Chile: delivering UKTI and prosperity objectives
Published 28 November 2014
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This publication was archived on 4 July 2016
This article is no longer current. Please refer to Overseas Business Risk – Chile
Summary
October’s business delegation visit to London – Chile Day - regarded as a success by Chilean ministers and business people. This year, with UK ministerial support and cross-team working, we also used the event to promote British business to Chile. Early indications are that UK businesses expect to sign deals worth £60m and investment flows in both directions are likely to receive a boost.
Detail
“Chile Day” is the largest international promotional event for the Chilean financial and business sectors. October’s Chile Day – the fourth consecutive year that Chile has chosen London as venue - was led by Alberto Arenas (Finance Minister), accompanied by Luis Felipe Céspedes (Economy Minister), Rodrigo Vergara (Central Bank Governor) and a senior level trade delegation of over 200 Chilean business people. Events were held at Mansion House, Lancaster House and the London Stock Exchange. Mr Swire and former and future Lord Mayors met the Chilean Ministers and Mr Swire kindly hosted a reception in the FCO.
The event is seen locally as an opportunity for Chile to promote itself to the UK, emphasising its credentials as a market which enjoys zero percent import duty, a strong rule of law and where a business can be set up in a day. In addition to securing investment for the mining sector, this year’s delegation was keen to promote Chile as a choice for international companies from a range of sectors looking for a safe hub in the region.
This year, with ministerial support and cross-team working, we collaborated to achieve UK objectives too. We secured attendance at events from a record number of UK business (more than 250). Our Inward Investment team hosted a Lancaster House event leading to seven new pipeline projects and opened the doors to further project discussions in Chile. An estimated 1,000 commercial meetings between UK and Chilean companies led to at least five UK based investment groups now considering projects in Chile, particularly in mining. And through a post Chile Day survey we estimate that British companies have won £11.75m of business and expect a further £55.5m in the months to come.
Feedback from the returning delegation has been very positive. In a follow up event at the Ambassador’s Residence on 18 November, Minister Arenas thanked us for the warm welcome in London, and for being made to ‘feel at home’. The delegation admired London as a centre for global business and events, and would appreciate a closer relationship with us, in order to position Santiago as a centre for regional business.
Comment
Our UKTI and Prosperity teams worked in their usual close co-ordination in preparing for Chile Day. The event’s success demonstrates that our joint working and an investment of time (including ministerial) can pay off with direct impact. Our successful wave 2 Overseas Business Network Initiative (OBNi), Chamber and Inward Investment teams also made the most of the opportunity – the latter has secured 40 pipeline investment projects since it was established in April 2014.
Disclaimer
The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.