CORFO

The Corporación de Fomento de la Producción (Association for production funding, CORFO ) is a Chilean authority which was founded in 1939 to promote economic development.

At the suggestion of President Pedro Aguirre Cerda, the Chilean Parliament on April 29, 1939 passed the Ley N ° 6434 de Reconstrucción y Auxilio y Fomento de la Producción (Law No. 6434 on reconstruction and relief and development of production), which was founded in the CORFO. One reason for the founding was the severe earthquake of 25 January 1939.

The CORFO should present a national development plan to build the industry and the country's infrastructure. To this end, following the example of the Spanish ENDESA (1944 ) public enterprises were established, as of 1948, the Compania de Acero del Pacifico ( Pacific Steel Company ), 1950, the Empresa Nacional del Petróleo (National Oil Company ), 1953, Industria Azucarera Nacional (National Sugar Industry), 1964 Empresa Nacional de Telecomunicaciones (National telecommunications company ) and many more. This allowed the Chilean economy will be developed in the course of import-substituting industrialization.

First, the CORFO was divided into four departments, which were responsible for agriculture, trade and transport, energy and fuels, as well as for industry and mining. Already in 1952 it had grown to ten departments were added, among other departments of Finance and Research.

After many state-owned enterprises were privatized during the military dictatorship that CORFO has now mainly four areas of responsibility:

• Strengthening research and technological development with economic impact
• Promotion of business partnerships, especially small and medium enterprises in order to strengthen their competitiveness
• Modernizing the management of private companies to increase their competitiveness
• Investment support for young entrepreneurs, exporters and small businesses