Chile, currently chasing tech over copper

0
149

Chile has expanded its economy from depending on copper to improving its technological sector. It has a new Visa system for tech workers and businessmen that can bring in major investors like Amazon. However, such investments require modifications to the power grid available in the country.

Latin American Tech Hub

Chile has among the highest copper exports worldwide, and its shift to technology could make the country more flexible and less reliant on its copper mine which provides a quarter of government revenue. This gets risky as the external demand for copper grows more uncertain. Even if the demand for copper does rise due to increased consumption over time, the government is intent on making its economy more accommodating to future scenarios.

Though there have been strides in enhancing other sectors of the economy such as wine and fruits, Chile’s government has moved towards making the nation into a center for technology in the Latin American continent. This project became known as Start Up Chile and has opened the country to many workers in the technology sector.

With the lax Visa policies for tech workers and businessmen that reduce the waiting time in up to 15 days, more and more investors are seeing potential in Chile’s technology hub.

Investment Opportunities

However, the project goes beyond attracting businesses. President Sebastian Pinera has met with various major industries such as Amazon and Facebook to discuss how they can contribute to Chile’s growth. Amazon could invest $1 billion to either Chile or Argentina, but the latter’s financial problems and concerns with its policies may prove favorable for Chile.

Furthermore, if Chile partners with Tesla, they can resolve some concerns with power usage that may be a burden on their plans. This can also enhance the mining industry by providing Tesla with some of its lithium and cobalt.

LEAVE A REPLY

Please enter your comment!
Please enter your name here