The Chuquicamata copper mine in Chile
Photograph by Stefan Boness/Panos
The Chilean government is aiming to reduce regulatory delays that are impacting $6 billion worth of projects, the bulk of which are in the mining and energy sectors, as the nation looks to boost economic growth, officials said on Monday, according to Reuters.
The Chilean government has identified around 100 projects of which they are aiming to speed up the regulatory process for, Finance Minister Alberto Arenas said on Monday, Reuters reports.
“The majority of problems that private investment projects face … can absolutely be resolved,” Arenas said.
“We will work to clear the uncertainty that our legal process can generate, speed the regulatory processes that can be slow, shed bureaucracy and modernize the investment approval process,” he said.
The comments from Arenas come following a cabinet meeting which was called by President Michelle Bachelet to revise the economic measures that are being taken by the government.
This year, gross domestic product (GDP) in Chile is expected to expand only 2%, which would be the slowest pace of growth since the 2009 recession as mining investment has fallen and has thus weighed on economic growth.
Source: Reuters
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