Pompeo: Many countries are following Chile’s example [infographic]

Two seated men talking (© Rodrigo Garrido/Reuters)
Secretary of State Mike Pompeo (left) with Chile's President Sebastián Piñera in Santiago, Chile, on April 12. (© Rodrigo Garrido/Reuters)

On his four-day Latin America trip to Chile, Paraguay, Peru and Colombia, Secretary of State Mike Pompeo emphasized the remarkable changes experienced by Chile since its peaceful transition to a democracy in 1990.

Chile has achieved strong and stable economic performance by developing a welcoming and transparent investment climate. Chile’s remarkable growth is underpinned by an openness to trade it has promoted through agreements with economies representing 85% of the world’s gross domestic product.

Chile has “reduced poverty more than any other Latin American nation, from 36% in the year 2000 to less than 9% today,” Pompeo told an audience of Chilean businesspeople and government leaders on April 12.

Choosing the path to success in Latin America

“Many countries on this continent are following Chile’s example,” Pompeo pointed out, emphasizing the prosperity experienced by U.S. partners in Latin America that embrace democracy and free markets in contrast to those still under authoritarian regimes, especially Venezuela.

Chart contrasting Venezuela and Chile (State Dept./S. Gemeny Wilkinson)
(State Dept./S. Gemeny Wilkinson)

As governments across Latin America replace failed socialist models with capitalism and embrace transparency and the rule of law over corruption, said Pompeo, they create dynamic economic systems that will last for generations.

“You should know that the United States will stand behind you,” he said.