Chile is one of the fastest growing Latin American economies in recent decades. The country´s sustained growth of 5% in the last 30 years can be attributed to the various reforms implemented to improve productivity and social development. These were so successful in fact, that in 2010, Chile was the first South American nation to become a member of the Organisation for Economic Cooperation and Development (OECD).
The mining industry largely drives the Chilean economy, the country being the world’s biggest producer of copper and second biggest lithium producer in the world. It holds 51% of the world’s lithum reserves – in high demand from the electric vehicle sector. Chile is actively seeking innovative technologies to modernise mining extraction and productivity. The main economic areas in the region include mining, financial services, electricity, gas and water, and agriculture and forestry.
Today, Chile boasts stability and growth with many leading indicators, including the highest income per capita in Latin America. But, Chile faces challenges such as access to credit and high tax burdens in companies, emphasising the need for expert partners to help with your operations in the region.