Production Development Corporation (CORFO) (full name in Spanish

Spanish language

Spanish , also known as Castilian , is a Romance language in the Ibero-Romance group that evolved from several languages and dialects in central-northern Iberia around the 9th century and gradually spread with the expansion of the Kingdom of Castile into central and southern Iberia during the...

: Corporación de Fomento de la Producción de Chile) is a Chile

Chile

Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...

an governmental organization that was founded in 1939, by President Pedro Aguirre Cerda

Pedro Aguirre Cerda

Pedro Aguirre Cerda was a Chilean political figure. A member of the Radical Party, he was chosen as the Popular Front's candidate for the 1938 presidential election, and was triumphally elected. He governed Chile until his death in 1941...

, to promote economic growth in Chile. Since its inception CORFO has played a significant role in expanding the country’s economic development

Economic development

Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...

 by promoting investment, innovation, business and cluster development, coupled with a focus on quality and productivity.

Originally, CORFO was responsible for the creation of basic industries

Industry

Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...

 during the Presidential Republic Era, namely oil

Oil

An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....

, power, steel

Steel

Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...

, sugar

Sugar

Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...

, transportation among many others.

CORFO oversees a variety of programs aimed at generating the economic development of Chile, through the promotion of inward investment and the advocacy of competitiveness for domestic companies. CORFO’s main areas are Quality and Productivity, Innovation and Investment Promotion.