"Foreign companies see Chile as a safe destination to undertake new projects and expand existing operations," said InvestChile Director Karla Flores.
SANTIAGO, CHILE / ACCESSWIRE / August 22, 2023 / InvestChile, the Foreign Investment Promotion Agency, inventoried its project portfolio as of the end of the first half of the year, reporting that it supports 493 initiatives at different stages of development, totaling US $27.9 billion, a 12.6% increase over the same period last year.
The number of projects in the agency's portfolio rose from 453 in the first half of 2022 to 493 initiatives in June of this year, representing annual growth of 8.8%. Similarly, the number of potential jobs associated with the projects reached 18,381, a 4.6% increase over the 17,578 jobs recorded as of June 2022.
InvestChile Director Karla Flores remarked that several factors explain the expansion of the investment project portfolio. However, the most important is that foreign companies see Chile as a safe destination to undertake new projects and expand their existing operations. "Today, our country is particularly well-positioned to offer investment opportunities critical to the global challenges of decarbonization and digital revolution," said Flores.
Ninety-seven portfolio projects are underway, injecting US $14.4 billion in investment and more than 6,100 new jobs into the economy. Relative to the first half of 2022, investment was up 36.5%, with 24.4% more initiatives underway and 60.3% more associated employment.
Energy Leads Projects
The energy sector once again led the portfolio, with 98 projects valued at US $12.35 billion, followed by the global services and technology sector, with US $5.6 billion; and mining and mining suppliers, with US $ 5.1 billion.
"It is no mystery that Chile leads the region and is an international benchmark in the clean energy sector. While it is true that the industry has been facing significant challenges recently, the interest shown by foreign companies has not diminished," remarked InvestChile's Director on the growth of energy-related projects. She added that foreign energy investors "received as very good news" the submission of the energy transition bill, which would modify the General Electric Services Law and position electricity transmission as an enabling sector for carbon neutrality.
Among the main countries in the project portfolio, the United States led the list, with 131 projects totaling US $6.6 billion. China ranked second with initiatives for US$4.6 billion; Canada comes third, with projects totaling US $2.8 billion.
"We are working with demanding targets to keep the portfolio growing, as reflected in the number of projects entered during the period. This figure represents efforts by our team and the result of 'smart' promotion strategies involving advanced digital marketing techniques and the fortification of our strategy and competitive intelligence units. We expect to close this year with good news for the country," concluded Flores.
