Colombia , Peru , Chile and Mexico

Chile must boost innovation, science and tech for development, says Piñera

Bnamericas Published: Thursday, December 05, 2013

Chile must boost its level of innovation and entrepreneurship, and increase investment in science and technology in order to achieve a high level of development, the country's president, Sebastián Piñera, said at a conference organized by the Pacific Alliance, formed by Chile, Colombia, Mexico and Peru.

The Latin American region continues to struggle with problems related to underdevelopment due to its late entrance to the industrial era. The region must now ensure that it is at the forefront of the information society revolution, he said.

Improving the quality of education and human capital, and creating fairer societies with equal opportunities are also key to achieving development in the region, he added.

In mature markets, unlike in Latin America, the majority of investment in innovation is made by the private sector, and for that reason access to financing for innovation and entrepreneurship in Latin America is considerably more difficult.

The region must work to ensure that innovation and entrepreneurship are not simply policies promoted by the state, but that they are transformed into a culture of innovation, according to the president.

There are many challenges to innovating, including anti-innovation cultures in society and high levels of bureaucracy.

The Chilean government has implemented a range of public policies as part of efforts to encourage innovation and entrepreneurship in the country.

Chile ranked number 20 worldwide for its business and innovation environment in the World Economic Forum's (WEF) Global Information Technology Report 2013.

Meanwhile, Peru ranked number 57, Mexico 74 and Colombia 95 on the same scale.

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