Diversifying exports and improving competitiveness

In order for incomes in Chile to catch up with the OECD average, there is a need for rapid export growth, which will in turn require progressive improvements in competitiveness and a diversification of the country’s export base. There are continued opportunities for leveraging Chile’s natural resource endowments, most notably through the increased provision of associated services, such as engineering and business services. These services could also form the basis for new, unanticipated sources of opportunity. Numerous regulatory barriers continue to inhibit trade in services. Participation by Chile in an OECD project to record such regulatory barriers and measure the restrictiveness of trade in services would be valuable in indicating reform priorities. Chile also needs to overcome a range of supply side constraints, where it does not achieve OECD best practice. Important areas include education and human capital, innovation, internal competition and labour market regulation. Existing policy recommendations in these areas could in future be tailored to the needs of specific export clusters.

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