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Economy Minister meets with executives of principal Spanish companies with operations in Chile

During the meeting, held remotely and organized by InvestChile and Fundación Chile-España, the minister talked with representatives of more than 15 Spanish companies.

“After the storm, the sun always comes out. And I have no doubt that Chile will have the capacity to recover quickly after this crisis.” That was how the Minister of Economy, Economic Development and Tourism, Lucas Palacios summarized the current situation of the Chilean economy and its post-pandemic outlook, during a meeting with representatives of more than 15 Spanish companies. Organized by the Foreign Investment Promotion Agency, InvestChile, and the Madrid-based Fundación Chile-España, the meeting was attended remotely by senior executives from some of the main investors in Chile.

Minister Palacios stressed that, although the Chilean economy, like the rest of the world, is feeling the effects of COVID-19, its production capacity and infrastructure are intact, which will enable it to recover rapidly once the emergency passes, a task in which foreign investment – and its capacity to create jobs – will be key. He also highlighted the importance of Spanish companies in Chile. “As of 2018, Spain accounted for a stock of US$36,105 million, an amount that positions it as the second country with the most investment in Chile, after the United States,” he indicated.

As well as setting out the main measures the government has taken to address the crisis, Minister Palacios reaffirmed its commitment to foreign investment. He also commented that the Economy Ministry, through InvestChile, is currently supporting the development of 30 projects by 29 Spanish companies in sectors such as global services, the food industry, mining and the financial industry, which is a good sign that, despite all the difficulties, Chile is preparing for reactivation.

Other speakers at the meeting, which formed part of a series of InvestChile Talks, included Chile’s ambassador to Spain, Roberto Ampuero, the acting director of InvestChile, Juan Araya, and the director of Fundación Chile-España, Emilio Gilolmo. As well as thanking the company representatives for their participation, Araya emphasized that, despite the crisis, the flow of foreign investment to Chile has remained positive this year. “In January-May, we received a net inflow of US$7,696 million, which represented an increase of 68% on the same period in 2019. Without a doubt, this encourages us to continue working,” he added.

The Spanish companies participating in the meeting included Acciona, Agbar, Santander, BCI Seguros, Globalvía, Indra, Kreab, the LLYC consultancy firm, Pegasus, Red Eléctrica de España, Sacyr, Técnicas Reunidas, Telefónica, the University of Salamanca, Uria Menéndez Abogados and Zartor.