• According to InvestChile’s analysis, the cumulative figure for the first nine months of the year was 5% higher than the historical average (2003-2024).

The Chilean Central Bank released foreign direct investment (FDI) figures as of September, indicating that the country received net investment flows of US$11.8 billion in the first nine months of 2024. The figure is 5% higher than the January-September average for the last two decades (since 2003).

In September alone, US$320 million in foreign direct investment entered Chile.

However, a high basis of comparison left the cumulative figure 36% below last year’s flow as of the same date. It is important to remember that the cumulative FDI from January to September 2023 reached US$18.4 billion, and, in annual terms, the overall 2023 figure set a nine-year record.

At US$7.5 billion, reinvested earnings constitute the largest component of 2024 cumulative FDI flows, followed by capital at US$2.4 billion and related-party debt at US$1.9 billion.

The Central Bank reported its intention to review the figures on November 18.

Challenging scenario

InvestChile Director Karla Flores said they expected 2024 to be a challenging year for foreign investment in Chile since 2023 was a year of record figures totaling US$21.7 billion, the highest since 2014. Flores remarked on the agency’s efforts to attract new projects.

“We have to go out and look for the investment Chile needs; that is what we are working on. We are wrapping up an investment promotion and dialogue tour in Europe, including visits to Spain, France and Italy. Before that, we were in Brazil for the World Association of Investment Promotion Agencies (WAIPA) meeting to exchange ideas and foster collaboration on sustainability and infrastructure for regional integration. Chile offers foreign companies attractive opportunities in sectors like green hydrogen, lithium, energy storage and digital infrastructure. It is our job to make them visible and interesting to companies willing to bet on Chile’s development,” she said.