The Productivity Agenda is the result of joint work with Chile’s different business associations and main workers’ organization. The measures aim to create the necessary conditions to boost the country’s economic growth and facilitate investment processes.
If you are looking to invest in Chile, you should know that the country is taking steps to improve its global competitiveness. More than 40 measures have been agreed on to improve productivity in the country.
Improvement of investment processes
The first point on the agenda is the improvement of investment processes. The measures aim to structurally reform the sectoral permit system for investments and strengthen the process for administering critical sectoral permits.
Among other measures, the requirement to notarize some legal and administrative procedures will be eliminated, a venture capital fund for innovative companies will be created, foreign trade process will be digitized, a bill on maritime cabotage to allow the diversification of cargo over sea will be promoted, and digital skills training will be incorporated.
This will all allow the resources of small, medium and large companies to perform better, and entrepreneurs to see savings in costs, time and procedures reflected in their pockets.
The Productivity Agenda has been promoted by the Treasury; Economy, Development and Tourism; Labor; and Social Security Ministries, and aims to address the country’s main productive challenges. It has considered the recommendations of the National Evaluation and Productivity Commission, and is the result of joint work with different business associations and Chile’s main workers’ organization, the Central Unitaria de Trabajadores (CUT).
An ambitious agenda
The Productivity Agenda is ambitious. It includes nine key areas and more than 40 measures that will have different deadlines for their implementation. Its goal is to increase productivity growth to 1.5% over time.
The measures on the agenda are expected to favor increased productivity, which is understood as the ability to produce more goods with the same resources. This will therefore have a positive impact on trend GDP growth and workers’ wages.
Taken together, these key areas provide a navigation chart for the short, medium and long term. They include various legislative, management and administrative reforms focused on improving competition, streamlining processes, promoting trade, developing capital markets and improving training models for the labor force.
Learn about all the measures of the Productivity Agenda (in Spanish).
To find out more about the economy and investment opportunities in Chile, check out the following article.