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Country Guide > South America > Chile | |
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Business Profile Economy With well-developed industrial and service sectors, Chile has one of Latin America’s strongest economies. However, it still depends on export of primary commodities – metals and ores, fruit, fish and wood – for a large proportion of its export earnings. Chile has a large surplus of fruit and vegetables available for export to North America and Europe but is not entirely self-sufficient in agricultural produce. The industrial base has grown substantially over the last 30 years and now includes steel manufacturing, oil production, ship building, and the production of cement and consumer goods. The mainstay of the export economy for the time being is metals and ores: Chile is the world’s leading exporter of copper and also produces zinc, iron ore, molybdenum, manganese, iodine and lithium. Imported oil and natural gas provide most of Chile’s energy requirements, but coal and hydro-electricity also make an important contribution. The service sector has developed rapidly in recent years, especially financial services, following the government’s introduction in the mid-1990s of a unique comprehensive pension scheme. Chile’s economic performance has been strong since 2000 with annual growth around 6 per cent and low inflation; unemployment hovers just below 10 per cent. The USA is the largest trading partner, followed by Japan, Brazil, Germany and the UK. Chile is a member of the Latin American Integration Association (ALADI), the southern free trade zone (Mercosur), and the Rio Group. This latter organisation, established in 1987, comprises a dozen Latin American countries with common interests in promoting free trade, suppressing corruption and drug trafficking, and other matters. The country was also admitted in 1994 to the Asia-Pacific Economic Cooperation Forum and may be the first South American country to join the North American Free Trade Area (NAFTA, presently comprising the USA, Canada and Mexico). Chile has an extensive network of bilateral and multilateral free trade agreements (FTAS), including with the EU, the US, South Korea, Mexico and Canada and is in the process of negotiating FTAS with China and India. Business Businesspeople should wear formal clothes in dark colours for official functions, dinners, smart restaurants and hotels. Dress is usually stipulated on invitations. There is a tendency to formality with many Old World courtesies. Best months for business visits are April to December. Business hours: Mon-Fri 0900-1800. Commercial Information The following organisations can offer advice: Cámara de Comercio de Santiago de Chile AG, Monjitaf 392, Santiago (tel: (2) 360 7000; fax: (2) 633 0962; e-mail: rrii@ccs.cl; website: www.ccs.cl) or the Cámara Nacional de Comercio de Chile, Merced 230, Santiago (tel: (2) 365 4391 or 4114 (in English); fax: (2) 365 4001; e-mail: cnc@cnc.cl; website: www.cnc.cl). Conferences/Conventions Information on conferences and conventions can be obtained from the Santiago Convention Bureau, Officina 64, Avenida El Bosque Norte 0140, Las Condes, Santiago (tel/fax: (2) 333 8085 or 333 7977; e-mail: info@scb.cl; website: www.scb.cl). |