Chile seeks investment for local R&D projects, since the R&D sector currently makes just 0.39% of the country's GDP, pretty far of Brazil's R&D GDP of 1.2% (Brazil is the leading country in the area in terms of innovation). About 1.5 billion dollars are allocated to this sector, and just 30% of them come from private investment. However the Chilean Government wants to reverse this tendency and diversify Chilean economy, which currently depends mostly on the mining sector (30% of the investment in the country is allocated to mining).
In order to boost investment in R&D projects, Chile provides convenient funding tools like outright grants and tax allowances. All the details were explained during the latest Ibero America in Business Forum, organised by Expansión and sponsored by ONTIER and KREAB. In collaboration with Iasaf Chile, Abertis and the Chilean-Spanish Foundation.