Chile Officially Invited To Join OECD

by Dave

A tribute to Chile’s economic growth and policy reforms over the past 2 decades, and amazingly under left-of-center governments since 1990.

TCS has about 2000 employees in Chile, and Evalueserve and Polaris also have offices there.

Chile received an official invitation Tuesday to become a member of the Organization for Economic Cooperation and Development, Finance Minister Andres Velasco said in Paris.

To join the OECD, Chile had to modify its legislation in areas such as the exchange of tax information, corporate governance and legal responsibility in bribery cases. “We humbly and proudly receive this invitation,” Velasco said in a statement. He noted that the 30 OECD members voted unanimously to invite Chile to join.

Chile is the second OECD member in Latin America, after Mexico.

Chile’s President Michelle Bachelet, meanwhile, hailed the announcement, noting that Chile’s membership in the organization will boost foreign investment flowing into the country and will also give Chilean companies, both large and small, better access to financing.

With better financing, more jobs will be created and these will likely be of better quality, Chile’s President said.

“The country happily receives the good news, which comes at a very opportune moment, as Chile begins to celebrate its bicentennial,” she said. In 2010, Chile will celebrate 200 years as an independent nation.

Velasco said Chile expects to contribute to the organization with its experience in pension reform, bank regulation, counter-cyclical fiscal policy and social equality.

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