Chile, a long and narrow country between the Pacific Ocean and the Andes mountains in South America, is bordered by Peru to the north, Bolivia to the northeast, and Argentina to the east. Chile is divided into 15 regions. Regions are divided into provinces, and provinces are divided into municipalities administered by elected mayors. The capital of Chile is Santiago. The official language of Chile is Spanish, and the currency is the Chilean peso (CLP).
Prior to the arrival of the Spanish in the 16th century, northern Chile was under Inca rule. Although Chile declared its independence in 1810, victory over the Spanish was not achieved until 1818.
Sound economic policies, maintained consistently since the 1980s, have contributed to steady growth, reduced poverty rates, and have helped secure the country's commitment to a democratic and representative government. Chile has increasingly assumed regional and international leadership roles befitting its status as a stable, democratic nation. Chile has a market-oriented economy characterised by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-fourth of gross domestic product (GDP), with commodities making up some three-quarters of total exports. Over the last several years, Chile has signed free trade agreements (FTAs) with the European Union (EU), South Korea, China, and Japan, among other countries.
The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth and allowing deficit spending only during periods of low copper prices and growth. In May 2010, Chile became a full member of the Organisation for Economic Co-operation and Development (OECD) after a two-year period of compliance with the organisation’s mandates.
PwC entered Chile in 1914, when Charles Theedman was assigned by PwC headquarters in London to establish a presence in the Port of Valparaiso. Since then, PwC has participated in many of the most significant milestones in Chile's business history. This has included auditing the government's accounts in the 1920s, supporting the creation of public services in the 1940s, and playing a key role in the global expansion of Chilean companies in the 1990s. The PwC practice in Chile is comprised of more than 1,400 professionals who operate through five offices located in the country.