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Chilean Market

Background

A three-year-old Marxist government was overthrown in 1973 by a dictatorial military regime led by Augusto PINOCHET, who ruled until a freely elected president was installed in 1990. Sound economic policies, first implemented by the PINOCHET dictatorship, led to unprecedented growth in 1991-97 and have helped secure the country's commitment to democratic and representative government.

Chile has a market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the recession in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. Despite the effects of the recession, Chile maintained its reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. By the end of 1999, exports and economic activity had begun to recover, and growth rebounded to 5.4% in 2000. Unemployment remains stubbornly high, however, putting pressure on President LAGOS to improve living standards. The Argentine financial meltdown has put pressure on the Chilean peso and is slowing the country's economic growth. Meanwhile, Chile and the US are conducting negotiations for a free trade agreement.

Holidays

Jan 1 - New Year's Day
Mar 25* - Good Friday
Mar 26* - Holy Saturday
May 1 - Labour Day
May 21 - Navy Day, Battle of Iquique
May 23* - Corpus Christi
Jun 29 - St Peter and St Paul
Aug 15 - Assumption of the Blessed Virgin Mary
Sep 5* - National Unity Day or Reconciliation Day
Sep 18 - Independence Day
Sep 19 - Army Day
Oct 12 - Dia de la Raza (Columbus Day)
Nov 1 - All Saints' Day
Dec 8 - Immaculate Conception
Dec 25 - Christmas Day
Dec 31 - Bank Holiday

Ps: These festivals' dates (*) given above are approximations which are subject to change every new year.

Phone Codes

Country Code: 56
Outgoing International Code: 00
Main Areas' Codes:
Arica 58
Iquique 57
Antofagasta, Calama 55
Copiapó 52
La Serena, Coquimbo 51
Ovalle 53
Quillota 33
Los Andes, San Felipe 34
Valparaíso, Viña del Mar 32
San Antonio 35
Santiago (Metropolitan Region) 2
Rancagua, San Fernando 72
Curico 75
Talca 71
Linares 73
Chillán 42
Concepción, Talcahuano 41
Los Angeles 43
Temuco 45
Valdivia 63
Osorno 64
Puerto Montt 65
Coyhaique 67
Punta Arenas 61

Chile's telephone service has a multicarrier system, so the IDD prefix depends on which international (and national) carrier company is used (ask for rates before placing the call). The IDD prefix is 1YZ (for domestic calls) and 1YZ0 (for international calls), where 1YZ is known as the carrier code.

Resources

Market Research

Chile: Travel Site
There is available a portal which dedicates to indicate the travel opportunities within Chile.

El Mercurio
Largest readership of Chilean Newspapers

Business Newspaper: Estrategia
Estrategia is the major economic and financial newspaper which provides recent business & economic developments about Chile to the investors.

Chile Government Agencies
This website provides a number of comprehensive information regarding Chile's political and economic profile.

CIA - The World Factbook - Chile
This website indicates a wide range of detail information about Chile by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.

About Chile
There is available to find out Chile's general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.

Trade Information

Ministry of Foreign Relations
Information regarding international relations

Chile Central Bank
Chile major credit institution

 
 
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