• The meeting, chaired by Economy Minister Lucas Palacios, focused on the status quo of foreign investment in Chile and the need for State-led action.

Representatives from the ministries currently on the Ministerial Committee for Foreign Investment met with members of the future cabinet this week to discuss how the State could coordinate its efforts to promote and attract foreign investment.

The meeting was chaired by Economy, Development and Tourism Minister Lucas Palacios and also attended by Energy and Mining Minister Juan Carlos Jobet, Public Works Minister Alfredo Moreno, and Agriculture Minister María Emilia Undurraga (who attended virtually). International Economic Relations Undersecretary Rodrigo Yáñez, Economy Undersecretary Julio Pertuzé, and InvestChile Managing Director Andrés Rodríguez also attended the meeting. Cabinet members of the newly-elected administration also in attendance included the next Economy Minister, Nicolás Grau, the future Mining Minister, Marcela Hernando, the new Economy and Small Enterprises Undersecretary, Javiera Petersen, the new Undersecretary of Agriculture, José Guajardo, and the future Undersecretary of International Economic Relations, José Miguel Ahumada.

At the meeting, InvestChile Managing Director Andrés Rodríguez spoke about the current foreign investment scenario in Chile, highlighting the dynamic flows entering the country in recent years and the shifting of foreign investment from more traditional sectors to new economic activities linked to clean energy and technology.

The attendees agreed on the importance of InvestChile’s role in coordinating State efforts to encourage and attract foreign investment, and they invited the newly appointed officials to work on a strategy to attract foreign direct investment focused on high value sectors, in order to foster job creation and develop key industries.

In 2021, foreign investment in Chile totaled US$17 billion, a 97% increase over the figure for 2020. The figure is also 62% higher than the latest five-year average and 16% higher than the average for the entire 2003-2021 period.