The government’s Economic Development Agency (CORFO), the new Foreign Investment Promotion Agency (formerly CIEChile) and the Chile Image Foundation signed an agreement this morning to work together in promoting and attracting investment in Chile’s different regions.

In a bid to foster both local and foreign investment in the regions, the three institutions will draw up a joint strategy of work this year, consisting in a series of initiatives to decentralize the investment entering Chile.

The aim of this plan is to strengthen the competitiveness of strategic sectors of the national economy and different geographical areas, contribute to the sophistication and diversification of the country’s production matrix and generate positive externalities in the regions or geographical areas in which these investment projects are implemented.

It is important to note that these joint efforts seek to contribute to the materialization of technological and/or strategic investments or that help to narrow the competitiveness gaps of different regions and sectors that are important for the economic and social development of these geographical areas.

In this context, the executive vice-president of CORFO, Eduardo Bitran, indicated that, despite a complex international economic outlook, “Chile continues to have the best macroeconomic policies and best investment climate among emerging economies; we, therefore, have the tools to attract and stir the enthusiasm of investors from different parts of the world so they invest in our country.”

Bitran noted, however, that attracting foreign investment does not suffice to reactivate the economy and increase productivity but that this investment must also be strategic for the country and allow it to progress in economic diversification and sophistication.

The call to investors is, therefore, clear. “We do not just want to attract foreign investment but also want it to help us in challenges like research and development. Chile cannot continue growing with more of the same. We need to make our economy more sophisticated,” said Bitran.

Vicente Mira, director of the Foreign Investment Promotion Agency, underlined that this agreement seeks to attract high-quality investment. “When we talk about foreign direct investment, we are talking about the quality of the investment or, in other words, investment that creates high-quality jobs, uses local suppliers, adds value to our export basket and is geared to the different regions and key economic sectors,” he explained.

In a bid to achieve the agreement’s objectives, the three institutions have undertaken to implement initiatives that include a series of measures to create a favorable environment for the materialization of investments, including a communications strategy, campaigns and promotional activities, different events in regions and the design and implementation of new instruments and co-financing programs for investment projects.