CEO of Empresas Copec highlights approval of mega-reform, but says there are other elements to incorporate into the agenda

Eduardo Navarro, chief executive officer of Empresas Copec, highlighted the approval of the megareform while emphasizing the need to incorporate additional elements into the country's economic agenda. Speaking during a commentary on the company’s quarterly results, which were released on Thursday, Navarro outlined his views on Chile’s growth prospects. Chile faces numerous economic challenges, according to Navarro. Over several years, the nation has grown at low rates, below the world average, with some months this year showing negative activity indices. He pointed to alarming unemployment figures, noting that the formal employment market has not recovered, with serious implications for families affected by joblessness and the broader social security system. Navarro acknowledged the volatile international context, which demands adaptation from businesses in Chile. However, he expressed optimism about positive developments such as the progress in the so-called Reconstruction Law. While acknowledging the debate over the impact and quality of these measures, he stressed that their passage signals renewed focus on investment, employment, and economic activity, key drivers for sustainable resources to address Chile’s social challenges. Despite these positives, Navarro emphasized the necessity of incorporating other critical elements into the national agenda. These include political reforms, improvements in public safety, and streamlining administrative processes. He underscored the importance of aligning regulatory frameworks, administrative management, and judicial interpretations to reduce uncertainty and expedite project approvals without compromising compliance. Navarro praised Chile’s strengths, including its natural resources, entrepreneurial talent, solid institutions, and deep capital markets. He argued that combining these assets with a commitment to economic recovery, fiscal discipline, and collaboration could enable the country to regain a path of growth. He concluded by urging optimism, stating that it is essential for tackling the nation’s large-scale challenges. Empresas Copec reported higher earnings in the second quarter, with profits attributable to owners reaching $440 million, up 93% compared to the same period in 2025. Incomes increased by 28.8% to $9.246 billion. The rise was attributed to strong performance in the energy business and the sale of forest assets by its subsidiary Arauco. Navarro noted that recent initiatives have aimed to strengthen the company’s financial position and achieve greater flexibility. Highlighting the monetization of forest assets in southern regions, he mentioned that similar operations might occur in the coming months. The sale of these assets reflects a strategic approach to portfolio management, aiming to optimize resource allocation and enhance operational efficiency.