India-Chile Trade and Investment

Chile has USD 23.3 billion FDI and boasts of 28 per cent of copper reserves of the world stands at 29th position among 146 countries’ list of best-to-do-business, claimed Herman Beck, Head of Asia and New Markets Pro-Chile.

Beck was addressing a special session on India-Chile Trade and Investment held in New Delhi which was attended by a business delegation from Chile headed by Eduardo Frei Ruiz-Tagle, Former President and Ambassador on Special Mission for Asia and Special Envoy appointed by Chilean President Dr. Michelle Bachelet.

Speaking on ‘Chile: Investment Opportunities and Exportable Supply,’ Herman Beck spelt out figures saying his country with a population of 18 million has 24 commercial agreements with 63 countries. According to him, Chile’s exports in 2014 were USD 75.7 billion. Of the total exported services, the Latin American nations received 61 per cent. The total value of services exported to 163 countries amounted to USD 1.3 billion.

Of the total export of cherries from Chile, China imported 80 per cent in 2014making it the largest importer of the fruit from Chile. Beck said Spain was the main market for exports of mussles and clams. The largest share of 51 per cent of import of prunes from Chile is the European Union market.

Addressing the delegates, Ashok Das, Joint Secretary in the Ministry of External Affairs of India, assured that India will ensure expansion of the Preferential Trade Agreement (PTA) with Chile. He also pointed out that there will be reforms in 15 sectors of Foreign Direct Investments (FDI). He told the delegation that the coming year 2016 will see the highest levels of visits from India to Latin America. Pointing out that the healthcare market there is worth USD 3.6 billion, he appreciated the interest shown by Chilean population which, he said, has 3,50000 registered people for clinical trials.