MercoPress. South Atlantic News Agency

Chilean industry invested two billion US dollars in 2005

Tourism projects in Chile for 2005 totalled two billion US dollars and prospects of greater expansion are expected once the casinos bill is sorted out according to the country's Chamber of Commerce, Services and Tourism, (CNC).

The strong Chilean economy lately growing at an average 6% annually, plus the expansion of domestic tourism have helped boost the industry and related investments points out a CNC report.

Although most of the two billion US dollars are concentrated geographically in Regions IV, V (1.2 billion) and metropolitan Santiago (388 million), new hotel, resorts and convention centers are absorbing most investments with 85% of the total figure actually under construction.

However in spite of the encouraging prospects CNC points out that tourism promotion funding is still insufficient, with a limited share from government which should provide more resources.

Another issue the Chilean tourism industry is demanding is greater flexibility in labour contracting and conditions, taking into account the seasonal factor.

"Stability, economic certainty, environment conservation and transparent rules" are essential to ensure the investment and expansion process which the tourism industry is undergoing highlights CNC.