranked as the most competitive country in Latin America by the World Economic Forum. However, this is not the only ranking to highlight the country’s potential. It is also the most attractive Latin American country for foreign investment, according to the Milken Institute’s Global Opportunity Index 2021, and the safest country for investment in Latin America, according to the Economist Intelligence Unit (2021), which bases its evaluation on an analysis of political, economic and regulatory risk.

Chile was the first country in South America to join the Organisation for Economic Co-operation and Development (OECD), which has recognized its strong regulatory policies, laws, governance, and commitment to combating corruption.

It is also the top Latin American country in the Forbes ranking of best countries to do business and ranks first in the region in the World Bank’s economic freedom, capacity to retain talent, competitiveness and ease of doing business indices.

Moreover, Chile has become a gateway to the whole of Latin America. Globally, it is the country that has signed the most trade agreements, covering a total of 65 markets that between them account for around 70% of the world’s population. It also has special trade tariffs with economies accounting for 88% of global GDP and double taxation agreements with 32 countries.

Chile is the global leader in copper production with a 28% share of the world copper market, making it the greatest copper exporter. However, we are about much more than just copper. A total of 7,600 companies export goods and services from Chile, generating at least 1.1 million jobs that represent 12% of the labor force. Exporting a wide variety of products, we are the world’s biggest exporter of such items as cherries, salmon, mussels, lithium carbonate, prunes, copper, cellulose and molybdenum.

Furthermore, Chile’s business schools have gained international prestige, and three of the top five MBAs courses in Latin America are at Chilean universities: Universidad Adolfo Ibáñez, Universidad Católica de Chile and Universidad de Chile, according to the América Economía ranking.

Chile has therefore become a hub that attracts technology businesses. In fact, over the last five years, companies such as Google, Microsoft, Amazon Web Services, Oracle and Huawei have installed technological infrastructure here. Currently, Chile’s Foreign Investment Promotion Agency, InvestChile, is managing 170 technology projects at various stages of completion, entailing investment of US$4.3 billion. They represent a 1,200% increase in the number of initiatives in under five years.

We have also become an attractive destination for the renewable energy business, with emblematic projects such as Cerro Dominador, Latin America’s largest solar thermal plant, located in the middle of the Atacama Desert. Additionally, there is tremendous development potential for green hydrogen in southern Chile, with the large Haru Oni project in the Magallanes region leading the way.

 

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