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Fostering Innovation in Chile

  • José-Miguel Benavente
  • Luiz de Mello
  • Nanno Mulder

A good framework for investment in innovation can contribute to increasing Chile’s growth potential. Spending on R&D is currently low in relation to GDP and heavily reliant on government financing. Innovation activity in the business sector is also limited by insufficient seed and venture capital and human capital constraints. This is despite several favourable framework conditions, including a stable macro-economy, liberal foreign trade and investment regimes, and reasonably pro-competition regulations in product markets. The government intends to increase public spending on R&D, to be financed by revenue from the mining tax introduced in May 2005, and to create a National Innovation Council. The effectiveness of these measures will depend largely on the extent to which they will boost business-financed innovation consistent with Chile’s comparative advantages. This Working Paper relates to the 2005 OECD Economic Survey of Chile (www.oecd.org/eco/surveys/chile). Encourager l'innovation au Chili Un bon cadre pour l'investissement en innovation peut contribuer à augmenter le potentiel de croissance du Chili. La dépense en R&D par rapport au PIB est actuellement basse et financée principalement par l’État. L'activité d'innovation dans le secteur privé est également limitée par l'insuffisance du capital risque, des capitaux de démarrage et du capital humain. C'est en dépit de plusieurs conditions générales favorables, y compris un environnement macroéconomique stable, un régime commercial et d'investissement libéral et des régulations favorables à la concurrence sur des marchés de biens. Le gouvernement prévoit d'augmenter les dépenses publiques en R&D, financées par le revenu d’une nouvelle taxe minière introduite en mai 2005, et de créer un Conseil national d'innovation. L'efficacité de ces mesures dépendra en grande partie s'ils encouragent l’innovation financée par les entreprises sur la base des avantages comparatifs du Chili. Ce Document de travail se rapporte à l'Étude économique de l'OCDE du Chili, 2005 (www.oecd.org/eco/etudes/chili).

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 454.

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Date of creation: 27 Oct 2005
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Handle: RePEc:oec:ecoaaa:454-en
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