Chilean pension funds find Indian stock market attractive

CHENNAI - Several Chilean pension funds have shown interest in investing in Indian stocks, the South American country’s envoy said Thursday.

“Recently seven pension funds from Chile came and met me and expressed their interest in investing in the Indian stock market,” Chile’s Ambassador to India Cristian Barros told IANS here on the sidelines of an investment summit organised by the Confederation of Indian Industry (CII).

Chile is now interested in getting Indian private companies operating in services segment to invest in the country, he said.

“We find Indian private sector investment attractive as they use the resources effectively. We are inviting investment by Indian services sector like software. Indian companies can use Chile as the gateway for other markets,” Barros said.

According to him, Chile is looking forward to signing a Free Trade Agreement (FTA) with India sometime soon.

“Chile has a network of 20 FTAs with 56 countries. This means the country is more open for trade,” he added.

He said his country is working with India to introduce a business visa valid for six months, and allowing a multiple entry facility and hoped it would come into vogue next year.

Queried on Chinese investments in Chile, he said China was aggressively pursing investment and seeking business opportunities in the 1990s and had bought some mines.

Citing a JP Morgan study, Barros said Chile will be the third fastest growing economy worldwide after China and India.

Apart from exporting copper, Chile is planning to position its wines as one of the top most exports to India.

According to Chile’s Minister Counsellor (Commercial) and ProChile (trade office) chief Nestor Riveros, his country is also seeking Indian investments in mining equipment, auto and auto component units.

Chile’s four major industries are mining, agriculture, aquaculture and forestry, he said.