Speakers of the Moroccan and Chilean parliaments, Habib Al-Maliki and visiting Iván Flores García, signed in Rabat an agreement to exchange experiences in the legislative field and boost trade and economic cooperation. Chile is aware that Morocco is an important gateway to the African continent while Chile acts as Morocco’s gateway to Latin America, Flores García told the reporters after the signing ceremony.
Chilean Agriculture Minister Antonio Walker confirmed that to date there are already 2,300 containers with Chilean fruit stranded in China as a result of the coronavirus, although the cargo is in good condition. Trade has reactivated after the New Year holidays but is much slower and today 100 containers are opened per day against 200 before. In addition, e-commerce grew between 40% and 50%, because people try not to go out which makes direct sale in markets more difficult.
South Korea’s Hyundai Engineering & Construction Co Ltd said it has resolved a dispute with the Chilean government over the construction of a $740 million suspension bridge through a deal to mitigate losses to be formalised in later February. The firm leads the Puente Chacao Consortium (CPC), which won the tender in 2013 to link the continent with the Chiloé archipelago, some 1,000 kilometres south of Santiago.
Chile’s central bank will hold its interest rate at 1.75% for at least another year, a Reuters poll of 59 traders show, as policymakers are seen opting for long-term stimulus to ease the economic pain of months of unrest in 2019. Traders predict consumer prices to rise 0.20% in February but hold steady at the bank’s target of 3.00% over 12 months. They also worry of a tumultuous month of protests in March.
The Chilean economy will slow down drastically in 2020 and inflation in Q3 and Q4 will be close to 4%, said Vice President of Chile Central Bank, Joaquín Vial, during a seminar at the headquarters of the Central Bank of Spain in Madrid. He estimated that core inflation will increase to just over 3.5% in mid-year in response to the depreciation of the peso. GDP in 2020 will be between 0.5% and 1.5%. He also analysed the impact of social unrest at the end of last year on the country economy.
Scotiabank completed the reorganisation process after the $2.2 billion acquisition of Spanish lender Banco Bilbao Vizcaya Argentaria’s stake of 68.19% in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile). Carey, one of the largest law firm in Chile, advised Scotiabank.
From March 1 to September 1, the minimum wage in Chile will be CL$319,000 ($403) per month. This is as a result of applying the multiannual formula agreed in 2018 between the government and the Unitary Central of Workers (CUT) that established a real adjustment of 2.5% if the economy grew up to 4%. The growth outlook for 2020 fluctuates between 1% and 1.3%, and the accumulated inflation in 12 months is 3.5%.
The arrival of tourists to Chile between December and March may fall by 22.7%, the lowest figure in the last 10 years, said the director of the National Tourism Service (Sernatur), Andrea Wolleter. For the summer season 1.6 million foreign tourists are expected, this is 470,888 less than the previous year, mainly due to a considerable decrease in Argentine visitors. The tourism industry, whose 90% is composed of SMEs, represents 3.4% of Chile GDP and generates about 400,000 jobs.
The Chilean Ministry of Agriculture declared in agricultural emergency zone to the communities of San Carlos, Ñiquén, Chillán, Chillán Viejo, Coihueco, San Nicolás, Pinto and Bulnes of the Ñuble Region, due to a severe drought. During 2019 there was a 40% annual rainfall deficit that affects the productive capacities, especially of small farmers in the region, according to the Agricultural Research Institute (INIA).
Santiago de Chile international airport Nuevo Pudahuel (former Arturo Merino Benítez International Airport) issued the commercial tenders of 35 independent packages and 93 separate services opportunities on some 19,130sq m of space in a combination of new and enhanced terminal facilities. Chilean and foreign companies, independently or in joint venture, can participate in the bidding.