Record high of US$13.3 billion foreign expenditure in Chile

The report shows Chile provides “excellent opportunities, demonstrated by international rankings.”

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Foreign investment in Chile authorized by the Committee for Foreign Investments has reached a record high of US$13.3 billion between January and October 2010, an increase of 201 percent over the same period last year.

“Foreign investment plays a key role to achieve the growth target we have set [for Chile] as a government, a six percent annual average for this period,” Juan Andrés Fontaine, Minister of the Economy, said in a news release.

He added that Chile has a proven track record of being a dependable place for investors.

“Foreign investors value the good conditions that exist in Chile to do business. We are characterized as a reliable country, with clear rules and with excellent opportunities for investments, demonstrated by various international rankings.”

The mining sector saw the largest investment during the period, with 23 projects worth US$10.98 billion, representing 82.9 percent of the total.

Canada provided the most approved investment with 12 projects worth US$8.064 billion and representing 60.8 percent of the total. Japan had four projects approved worth US2.762 billion, Spain had eight projects totaling US$623 million while Mexico invested US$490 million.

“Chile is still a major destination for foreign investors, who trust in our economy and value the ability we’ve had to overcome the earthquake,” said Minister Fontaine. “This is very important for the country as foreign investment provides benefits such as technology transfer, training, innovation, strengthening the auxiliary industry and job creation.”

This post is also available in Spanish