Michelle Bachelet: First Female President
The President of Chile's Foreign Investment Strategy
Michelle Bachelet won 46% of the vote in the Chilean presidential election on December 2005. A runoff election held the next month confirmed Chile's selection as Bachelet captured 53% of the runoff vote. Chile's first female president, Bachelet is part of Chile's "pragmatic socialism" movement, a left-leaning democratic coalition that aims for progressive social policies coupled with traditional economic policy. Successful in Chile since democracy returned in the early 1990s following nearly two decades of military rule, pragmatic socialism that encourages foreign investment has been the hallmark of the first female Chilean president's administration.
Foreign Investment and the President of Chile's Strategy
Michelle Bachelet maintains high approval ratings as president of Chile, with numbers in the high 60s and low 70s. Her popularity is greater than any of her three predecessors. In particular, her policies toward the global economic crisis and foreign investment in 2008 have gained her admirers within Chile and from neighboring countries. Using reserve funds, Michelle Bachelet balanced spending to maintain economic equilibrium and fiscal restraint to prevent depletion of currency reserves.
Chile remains a popular country for foreign investment, with foreigner and citizen investment treated equally under Chilean law, quelling concerns of government seizures of private capital. From 2007 to 2008 under this president of Chile foreign investment increased 64%.Following the economic collapse in Argentina in 2002 and its debt restructing, Chile became an alternative for foreign investment in the southern cone. Bachelet has maintained policies that promote and encourage foreign investment, helping to stabilize the economy in spite of recent struggles with slower GDP growth.
Michelle Bachelet and Chile's Future
In March 2009 Bachelet announced a goal to double trade with India from $3 billion USD to $6 billion USD through 2014, with a focus on information technology and biotechnology sectors. Her aggressive approach in seeking out foreign investment and international trading partners is tied to her policy of pragmatic socialism, economic growth coupled with regulation that helps to maintain socially progressive policies.
As Michelle Bachelet stated at a talk before the Council on Foreign Relations in 2008: "Chile has set even more ambitious goals for itself. Chile's currently a middle-income country, and within the next few years its per capita income, measured through the use of the purchasing power parity, will be in excess of $20,000 per year. In keeping with this, the country's now in the process of conducting reforms that will enable us to make a strong leap towards development...We must increase competitiveness, promote innovation and ensure that all members of our societies participate in the development process, what we have called social cohesion. We need to go further in social cohesion, too."
Michelle Bachelet, President of Chile
|
What do you think about this article?
More in Politics & Society
Latest Articles