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China, Chile should boost cross-border investment, Chilean officials say
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CHINA and Chile have fostered a long-term relationship in trade but more efforts should be made to boost investment ties between the two countries that have the most distant way in the world, Chilean officials said in Shanghai today.
“With the project of pilot free trade zone being conducted, Shanghai as one of the biggest trade centers in the world remains itself,” Jorge Heine, the Ambassador of Chile to China, told a seminar on trade and investment opportunities in the South-America country. “Chile is also a trade country and we would like to keep associating ourselves with Shanghai and China.”
Bilateral trade between China and Chile has grown rapidly since a free trade agreement was signed in 2005 to exempt most of trade goods from tariffs. China is now the biggest trading partner for Chile with two-way trade totaling US$33 billion last year.
However, Heine noted that this prominent achievement by the two countries in trade area has yet to transfer to the investment field. Between 1974 and 2012, Chinese companies invested a total of US$104 million in Chile, only representing 0.11 percent of all foreign direct investment in the Andean country.
Jorge Pizarro Cristi, executive vice president of Foreign Investment Committee of Chile, said there is a good sign this year as China Construction Bank, one of the four leading lenders in China, will start operations in Santiago, capital of Chile, in the second half of the year to provide financial services and thus facilitate bilateral investment between the two countries.
“The two countries also need to cooperate in education and technology and increase culture exchange that will in turn help to build closer trade and investment ties,” said Diego Torres, head of Asia and Oceania Department, Directorate General for International Economic Affairs Ministry of Foreign Affairs of Chile.
A Chilean delegation, including officials and more than 30 enterprises, are in Shanghai for a two-day event called the Flavors of Chile. Organized by ProChile, Chilean Trade Commission, the event features seminars and various activities to promote and position the food and drinks sector from Chile as a reliable partner and supplier.
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