Among a series of business-friendly initiatives created by President Sebastian Piñera is the new National Office of Productivity and Entrepreneurship. The office will be in charge of reducing bureaucratic friction in Chile to encourage investment.
Piñera is backing campaign promises that looked to improve business, innovation, and investment outcomes in Chile. The Office of Productivity will be headed by Andrés Osorio, who is currently head of productivity in the Ministry of the Economy. While the office will begin to operate immediately, the President also sent a bill to Congress to approve 20 regulatory measures that are meant to increase productivity.
Chile’s labor productivity currently lags far behind other OECD countries, which is largely due to high inequality in the country. Chile’s inequality gap is 65% wider than the rest of the OECD. Piñera’s new policies are meant to combat the low productivity that currently holding Chile back from reaching OECD standards.