The Ministry of Finance announces the creation of the Financial Services Exports Working Group, an initiative presented in a session of the Public-Private Committee on Service Exports, as part of the agenda to reinvigorate the national economy and strengthen the capital market.

Finance Minister Jorge Quiroz highlighted that "today this sector generates over USD 3 billion in exports and approximately 30,000 to 40,000 jobs. We expect to see very strong growth in the coming years: we could generate around 50,000 additional jobs. This is a sector we want to become the second exporter after copper."

The Working Group will prioritize developing wealth management and investment administration services for non-resident clients seeking agile access to global markets with high security standards and competitive costs. This effort seeks to strengthen a sector that today employs Chilean professionals in areas such as investment management, regulatory compliance, and financial technology, and whose growth as a services exporter contributes to dynamizing the economy and creating more and better jobs for Chilean families.

Chile has a financial market with recognized quality standards whose services today serve almost exclusively clients domiciled in the country, in accordance with current regulations applicable to securities brokers, general fund administrators, and financial institutions. This situation creates an opportunity for the country to project these capabilities outward and position itself as a relevant player in the export of financial services at the regional level.

Francisca Alamos, head of the Ministry of Finance's Capital Markets Office, emphasized that "for our financial institutions to be able to offer their services to international clients, it is essential to eliminate the operational and regulatory barriers that today act as a brake on this expansion. The work will initially concentrate on specific priority actions contained in a Roadmap that identifies a concrete path to address such barriers, defining specific measures to reduce or eliminate them."

The creation of this Working Group is part of the governance modernization process in service exports that the Ministry of Finance is leading. Alexandro Cea, executive secretary of the Public-Private Committee on Service Exports, highlighted that "in terms of value, over the past two decades Chilean service exports to the world have multiplied by 8.5, while goods exports have multiplied by 1.9 in the same period. For that reason, we are working to strengthen the scope of our national service export development policy, to position it as a strategic pillar of our country's economic development."

The Working Group will be guided by a Roadmap that brings together regulatory and tax improvements to facilitate the arrival of foreign investors in the country. In addition to the Ministry of Finance, it includes participation from the Financial Market Commission (CMF), the Internal Revenue Service (SII), the National Customs Service, the Financial Analysis Unit (UAF), and the Central Bank, along with private sector representatives including the Association of Banks and Financial Institutions, the Association of Fintech Companies of Chile, the Chilean Association of Investment Fund Administrators, and the Association of Mutual Fund Administrators, among others.

Under the leadership of the Ministry of Finance, the Financial Services Exports Working Group will begin its sessions in the coming days and will report its progress periodically to the Public-Private Committee on Service Exports.

The Ministry of Finance will continue rolling out initiatives to recover economic growth, drive investment, and create more and better jobs, generating greater opportunities for Chilean families.