Over the past few years Chile has made continuous strides to position themselves as a business friendly country. Investment in Chile has historically been directed to their rich copper mines and in a move to spur their metal exports, Chile has made a paramount deal with China to drastically increase their trade. News of this deal should mean good things for Chilean mining investment. Rueters reports on the details of the agreement:
“The president and I have agreed to double bilateral trade by 2015, to reach $60 billion in volume,” Wen said during a joint press conference with Chilean President Sebastian Pinera.
Trade between the two Pacific Rim countries is currently around $30 billion. The Asian giant’s avid demand for commodities has boosted the economies of many export-dependent Latin American countries.
“These are two countries that can perfectly complement each other, most of all because Chile is a highly rich country, intensive in commodities that China is going to need to continue growing at the same rhythm,” said Benjamin Sierra, financial markets economist at Scotiabank in Santiago.
The leaders signed a deal to give investors security for their investments in either of the two countries, Chile’s foreign minister Alfredo Moreno told Reuters.