Paraguay is rated the best place in the region for business, according to says Latin American Economic Climate Index (ICE) 

The Latin American Economic Climate Index (ICE) released this weekend by Brazil’s Getúlio Vargas Foundation (FGV) highlighted Paraguay as the Mecca for regional business ventures, given the country’s outstanding performance. The FGV report highlights that, despite the increase in their indexes, other countries remained in the unfavourable zone (below 100 points): Peru (85.3), Colombia (72.8), Chile (72.7), and Ecuador (42.2). Meanwhile, Argentina climbed from 26.1 to 41.7, with the first economic…

In 2022, Chile was Latin America’s third-largest recipient of foreign direct investment. 2023 could even be better

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The World Investment Report published by the Economic Commission for Latin America and the Caribbean (ECLAC) reveals Chile’s remarkable performance in attracting foreign direct investment. While surpassed by the region’s powerhouses, Mexico and Brazil, Chile’s investment inflows are higher than those of other significantly larger markets like Argentina, Colombia and Peru. In 2022, Latin America and the Caribbean experienced a substantial surge in FDI, with a total of US$224 billion flowing…

Chile has a boom in people opening new USD checking accounts

The boom of checking accounts in dollars in Chile continues unabated: over 100,000 accounts were opened during the first quarter. There was a 400% growth in openings during the first three months of the year in the corporate segment. According to Bloomberg data, Chileans are still firmly embracing the dollar, despite the US currency depreciating nearly 8% so far this year. According to the latest statistics published by the Financial Market Commission (CMF), over 104,000 openings of checking accounts in dollars…

Better News for Chile’s Investors

The Republican Party of the “centre-right” has emerged victorious in the election to determine the members of the body responsible for drafting Chile’s new constitution. The Republican Party secured 22 of the 51 seats, with right-wing parties obtaining the remaining 11 seats. This constitutional assembly is to create a new constitution to supersede the one instituted during the military rule of General Augusto Pinochet. Last year, a referendum rejected a draft proposed by a previous assembly.…

Chile leads Latin America in global competitiveness

Chile’s National Evaluation and Productivity Commission will conduct a new study to assess priority sectoral permits for investment in order to propose substantial improvements in their efficiency, predictability, and stability. The National Evaluation and Productivity Commission (CNEP) received a new mandate from the Government of Chile to analyze priority sectoral permits for investment, identify barriers in the process, and propose efficiency, predictability, and stability improvements. This study aims…

How does Chile’s measure land values using different currency mechanisms ?

Chile measures land values using different currency mechanisms This post introduces a modern example of medium-unit divergence: the Chilean peso and Chile’s Unidad de Fomento or UF Like most modern currencies, the peso is issued by the nation’s central bank, the Banco Central de Chile. Local banks offer peso-denominated cheques and savings accounts. Chileans use these pesos as the nation’s medium of exchange. They pay their bills with pesos, settle rent, and buy food. The differences…

Chile’s economic success was no accident but is there change on the way ?

Chile has turned away from its earlier neo-liberal growth policies, described by many commentators as Chiles’s growth miracle. This year, Chile’s new leftwing government has been busy pacifying foreign investors who had worried about radical President Gabriel Boric’s expensive campaign promises. These concerns may have been overblown, as the fundaments remain the same, but we will see. The new government, however, believes it can lift spending by using tax reform to raise more revenue. Chile’s tax…

Chile to vote on Sunday to overhaul its constitution with radical changes or not

The proposed draft aims to replace the current constitution, first written during the Augusto Pinochet dictatorship (1973-1990), but despite several successive reforms – is still considered an obstacle to what the left sees as necessary social changes. Education, health care and pensions are still in the hands of the private sector. But despite an overwhelming majority of Chileans – close to four-fifths – voting previously to rewrite the constitution, opinion polls suggest the new document will be rejected.…

Chile sours on its new President as the polls find economic alarm

Chileans’ support for both their new president Gabriel Boric Font and the institution rewriting the constitution is fading fast, according to a new poll. Chileans’ support for both their new president and the institution rewriting the constitution is fading fast, according to a poll that also highlighted mounting pessimism over the economy. Forty-six percent of citizens said they would reject the charter based on the information currently available, up ten percentage points from the prior week. By contrast,…

Foreign direct investment in Chile hits a record high in 2021

The Chilean Central Bank has released a revised version of its preliminary figures, showing that FDI increased 66% compared to the first half of 2020 to reach US$13.7 billion. This is an all-time high for the January-June period and is 98% above the historic average (US$7 billion).   Foreign Direct Investment, FDI, in Chile during the twelve months of 2021 reached US$ 16,782 billion, the best amount since 2015, according to the Central bank which added it represented a 95% increase over 2020. Overall it…

Just how radical will the new President Gabriel Boric, Chile’s new president, turn out to be?

Many potential investors both local and foreign have been concerned then shocked at the unfolding swing left of Chilean politics with the results of the recent presidential elections. In many ways, it is mirroring US politics which also divided between the almost communist left of the Democratic Party to the anarchist side of the Republican Party.   In light of this, we have been searching for feedback from middle-class Chileans of whom my opinion I trust to where Chile might be headed politically and more…

Bloomberg’s pessimistic outlook of Chile’s once shining future

For decades, Chileans watched from afar as their South American neighbours grappled with galloping inflation, financial crashes, and extreme political swings, destabilizing forces that compelled the wealthy to send hundreds of billions of dollars to havens in Switzerland, the Cayman Islands, or the U.S. But now, the long-stable Andean nation is getting a taste of that turmoil. A mix of social upheaval plans for a new constitution, and the most polarized election in recent memory is sapping Chileans’ faith…

Trade between China and Chile grows despite the global outlook

On November 5, the IV China International Import Expo (CIIE) will open in Shanghai. Chilean exporters have participated in this event for 3 consecutive years, promoting the strong growth of trade between both countries. President Piñera was the only president of Latin America to participate in a virtual way and make a speech at the inauguration of the III CIIE. Despite the fact that the whole world is affected by Covid-19, trade between China and Chile increased by 10,6% last year. In the first half of this…

Foreign direct investment in Chile hit a record high in the first half of 2021 

The Chilean Central Bank has released a revised version of its preliminary figures, showing that FDI increased 66% compared to the first half of 2020 to reach US$13.7 billion. This is an all-time high for the January-June period and is 98% above the historic average (US$7 billion).   Foreign direct investment (FDI) is going through a particularly dynamic time in Chile. According to figures released by the Chilean Central Bank, which revise a prior report issued on August 9th, the cumulative net FDI inflow…

Latin America Business: 2021 Growth Predictions Jump

In a highly positive sign for Latin America business and investment, the UN’s Economic Commission for Latin America and the Caribbean (ECLAC) has significantly raised its predictions for growth in the region during 2021, offering a strong indication of economic reactivation in the wake of the global pandemic. According to a newly released report from ECLAC, gross domestic product (GDP) in Latin America and the Caribbean is now expected to grow 5.9% overall, having been predicted to grow 5.2% in…
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