LatinNews Daily - 27 June 2022

In brief: WB urges Chile to strengthen private sector

*The World Bank (WB) has called on Chile to strengthen its private sector, which it states is essential for constructing a “more inclusive society and a more innovative, productive and green economy”. The WB made its recommendations in a new report on Chile’s private sector, which it presented alongside its private-sector lending arm, International Finance Corporation (IFC), on 24 June at the national institute of rational corporate management (Icare) in Santiago. The report analyses the opportunities presented by three sectors in particular: green hydrogen, climate-smart agriculture and the digital economy. For these sectors to reach their potential, Marianne Fay, WB director for Bolivia, Chile, Ecuador and Peru, said that, “it’s key that the country can count on a favourable business environment, where the State encourages openness and competition, and promotes the solid training of skills.” According to the report, Chile has been widely considered a success in terms of sustainable growth and poverty reduction, which has been aided by a strong private sector. However, the report states that recent progress has been slower, meaning that “the role and responsibilities of the private sector are central themes in the debate about Chile’s future”.

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