Empirical evidence shows a direct relationship between a country's level of investment in research and development (R&D) and its rate of economic growth and competitiveness. In Chile, investment in R&D stands at 0.4 percent of the gross domestic product (GDP), far below the average of countries in the Organisation for Economic Co-operation and Development (OECD), which is 2.3 percent of GDP. In an effort to stimulate R&D investment, the Chilean Congress recently amended the country's R&D law (Law 20.241), to expand the tax credit available to foreign and domestic companies and introduce greater flexibility into the scheme.
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