The public/private investment initiative Chile Day has already borne fruit in London and New York, and now further opportunity for the Chilean economy is on the horizon as Hong Kong has sounded interest in hosting the event in 2013.
Chile Day is an annual event at which members of Chile’s public and private sectors make the case for foreign investment in Latin America’s most competitive economy. Chile Day 2010 was held in New York, and for the last two years Chile has been firming links with the U.K.
London has expressed interest in hosting the event for the third year running, however Hong Kong’s approach to Chile’s Finance Minister Felipe Larraín may prove too tempting an offer to pass up. Hong Kong boasts both one of the world’s most open and competitive economies and is Asia’s biggest stock market, with daily trading at US$6.4 billion.
“It will be a difficult decision,” Larraín said. “There are good reasons for staying in London, but there are very good reason for doing something in Asia. We worked so well with London and generated a strong collective spirit, but we also want to answer calls from Asia.”
The approach from Hong Kong marks a further strengthening of bonds between the Chinese administrative region and Chile, after the signing of a new free trade agreement this month.
Bilateral trade between Chile and Hong Kong already stands at US$500 million, and President Sebastián Piñera pointed to Hong Kong’s dynamic economy as one that will greatly complement Chile as it seeks to become a fully developed nation by 2020.
“An economy as innovative and technologically advanced as that of Hong Kong joins forces with an economy like Chile’s, which is also innovative and is growing to make Chile a developing country without poverty,” Piñera said after inking the agreement.