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Chile Infrastructure Report Q2 2010
Market |
Construction |
Report Type |
Market Research |
Country |
Chile |
Published |
3 March 2010 |
Number of Pages |
70 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
The construction industry in Chile has recovered rapidly in the start of 2010 and we forecast year on year (y-o-y) growth for the sector of 8.01% for 2010. This is lead by extensive government investment, for 2010 Government Capital Investment stood US$95.93 the highest in over twenty years. This is expected to grow even further to reach US$106.80. Sector Employment is also forecast to grow as a number of major projects come online in the next few years. Employment in the construction sector is expected to rise from 592,000 to 848,000 by 2014.
Road building projects dominated this quarter, with the government announcing extensive plans to improve the countries road infrastructure. In December 2009, the Chilean Public Works Ministry (MOP) stated that the ministry is in the process of preparing the documentation for five new urban highway concession projects, estimated to cost US$2bn in total. The largest of these, the Vespucio Oriente highway project in the capital city of Santiago, will be floated in 2010. The US$1bn project will involve construction of 13km of highway and an upgrade of Santiago's beltway.
Tenders for several other projects were also announced in the early part of the year. Vial Chile won the Camino de la Fruta (Ruta 66) highway concession. Construction of the 138km highway is expected to cost US$360mn. The tender for the Nahuelbuta highway project, which will connect southern regions VIII and IX, is planned to be floated by June 2010. The project includes the expansion of Ruta 180 highway and the highway between Huequén and Los Ángeles to four lanes.
Chile’s Business Environment continued to rate well due to strong policy and lack of corruption. This quarter we changedits ratings to cover the Latin American Region which means that Chile now rates highest in the table with a score of 62.2. In terms OF Project Finance ratings Chile fared less well, due to poor scores for inputs in Energy and Commercial construction. This reflected currency volatility and a lack of internal energy resources in the country. Overall Chile scored 58.1 in this section, a new concessions framework signed into law helped to cement Chile's leading infrastructure environment. The new law involves three significant changes that increase guarantees to both state-owned and private companies. The first alteration involves contract disputes, and sees the establishment of an independent, specialised technical panel to investigate and resolve disputes. The second change tackles regulation of contract changes and compensation, aiming to improve the handling of both these issues. The final change tackles the collection of unpaid highway tolls.
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