CORFO celebrates 70 years of fostering Chilean developmentPublished: May 8, 2009
The institution announced resources of US$560 million for credits and US$171.5 million for subsidies in 2009, and highlighted the success of the strategy to consolidate Chile as a platform for global services.
At a promotional event in which prizes were awarded to the year's most outstanding business people and projects, the Chilean Economic Development Agency (CORFO) celebrated its 70th anniversary. EXPOCORFO, which comprised 50 stands and 25 seminars, was opened by the President of the Republic, Michelle Bachelet.
Over 4,000 business people were able to learn more about the support programs and instruments available to help them deal with the global crisis. At the event, the Executive Vice-President (CEO) of CORFO, Carlos Álvarez, announced resources of US$560 million for credits and US$171.5 million for subsidies in 2009.
"CORFO was created looking towards the future and during seven decades it has fulfilled a fundamental role in the development of the country. It has promoted strategic productive sectors and growth opportunities for thousands of micro, small and medium-sized companies. We stand by this commitment and this is why, in light of current economic circumstances, we've been able to diversify our support and treble our resources over the last two years," explained Álvarez.
Successful strategy
One of the high points of the celebration lay in the success of the strategy to consolidate Chile as an investment platform in the area of global services. CORFO highlighted the development strategy for this new industry. At a national level, the industry grew by more than 300% in the last two years, while projected revenue for 2010 is approximately US$ 1 billion.
In the past 18 months, twenty multinationals have arrived in Chile to set up sophisticated projects involving research, development and the application of cutting edge technology. Implemented by Chilean professionals, the projects have created around 1,500 new jobs, while related exports are in the region of US$ 750 million.
Felipe Ortiz, manager of the multinational everis centers, took part in the seminar "Perspectives on the global services cluster in Chile". He recounted his company's experience of setting up a new offshoring development centre in Temuco.
Ortiz highlighted the potential of the Chilean market, largely related with the level of professionals graduating from national universities. "As a multinational company, we recognise the quality of Chilean professionals - with knowledge of both European and Latin American markets - due to the ability, efficiency and high standards with which they approach projects," he explained.
Results and prizes
At the celebration, the CEO of CORFO presented the balance for 2008, highlighting the US$324 million of private investment materialised via CORFO support - almost double the figure of US$167 million in 2007. Álvarez underlined the existence of a large network of business incubators, angel capital, seed capital financing, and a sum of US$ 200 million for risk capital.
During the event, CORFO presented awards to the year's most outstanding business people and projects. For example, the 2009 Business Spirit award went to Coquimbo businessman, Bernado Véliz, and his company Cangrejo Nadador, for its innovation with crab products. Today, the company exports 30 tons a month to the United States.
The 2009 Investment Project prize was awarded to Italian firm Ritrama. This company manufactures adhesive products in a high technology plant, adding value to the wine auxiliary industry. Their Chilean-based plant was inaugurated last year by President Michelle Bachelet.
The Innovative Project award went to Biosistema for the development of their high impact system for the aquaculture industry. This Chilean company provides fishing net cleaning services using a self-developed underwater ecological technology system.
Viviana Pardo, coordinator of the Development Human Capital Program at InvestChile, was also recognised for her work and disposition with CORFO's clients. In recent times, she has overseen the design and implementation of the National Register of English Speakers and CORFO's English Grants Program.