Chilean IT companies reported US$3.5bn in revenue during 2010, growing 18.5%, according to a press release from industry promotion entity Chile-IT.
With sector revenues representing 1.7% of the country's total economy in 2010, Chile-IT said this growth is being driven by government investment in IT company imports, IT services exports and high-tech education.
Additionally, Chile-IT said the government has continued to invest in IT as a part of its overall economic growth plan, through initiatives such as export promotion agency ProChile, state development agency Corfo and entrepreneurial support program Start-Up Chile.
In the past year, a major achievement was having more than 60 multinational IT companies, including McAfee, Certifica and WorleyParsons, open offices in the country. Futhermore, Chile-IT said its member companies have generated US$5mn in US sales during 2010.
At the same time, Chile-IT highlighted the country's efforts to build a local IT community, with the number of students in this field currently at 55,000, for the highest growth rate compared with other education areas.
According to Chile-IT CEO Carlos Fernández, infrastructure in the country strengthened exponentially over the last year, as the economy has grown. He said Chile is becoming the central hub of South America due to cultural similarities with the US, time-zone capability and a demographic with technological knowledge.
Currently more than 500 IT companies are in the country, according to Chile-IT.