Thursday, April 28, 2016

Summary: Santiago 2016 - Chile's Economy within a Global Context

By Elizabeth Gonzalez

The foreign affairs and finance ministers spoke about how to spur economic growth with a focus on energy, infrastructure, and productivity.

Opening Remarks

Susan Segal, President and CEO, Americas Society/Council of the Americas

Keynote

Heraldo Muñoz, Minister of Foreign Affairss, Chile

Keynote

Rodrigo Valdés, Ministro de Hacienda de Chile

Panel: Chile's Economy within a Global Cotnext

Judy Brown, Head of External Affairs, Rio Tinto
Oliver Flögel, General Manager, Microsoft Chile
Patricio Jottar, General Manager, CCU
Kathleen Barclay, Principal, Asesorías KCB Ltda.

Keynote

Rodrigo Vergara, Governor of the Central Bank of Chile

Lea el resumen en español.

In the opening remarks for the 2016 Santiago conference, AS/COA CEO and President Susan Segal began by pointing out the unique election cycle taking place in the United States and how the anti-immigrant rhetoric of some candidates is contrary to the roots of American culture. This will not affect the United States’ strong institutions, assured Segal.

Aún cuando haya un discurso antiinmigrante, esa no es la cultura de USA porque es un País de inmigrantes. Susan Segal #globalcl

— Susana Romero A. (@PsicologaSira) April 28, 2016

Like the United States, Chile also has strong institutions, she added. That, coupled with the macroeconomic stability of the country, continues to draw international investors.

Canciller: "Hay que subrayar que Chile es una economía sana y que va a crecer" #globalCL @ASCOA pic.twitter.com/LhHxBuS2EU

— Cancillería Chile (@Minrel_Chile) April 28, 2016

Chilean Foreign Affairs Minister Heraldo Muñoz followed with a keynote address.

</p> <p>The minister spoke about the differences between Chile’s current economic deceleration and the previous decades’ growth of the commodity boom. He added that even though Chile’s economy is slow, it is intact. The challenge now is to grow inclusively and sustainably when it comes to the environment, he said.</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="en">We recognize the urgency of climate change. Chile received 151% more investments in renewable energy 2014–2015. —<a href="https://twitter.com/HeraldoMunoz">@HeraldoMunoz</a> <a href="https://twitter.com/hashtag/globalCL?src=hash">#globalCL</a>.</p> — AS/COA Online (@ASCOA) <a href="https://twitter.com/ASCOA/status/725669183468519424">April 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>Muñoz went on to outline Chile’s foreign policy agenda with its regional neighbors, Europe, and Asia. “It’s very important to sign the TPP,” he said in regards to the Trans-Pacific Partnership between 12 countries, <a href="http://www.as-coa.org/articles/explainer-what-trans-pacific-partnership">which includes Chile, Mexico, and Peru from Latin America</a>. Aside from setting the trade standards for this century, Muñoz highlighted how the deal would boost Chile’s agricultural industry.<br />  </p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="es">Es muy importante la firma del TPP. Ayudará a la agroindustria en Chile, dice <a href="https://twitter.com/HeraldoMunoz">@HeraldoMunoz</a> en <a href="https://twitter.com/hashtag/globalCL?src=hash">#globalCL</a> <a href="https://t.co/BIWw5t3idL">https://t.co/BIWw5t3idL</a></p> — Diario Financiero (@DFinanciero) <a href="https://twitter.com/DFinanciero/status/725669061506547712">April 28, 2016</a></blockquote> <p>Finance Minister Rodrigo Valdés focused his presentation on the country’s productivity challenge. “In the long term, countries that grow do so because they are more productive,” said Valdés, and Chile’s productivity has been trending downward. </p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="es">Ministro Rodrigo Valdés presenta un panorama de la economía chilena, en <a href="https://twitter.com/ASCOA">@ASCOA</a> <a href="https://twitter.com/hashtag/globalCL?src=hash">#globalCL</a> <a href="https://t.co/CP00PewaHM">pic.twitter.com/CP00PewaHM</a></p> — APIE Chile (@CIEChile) <a href="https://twitter.com/CIEChile/status/725670967008190464">April 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>He noted three other points that would boost economic growth: investing in infrastructure (which would reduce high energy costs, among other benefits), developing human capital through better training and education, and improving regulations and access to credit to help small- and medium-sized companies (SMEs).</p> <p><iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/QlhzPzpV3dM" width="640" class="youtube-player"/> </p> <p>Afterward, a panel with representatives from Microsoft Chile, Cervecerías Unidas (UCC), and the mining company Rio Tinto spoke about the opportunities in Chile and the region as a whole. While some countries such as Argentina and Mexico have seen an impressive technological transformation, said Microsoft’s Oliver Flögel, SMEs have been less able to develop digital strategies in comparison with large corporations.<br />   </p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="es"><a href="https://twitter.com/hashtag/globalCL?src=hash">#globalCL</a> Panel de discusión La economía de Chile en el contexto global, AS/COA LA Cities Conferences <a href="https://twitter.com/ASCOA">@ASCOA</a> <a href="https://t.co/hqOegKpPhN">pic.twitter.com/hqOegKpPhN</a></p> — Patricia Palacios V. (@palaciosvpatty) <a href="https://twitter.com/palaciosvpatty/status/725678459742224384">April 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>Such is the case in Chile as well. Yet, UCC’s Patricio Jottar noted that Chile could be the first Latin American country to reach a level of development that’s “not just economic, but social and environmental as well.”</p> <p><iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/f4P1FWdFGTM" width="640" class="youtube-player"/> </p> <p>The conference ended with a presentation by Chile’s Central Bank president, Rodrigo Vergara. The economist spoke about the external shock as a result of the economic slowdown in China, the top consumer of Chilean copper. </p> <p><iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/B5FZsbR1te0" width="640" class="youtube-player"/> </p> <p>Between 1987 and 1997, when Chile benefitted from the appreciation in the price of the red metal, the South American economy grew at an average of 7 percent. For the upcoming ten years, however, the Central Bank projects an average growth of 3.5 percent. </p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="es">Si Chile quiere acelerar crecimiento económico, tiene que acompañarlo con inversión público-privado en infraestructura. —Vergara <a href="https://twitter.com/hashtag/globalCL?src=hash">#globalCL</a></p> — AS/COA Online (@ASCOA) <a href="https://twitter.com/ASCOA/status/725691768650514432">April 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p> </p>

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Summary: Santiago 2016 - Chile's Economy within a Global Context

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