China’s growth will benefit Chile’s economy, says mining magnate

SANTIAGO — Chilean mining magnate Andronico Luksic Craig believes China is on a decisive path to growth that will also help lift his country’s economy.

“My father often told me ‘when that country awakens, our country will be rich,’” Luksic told Xinhua News Agency in a recent interview.

“My father was always convinced that when China took off, Chile’s economy would also take off,” since copper, a major natural resource in Chile, is vital for industrial development, said Luksic.

The chairman of Quinenco, part of the Luksic Group, one of Chile’s largest conglomerates, has a long history of doing business in China.

“My father took me to China for the first time in the early 1980s. I was around 30 years old and at the time I knew little about China, but I loved it. I really liked the cities, the kind people, the language and the culture in general,” Luksic said.

“I think we were the first Latin American group to invest in China back then,” Luksic recalled, referring to an investment in a copper plant.

The Luksic Group was founded by Andronico Luksic Abaroa, the family patriarch, in the early 1950s in Antofagasta, a city in Chile’s northern desert region.

The group began with mining, mainly copper exploitation, and later expanded into other industries, such as telecommunication, banking, food and beverage, hotels and railroads.

“The differences between my first and last visit (to China) are significant. It’s evident that economic opening has been key to the country’s development,” Luksic said of China’s reform and opening-up that began 40 years ago.

Luksic said 2018 marked the 12th anniversary of the first branch of the Bank of Chile in Beijing.

The branch has enabled Chile to maintain a presence in China and brought the two countries closer together in financial and educational cooperation, he said.

The bank has organized an exchange program that sends Chinese students to Chile, and Chilean students to China, said Luksic, who is also on the advisory board of the School of Economics and Management at Tsinghua University.

Such exchange programs are essential to building closer ties between the two countries, he said.

Luksic said he became part of an advisory council of international business leaders for the Shanghai mayor’s office in 2007.

In 2011, he was voted vice-president of the council, which he described as “an honor and an enormous responsibility”.

“I really appreciate the confidence this great city has placed in me,” he said.

Looking to the future, Luksic said, “I think President Xi Jinping is promoting an interesting process of opening-up in China, and it is important for Latin America and Chile to take part in that.”

My father was always convinced that when China took off, Chile’s economy would also take off.”

Andronico Luksic Craig, Chilean mining magnate