Chile is increasingly becoming a top destination for international business thanks to its welcoming economic environment and institutional support for start-ups and entrepreneurs. What’s more — this business hub is not just a boys club, as new ranking shows the Andean nation is the best place in Latin America for female entrepreneurship.
The recent study was conducted by WEVenturescope and commissioned by the Multilateral Investment Fund (MIF) in conjunction with the Inter-American Development Bank (IDB). The rankings were determined by analyzing each country’s security and stability, business climate, finance environment, capacity, and social services. Each of these categories held equal weight.
Given this set up, Chile had to excel across the many criteria in order to take the top spot.
“Chile scores in the top four for four out of the five categories of the index, coming first for its low Business Operating Risk, highly supportive Entrepreneurial Business Environment and adequate provision of Social Services,” the study says. “Robust economic fundamentals, along with political and institutional stability, encourage investor confidence and micro, small and medium-sized enterprise (MSME) activity.”
The country is also well prepared to handle whatever unexpected changes may occur in the global marketplace.
“Sound public finances and strong fiscal savings put Chile in a good position to face possible global shocks, while strong links to China offset tepid growth in US and European markets,” the study says.
The ranking noted Chile’s impressive technological advances and the connectedness of its people. For instance, Chile has the most LinkedIN users in the entire region. The country has made strives to ensure everyone across the length of the country has access to the Internet, improving the ability of small business to succeed.
The study also highlighted Chile’s strong social services as a key factor for female entrepreneurs. With easy access to child care and support, more women can start businesses and work towards making their ideas a reality.