President Sebastian Pinera: I want a First World Chile by 2020

By Clare Brennan, for CNN

Sebastián Piñera is a man on a mission. The Chilean President wants to transform his homeland into a developed nation by 2020.

It's a big challenge to undertake during a decade that's already been marred by recession and global economic uncertainty. Yet Mr Piñera seems confident.

"We have invested so much that I hope that the next two years will be a time of harvest," he told CNN's Richard Quest.

"We will be able to show to the Chilean people that Chile's a country which is absolutely able to defeat poverty, to overcome underdevelopment, and to join the First World."

So how does the President intend to turn his plans into a reality?

Chile already has a very pro-business environment, but Piñera wants to open the doors of trade to his country even wider.

As one of Chile's richest men, he is no stranger to business and according to Forbes has amassed a fortune of $2.4 billion. He believes his entrepreneurial background leaves him ideally placed to send out a message to the world: Chile is open for business.

"We have realised that we have to be integrated to the world," he said.

"We have to compete with the world. And that is why we have free-trade agreements, with the US, with Europe, with China, with India, with Japan, with Korea - you name it.

"I think that's the right path for Chile to become a developed country."

One of the key factors in Piñera's plan to invigorate the Chilean economy is a move towards digital and knowledge based industries.

The country's Start-Up Chile initiative began in 2010, and offers high potential global start-ups a $40,000 investment. No equity is ceded and the only requirement is that one member of the team live in Chile for six months. By the end of its first phase in 2014 it will have provided grants to 1,000 companies for a total of $40 million.

Its critics claim the project throws money away and doesn't produce any long-term benefits. However, Piñera claims most companies stay long after the initial six month period, creating jobs, mixing with local entrepreneurs and sharing ideas.

"We're importing and bringing to Chile people that have good ideas, entrepreneurship capacity and the ability to start a business here," said Piñera.