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Committee of Ministers proposes new investment attraction strategy for Chile

The meeting was chaired by Economy Minister Luis Felipe Céspedes and its conclusions will be presented to President Bachelet.

At a meeting this afternoon, chaired by the Minister for Economy, Economic Development and Tourism, Luis Felipe Céspedes, and attended by the undersecretaries and representatives of another six ministries, the Committee of Ministers drew up a proposal for Chile’s new foreign investment promotion and attraction strategy. Within the next few weeks, the proposal will be presented to President Michelle Bachelet for her approval. It was drawn up under the new Foreign Investment Framework Law promulgated in 2015 and will be the first country strategy to boost the entry of overseas capital. It will be implemented by the Foreign Investment Promotion Agency in coordination with the different ministries, the country’s regions and services such as ProChile and Corfo.

Minister Céspedes underlined that the new strategy will serve as a bridge between foreign investors’ interests and the business opportunities Chile offers, providing world-class services that are also aligned with the country’s economic development policies.

“Ours is a country that needs more foreign investment which helps us to diversify our production matrix.  Chile has depended on copper to an important extent and this has brought benefits but we have to advance to a new stage in which we are able to diversify and create new economic sectors and, in this, foreign investors can play a very important role,” emphasized Minister Céspedes.

Vicente Mira, director of the Foreign Investment Promotion Agency, indicated that “this is the first step towards putting Chile on a par with the world’s best investment attraction policies, in line with OECD standards and with the specific focus of promoting the investment we need to develop key sectors and regions. Our country is addressing the challenge of attracting investments that mean more jobs, more technology and more value added for our exports.”

Within the next few weeks, the Economy Ministry and the Foreign Investment Promotion Agency are expected to announce the latter’s new