At a well-attended breakfast today, the Foreign Investment Committee (CIEChile) explained details of the new Foreign Investment Framework Law to over 60 representatives of investment banks and private consultancy companies. During the breakfast, talks were given by CIEChile’s executive vice-president, Vicente Mira, and its general counsel, Liliana Macchiavello.

Vicente Mira highlighted the changes introduced by the law promulgated earlier this year by President Michelle Bachelet. “For the first time, Chile will have a foreign investment strategy that will allow us to move from a passive policy of merely receiving overseas capital to a proactive policy of attracting the investment the country needs,” he said.

Speaking about the work of the new Investment Promotion Agency, Mira indicated that it will have the technical capabilities, powers and resources “to provide services at all stages of the foreign investment cycle, from the first contact through to the stage after the installation and development of the business which is when the issue of reinvestment arises.”

To this end, the new Agency’s services will focus on three areas: Investment Promotion, involving the initial contacts and the provision of general information in both Chile and other countries; Investment Facilitation, including the preparation of specific information and personalized services in Chile; and Aftercare Services, geared to improving investors’ experience in Chile and fostering reinvestment.

“We are going to monitor the installation of companies that come to Chile, trying to narrow the information gaps they may have and also seeking to proactively promote reinvestment by those companies that are already here,” added Mira.

Liliana Macchiavello explained that the new Investment Promotion Agency will maintain some of CIEChile’s present functions such as the administration of contracts signed under  DL 600. “Chile will fully respect the contracts signed before this regime’s repeal,” she said, indicating that no new foreign investment contracts will be signed as from 1 January 2016. Given the prior administrative formalities that are required, CIEChile will only receive DL 600 applications until 15 December 2015, she added.