World Bank: Chile best place in Latin America to do business

International economic policy powerhouse ‘confirms’ economists’ and investors’ confidence in Andean nation.

Once known for wine and copper, Chile is cementing a reputation around the world as a business and technology hub, a place to invest, launch into South America and, increasingly, starting a company.

This reputation was confirmed in the latest edition of a World Bank report into the ease of doing business, in which Chile was ranked 34 of 189 nations — the highest in Latin America.

“The World Bank, with the latest edition of its report ‘Doing Business,’ has confirmed what economists and investors already knew: Chile is the best country in Latin America to do business,” writes the International Business Times (IBT).

Singapore headed the list, followed by Hong Kong, New Zealand, the United States and then Denmark.

Peru was also a strong South American performer, coming in at 42 on the list, while Uruguay was the continent’s third highest positioned at 88.

The “Doing Business” report provides “objective measures of business regulations” as well as their enforcement in 185 economies. It ranks each economy according to 10 sets of indicators, combined them into an overall «ease of doing business» ranking.

Chile performed best in the “Starting a Business” indicator, rising eight places to be ranked 22 in the world. It also rose in “Getting Electricity” from 44 to 43 and “Paying Taxes” from 40 to 38.

The only blemish on this year’s ranking was in the “Dealing with Construction Permits” indicator, which fell 14 places to be ranked 101 in the world, while “Resolving Insolvency” remains a challenge for Chile.

The good news for investors and business people in Chile, however, is that many expect Chile to overcome those challenges and cement a position as not only a regional, but a world leader in creating and allowing business to flourish.

“Chile’s weaknesses … lie in construction …  and the resolution of debt and bankruptcy, currently without a proper frame,” the IBT writes. “Nevertheless, it is expected that several bills currently under consideration in the Chilean Congress will put a remedy to this.”

Check out the full report here.