The projects are mainly concentrated in three sectors: energy, mining and global services, while the main country of origin was the United States. In addition, the portfolio registered for the first time an initiative from Saudi Arabia.
InvestChile, the Foreign Investment Promotion Agency, closed the first half of 2024 with US$34,531 million in its project portfolio, counting 405 initiatives in different stages of development. The amount is 24% more than what was recorded at the end of the first half of 2023 (US$ 27,828 million).
Of the total amount, US$ 13,909 million correspond to investment in materialization (initiatives installed and in the development phase in the country). The 107 projects corresponding to that stage generated 4,640 jobs.
For the Minister of Economy, Nicolás Grau , these results not only speak of the excellent work that InvestChile develops in conjunction with the different ministries, but also of the opportunities that the country offers and the image that Chile has as a reliable partner in the world. .
“As a ministry and at the request of President Boric, we are working hard to accelerate investment: we have traveled throughout the country speeding up the materialization of projects and we are processing a structural reform of sectoral permits that allows us to shorten deadlines without reducing regulatory quality.” said the minister.
The above was shared by the director of InvestChile, Karla Flores , for whom the increase in the agency's portfolio figures is a reflection of the permanent interest that foreign companies have in the country, and also a consequence of the work of InvestChile.
“We have managed to articulate a backbone for investment promotion that goes from the regions to InvestChile's attaché offices abroad, and that includes the portfolios and agendas of the different ministries, as well as the country's entire foreign network. This capacity, the key opportunities that Chile offers in matters such as critical minerals, digital infrastructure and clean energy, together with the efforts in business intelligence and digital marketing, are seen in the figures,” Flores added.
And he added: “There is also work that is less visible, but that is fundamental, and that has to do with working together with the ministries to improve our enabling conditions to enhance the positive effects that this investment has. A large part of our efforts are in generating better conditions for companies to establish themselves, but also programs and plans so that the benefits of these investments reach more people.”
ENERGY PROJECTS
The foreign companies that are supported by InvestChile concentrated their investments mainly in three sectors: Energy, with US$ 17,455 million; Mining, with US$ 6,366 million; and Global Services with US$5,457 million. In both Energy and Mining, the amount of projects grew compared to June 2023: 41% and 25% respectively. It is also worth highlighting the increase registered in infrastructure projects, which rose 72% after reaching US$ 3,584 million.
It is important to highlight that the good results by sector coincide with the areas where Chile is developing strategies to consolidate itself as an international leader, such as clean energy, green hydrogen and critical minerals.
In this sense, hydrogen and derivatives projects lead the energy sector in InvestChile's portfolio, with 29 initiatives for US$ 4,658 million, surpassing solar and wind generation projects for the first time. Likewise, the portfolio already has 7 projects associated with lithium, for US$ 1,195 million, a critical mineral for the creation of energy storage batteries, although in the mining sector the portfolio continues to be led by projects associated with exploration and exploitation. .
FROM THE UNITED STATES TO SAUDI ARABIA
Regarding the origin of the foreign investment that is part of InvestChile's portfolio, United States companies were the ones that concentrated the largest amount, with US$ 12,504 million, almost doubling the investment registered at the end of the first half of 2023 (US$ 6,653 million, increase of 88%).
They were followed by projects from China, with US$ 4,569 million, while in third place were investments from Canadian companies, with US$ 3,770 million.
It should be noted that for the first time InvestChile's portfolio registers a project from Saudi Arabia, for an amount of US$ 1.4 billion, corresponding to the infrastructure sector.
Regarding the evolution by country, the increase in projects by American companies stands out, which was boosted by the 181% growth in initiatives linked to the energy sector. In the case of investment from China and Canada, the greatest growth in investment was generated in projects in the mining area.
Karla Flores affirms that Chile is experiencing a special moment in terms of foreign investment, with record FDI figures in the last two years and the good signals provided by the agency's portfolio.
“Added to this are the latest large operations that have been announced in the country, such as the expansion of El Abra for US$ 7.5 billion by Freeport McMoran, or the entry into environmental evaluation of the project for the production of green ammonia from HNH Energy for US$ 11 billion. They are clear signs of the attractiveness of our opportunities, the positioning of our country and the permanent confidence of investors,” he concluded.
