Opportunities Abound in Chile

We thought it would be interesting for our readers to access the Media Release written by Derek Fairweather of the CEO Waikato Innovation Park upon his return from the P4 Mission to Chile.

Part of the extract published on the site of Innovation Waikato follows:

"Having just returned from a New Zealand Trade and Enterprise (NZTE) trade mission to Chile, I am incredibly enthusiastic about the business prospects emerging in that country due to the signing of the P4 trade agreement between New Zealand, Chile, Singapore and Brunei Darussalam. Waikato companies, in particular, are sitting in a prime position to prosper from this pact. This is because the agricultural-based industries that drive our regional – and national - economy are the same ones driving the Chilean nation.

Just look at a comparison between the countries’ Food Industries:
• Chile’s Food industry represents 10.3% of the country’s GDP – in New Zealand it’s 11.4%.
• In 2004, Chile’s Food exports were $US7 billion - in New Zealand they were $US6.3 billion.
• In terms of Food exports, Chile is ranked 17th in the world – New Zealand ranks 18th.

So, why do these similarities represent opportunity for Waikato businesses?

Because, Chile is on the fast track toward becoming a global food power by 2010 and requires agri-technology expertise - such as exists in the Waikato - to fuel this growth. To help local companies gain entry into this lucrative market, the Waikato Innovation Park has completed an NZTE-funded study to identify market opportunities that will foster collaboration between the New Zealand and Chilean private sectors. Through this study, companies shared the barriers they faced while doing business in Chile. Based on this feedback, the Waikato Innovation Park identified five projects that are being considered for funding which will ultimately be reliant on commercial support:
1. Developing a ‘Chilean Awareness Programme’ focused on understanding business practices.
2. Establishing a ‘sister’ Innovation Park in the 10th Region, Chile as a focus point for New Zealand technology to be introduced into Chile.
3. Establishing a shared-office facility near the Santiago International Airport for New Zealand businesses to utilise while in the country.
4. Creating a demonstration farm in Chile to showcase New Zealand agri-technologies.
5. Developing a training school where New Zealand companies can teach Chilean businesses the technical and management skills required to assimilate new technology."