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Meetings with companies mark the Washington, DC agenda for Chile’s Economy Minister and InvestChile

3 November, 2023
  • The authorities met with key companies from the digital infrastructure, mining, energy and electromobility sectors.

In the context of President Gabriel Boric’s official visit to Washington DC, Chile’s Economy, Development and Tourism Minister Nicolás Grau and InvestChile Director Karla Flores had an intense investment promotion agenda in the US capital on Friday.

As part of the Americas Partnership for Economic Prosperity (APEP) Summit, Chile’s Economy Minister began the day at the White House, where he met US Secretary of the Treasury Janet Yellen.

Meeting attendees included economy ministers from several countries who discussed the role of the Inter-American Development Bank in promoting sustainable growth.

After the meeting, Grau noted, «We have confirmed that Chile is perceived as a significant player for green-industry investments and a potential key partner in developing solutions to the global challenges facing both governments and companies.  This type of foreign investment, which generates value and provides employment and new technology, is good news for Chile.  We will keep working to make it happen.»

Meetings with companies and institutions

Afterward, Economy Minister Grau went to the Chilean embassy in the United States, where he led five bilateral meetings with US companies from key sectors in digital infrastructure, mining, energy and electromobility.

«The idea is to continue promoting foreign investment to replicate and improve the positive figures we have recorded in 2022 and 2023.  We hope to hear about the developments from these meetings soon and are certain these investments in Chile will materialize in the coming months,» said  Minister Grau.

In the afternoon, Minister Grau and the InvestChile Director met with representatives of 14 local companies, including Amazon, Google, DHL, FedEx and Walmart, at the US Chamber of Commerce.

The meetings focused on the opportunities Chile offers as well as the ministry’s foreign investment promotion plans and policies, particularly in the infrastructure, critical minerals and green hydrogen sectors.

US investment in Chile

«The United States is currently the second largest investor in Chile.  President Boric, Minister Grau and I have confirmed Chile’s reputation as an important player in green industry investments and a potential key partner in developing solutions to challenges,» said InvestChile Director Karla Flores.

Minister Grau also remarked on President Boric’s statement at the White House on Thursday, when he announced a working group to explore opportunities that the Inflation Reduction Act (IRA) presents for US companies with investments in Chile.

«This is going to enable Chile to join the value chain.  For example, electric cars to be sold with several subsidies in the United States connect with Chile’s National Lithium Strategy,» he explained.

During the day, the Chilean President, along with Economy Minister Nicolás Grau, Foreign Affairs Minister Alberto van Klaveren, Undersecretary of International Economic Relations Claudia Sanhueza, and InvestChile Director Karla Flores met with Inter-American Development Bank (IDB) President Ilan Goldfajn.

According to figures from the Chilean Central Bank, the United States is the second largest investor in Chile and currently holds investments exceeding US$25 billion.

It is worth mentioning that the InvestChile office in Washington DC opened in December 2022 under the leadership of the agency’s Investment Commissioner North America, Beatriz Herrera.