• Last year, Investment Commissioners in Germany, the United States, Italy, Canada, France and Japan supported 20 advanced-stage projects associated with the creation of 3,000 permanent jobs.

The year 2023 was positive for Chile’s international position in terms of attracting foreign investment.  InvestChile reopened its Investment Commissioner offices in Germany (Berlin) and the United States (Washington), complementing the efforts in Asia undertaken by the Japan office (Tokyo) since 2017.  Furthermore, in early 2023, President Boric added Investment Commissioner positions in Canada (Ottawa), France (Paris) and Italy (Rome).

InvestChile coordinates the efforts of six investment commissioners worldwide.  They focus on attracting more and better quality investment for Chile and promoting part of the Invest in Chile Plan,  which President Gabriel Boric launched in September 2022 to support efforts to attract investment from North America and Europe.  The measure sought to attract projects worth more than US1.5 billion in 2023.

Results

The investment commissioners supported 20 advanced-stage investment projects totaling an investment of US$1.9 billion and the potential creation of 3,000 permanent jobs.

The results of the commissioners’ 2023 efforts are as follows: The 29 new investment projects added to InvestChile’s portfolio are at different stages of development.  InvestChile has contacted more than 100 new companies interested in investing in Chile and is in conversations to assess the viability of their projects.  Investment commissioners participated in over 430 meetings with about 250 foreign companies and 36 international investment events in 12 countries.

The food sector had the largest number of advanced-stage projects, with six initiatives, followed by the miscellaneous category, with five projects.  The global services and mining industries tied for third place with three projects each.  In terms of investment, energy led with US$ 877 million, followed by mining with US$ 500 million and food with US$ 290 million.

Importantly, investment commissioners’ efforts expand beyond their designated country into nearby countries, which enabled Chile to attract investment projects from countries including Spain, Belgium, Switzerland, the Czech Republic and Mexico.

2024 Focal Points

In the initial phase, the new offices focused on expanding in their respective markets, contacting new potential investors and the headquarters of companies already operating in Chile.  They have also coordinated with Chile’s network abroad, creating the synergies needed to manage relations with foreign investors.  All investment commissioner offices are based in Chilean embassies abroad.

In 2024, the investment commissioners will continue expanding their insertion efforts in their respective markets, promoting the investment opportunities Chile offers – such as those arising from the National Lithium Strategy and the Green Hydrogen Action Plan – and contacting foreign companies contributing to Chile’s growth and sustainable development.

Furthermore, in early 2024, the investment commissioners will focus on recruiting new business and investment projects to participate in the VII version of InvestChile’s International Investment Forum.   Scheduled for May 15-17,  the event aims to attract foreign investment in four sectors: infrastructure concessions, lithium, energy storage, and technology services and digital infrastructure.

The government’s perspective

“In March 2022, there was only one investment commissioner promoting foreign investment in Chile.  Today, we have six and InvestChile’s analysis shows that President Boric’s decision to increase the number of investment commissioner positions had significant results,” said Economy Minister Nicolás Grau.

“The results from the investment commissioners’ first year are good news in terms of attracting new investment projects.  They enabled more direct, fluid communication with the headquarters of companies that already have projects underway in Chile and have reduced information asymmetries and shortened project timelines.  This is a very important aspect of the investment commissioner role,” noted InvestChile Director Karla Flores.

Flores noted that President Boric’s administration announced the measure in September 2022 amid a constitutional process and a very challenging post-pandemic international context.  “Against this backdrop, adding the investment commissioners’ offices was critical to strengthening the information channels and trust-based relationships where investment decisions are made,” she said.