Chilean government declares the pro-investment bill urgent
Statement by the Ministry of Economy of Chile
This is a machine translation of the original press release published in Spanish
The Ministry General Secretariat of the Presidency, together with the Ministry of Economy, Development and Tourism, decided to modify the urgency for "immediate discussion" to the Pro Investment Bill that seeks to reduce the state bureaucracy, facilitating investments and the creation of new positions of work in the country.
The initiative is currently in the second constitutional process in the Senate and was approved in particular by the Senate Economy Committee on Saturday, June 1, prior to the Public Account of President Sebastián Piñera.
In this regard, the Minister of Economy, Development and Tourism, José Ramón Valente, indicated that the decision aims to "achieve a more agile progress in this project that seeks to establish solid roots in the economic growth of the country, in line with our goal of achieve development."
He also indicated that "we have reached high degrees of consensus in the various stages of discussion, for which I appreciate and value the contribution that parliamentarians have made and, for that reason, we believe that this Pro Investment law is in a position to see the light of day. Soon and thus, we can continue to put Chile in motion."
The project, promoted by the Ministry of Economy, was processed in May 2018 and establishes a set of legal modifications with the aim of reducing procedures and deadlines for investment projects, granting greater legal certainty to the holders of said projects.
The legal text contemplates a series of measures, among which is the strengthening of the Environmental Assessment Service as a "single window" for the processing of permits, the creation of a digital platform for the Municipal Works Directorates (DOM) and the extension Two years of temporary commercial patents issued by municipalities, among others.
Regarding the deadlines, the initiative seeks to reduce the environmental approval of private projects by six months, a process that currently takes an average of 2.3 years (27 months) to pass through the different environmental regulation agencies, so that if the legal changes that are proposed, the processing time could be reduced to 21 months. Nowadays, the average complete duration of the procedures to materialize an investment project is between 4 and 5 years. In those cases where the authorizations are taken before courts, the implementation of the initiatives can take up to 10 years.
In this regard, the Minister of Economy recalled the work that the Office of Management of Sustainable Projects (GPS) has developed, where "we have made a cadastre of investment projects for more than US $ 70 billion, which are estimated to reach generate more than 300 thousand new jobs. This project is to reinforce this investment potential and employment generation in the country."
The project will now be reviewed by the Senate Environment Committee.
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