Chile, India Sign Key Deals to Boost SME and Start-Up Collaboration

Accompanied by a high-level delegation comprising Chilean government officials, business leaders, and representatives from leading tech start-ups, President Boric participated in a roundtable discussion with key stakeholders from Karnataka’s innovation ecosystem. Participants included senior officials from the Department of Electronics, IT, Biotechnology, and Science & Technology, as well as leaders from incubators, accelerators, and venture capital organizations.

A key highlight of the visit was the signing of a Memorandum of Understanding (MoU) between the India SME Forum and ProChile, Chile’s export promotion agency. The agreement aims to facilitate the exchange of information, joint participation in events, and the promotion of collaboration between innovation ecosystems in both countries—particularly in the fields of biotech, climatech, healthtech, and edtech.

Mr. Vinod Kumar, President of the India SME Forum, remarked, “This MoU formalizes the mutual intent to enhance trade relations and foster people-to-people connections between our two nations. Chile presents a strategic gateway for Indian entrepreneurs into Latin American markets, while India offers Chilean start-ups access to one of the world’s most dynamic and populous consumer bases.”

He further added, “With over 1.2 million members, the India SME Forum is enthusiastic about pursuing cross-border opportunities in technology, trade, investment, and entrepreneurship in Chile.”

Mr. Ignacio Fernández, Director General of ProChile, expressed optimism about the partnership, stating, “We are proud to showcase not only Chilean agri-food products but also the robust innovation and technology ecosystem we’ve built. There is immense potential for start-ups from both nations to collaborate in addressing global challenges such as climate change, healthcare innovation, renewable energy, and financial technologies.”

Chile-India bilateral trade reached an all-time high in 2023, with Chilean exports to India totaling over USD 2.5 billion. While copper and agri-food products continue to dominate trade, the agreements signed during the visit underscore both countries’ commitment to diversifying areas of cooperation.

President Boric also attended the Chile-India Innovation Summit on Sunday in Bangalore. The event brought together Minister Priyank Kharge and Dr. Ekroop Caur of the Government of Karnataka’s Department of Electronics, IT, Biotechnology, and Science & Technology, along with business leaders from both countries. The summit featured start-up pitch sessions and highlighted new opportunities for bilateral innovation partnerships.

In another significant development, CORFO—Chile’s national economic development agency—signed an MoU with the Bangalore-based Global Innovation Alliance, becoming the first Latin American institution to formalize such a partnership.

President Boric concluded the visit by reaffirming Chile’s commitment to expanding ties with Indian start-ups and SMEs.

“We see tremendous value in working closely with India’s vibrant entrepreneurial ecosystem,” he said. Mr. Kumar added in closing, “We are honored by President Boric’s invitation to lead an exploratory delegation of Indian entrepreneurs and start-ups to Chile. We look forward to fostering strong commercial ties and supporting Chilean entrepreneurs in accessing the Indian market.”