Chile has been associated with economic growth, a stable society and predictability since the beginning of the 1990s. The country is not as bureaucratic as other Latin American countries and its transparent political leadership in combination with liberal trade policy means that the economy is highly competitive compared to other Latin American countries. The country has a population of 18 million and is today the second richest nation per capita in the region.
In March 2018, conservative businessman Sebastián Piñera assumed his position as president. Piñera, also served as president of Chile from 2010 to 2014. Because of the election, GDP growth estimates have been raised and is forecasted to be 4% in 2018 as Chile is expected to attract more foreign direct investment and increase exports due to higher copper prices. The mining industry is very important to Chile and accounts for 12% of the country's GDP and more than half of exports.
The EU is Chile's second largest trading partner and Sweden is the eighth largest exporter among EU countries. It is a solid export market of SEK 2.5 billion in 2016, equivalent to 10 percent of the total export value in Latin America. However, the value of revenues for Swedish companies in the country is estimated to be several times greater. In absolute terms, Chile is the third largest market for Swedish exports in Latin America, and the largest when measured per capita.
Business Sweden has been active in Chile since 2008. The office in Santiago also covers Argentina, Peru, Uruguay and Paraguay and has four employees. Our office regularly organizes export-promoting activities in different sectors and we have an established network to support Swedish companies in the region.