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Chile and Portugal sign investment promotion collaboration agreement

  • The investment promotion agencies of the two countries, InvestChile and AICEP Portugal Global, will work to strengthen economic relations and promote investment opportunities in strategic sectors.

As part of the official visit to Chile of a delegation from Portugal, the Chile-Portugal Investment Seminar took place today, attended by more than 25 Portuguese government authorities and businesspeople.

The event, which attracted a total of over 100 local and overseas representatives of the renewable energy, agribusiness, infrastructure and global services sectors, was chaired by President Michelle Bachelet and Portugal’s Prime Minister António Costa. Other speakers included Portugal’s Economy Minister Manuel Caldeira Cabral and International Business Minister Augusto Santos Silva and Chile’s Foreign Minister Heraldo Muñoz and Economy Minister Luis Felipe Céspedes as well as the president of AICEP Portugal Global, Luis Castro Henriques, and the director of InvestChile, Carlos Álvarez, who spoke about investment opportunities in the two countries.

Collaboration agreement

The seminar was organized jointly by Chile’s Foreign Investment Promotion Agency (InvestChile) and AICEP Portugal Global, Portugal’s Agency for Investment and Foreign Trade. During the seminar, they signed a Collaboration Agreement which seeks to deepen bilateral business relations and facilitate cooperation in identifying and promoting opportunities for businesspeople in priority sectors such as energy, agribusiness and services.

“InvestChile is implementing an active investment promotion policy in Europe, reinforcing our position as a business hub in Latin America. In this context, Portugal is a key partner because we have a similar production matrix in strategic sectors such as renewable energies, agribusiness, infrastructure and technological services in which we can boost joint business and strategic alliances. The agreement we have signed today reinforces our collaborative work in pursuit of this aim,” said the director of InvestChile, Carlos Álvarez.

Luis Castro Henriques, president of AICEP Portugal Global, also highlighted the importance of the agreement as enabling the two countries to deepen their economic ties. “Chile has a crucial position in Latin America because of its open economy which facilitates trade with Portugal. The signing of this agreement will increase economic relations between the two countries, promising greater opportunities for Portuguese and Chilean companies. AICEP will continue to work in the field to foster the growth of exports and investment. We see Chile as a dynamic partner with important growth potential for our trade balance,” he indicated.

Portuguese investment in Chile

There are currently over 30 Portuguese companies operating in different sectors of the Chilean economy.

They include successful examples such as Viña Los Boldos, part of the Sogrape Vinhos group, which initially invested US$25 million and plans to invest a further US$4 million in its expansion by 2020.

Five Portuguese companies have also invested in the cork industry where they have been able to take advantage of the great potential of Chile’s wine industry.

In addition, the energy sector offers great opportunities for Portuguese investors, particularly in the case of non-conventional renewable energies (NCRE). Key examples in this sector include CJR Wind Chile, a supplier to the wind industry, and EFACEC in projects related to solar energy.