UPDATE 1-Chile’s Pinera reiterates 6 pct annual growth vow

* Pinera vows 6 pct growth despite global market jitters

* Govt. plans deep overhaul of labor, capital markets

* Post-quake rebuilding seen boosting growth, peso
(Updates with Pinera quotes, background)

SANTIAGO, May 21 (BestGrowthStock) – Chilean President Sebastian
Pinera on Friday maintained his vow to boost growth to an
average 6 percent a year as the world’s top copper producer
puts a massive February earthquake behind it and despite fears
Europe’s woes could slow the global economy.

Pinera’s new center-right government also plans to create
200,000 jobs annually, he said in his first presidential state
of the nation address before Congress in the port city of
Valparaiso.

Self-made billionaire Pinera said he plans deep reforms of
labor and capital markets to help achieve his government’s
economic growth and job creation goals. He is targeting growth
to average 6 percent a year over his four-year term. For more
see [ID:nN07216434].

The Feb. 27 quake killed over 500 people and ravaged
cities, infrastructure and key industries such as forestry,
fruit farming and steel in south-central Chile. The mainstay
copper mining industry, however, was basically unscathed.

Pinera is moving to raise taxes on big companies and mining
companies, sell sovereign debt abroad and tap copper-boom
savings to help finance the state’s $8.4 billion share of
reconstruction after the disaster caused an estimated $30
billion hit to the economy.

Both government and private sector reconstruction spending
are seen boosting a weakened peso and jump-starting the economy
of one Latin America’s most stable countries. [ID:nN20204419]

Global market fears that Europe’s debt woes could hamper
world economic growth has hurt Chile’s peso (CLP=CL: ), stocks
(.IPSA: ) and the price of copper, the country’s main export.

Stock Investing

(Reporting by Alonso Soto, Antonio de la Jara, Fabian Cambero and Simon Gardner; Editing by James Dalgleish)

UPDATE 1-Chile’s Pinera reiterates 6 pct annual growth vow