📈 Markets | London, Edinburgh, Cardiff

MARKET PULSE UK

Decoding Markets for Everyone


UK appoints David Concar as Ambassador to Chile

Whitehall has confirmed David Concar will be the next UK Ambassador to Chile, succeeding Louise de Sousa. The Foreign, Commonwealth & Development Office says he will take up the post in March 2026. For UK exporters and investors, the timing lands as trade and energy links with Santiago deepen.

Concar’s career blends diplomacy with science and energy policy: Head of Climate Change and Energy at the FCO, senior postings in Beijing focused on prosperity and innovation, and recent roles as Ambassador to Somalia and High Commissioner to Tanzania. Earlier, he worked at New Scientist and the BBC. That mix is well suited to a Chile brief shaped by critical minerals, clean power and advanced services.

The trade base is solid if under‑sized. ONS data point to about £1.9 billion in total UK–Chile trade in 2024, with roughly £1.2 billion of UK exports and £0.7 billion of imports. Recent top UK goods exports include machinery and pharmaceuticals, while services exports were about £675 million in the four quarters to Q1 2025, led by business services, insurance, travel and sea transport, according to business.gov.uk.

CPTPP is the step‑change. The UK’s accession took effect on 15 December 2024 after the required ratifications, including by Chile. The government says more than 99% of current UK goods exports to CPTPP members are now tariff‑free, and the bloc’s cumulation rules let manufacturers source components across members yet still qualify for preferences-useful for complex supply chains.

Copper underpins Chile’s economy and the global electrification push. UK‑listed Anglo American holds stakes in Los Bronces, Collahuasi and El Soldado, anchoring long‑running UK corporate exposure in the country. In September 2025, Anglo agreed a $53 billion merger with Canada’s Teck Resources to form a copper‑heavy group, pending approvals-another sign of sustained capital plans in Chile.

Lithium is moving into a new phase. Under Chile’s National Lithium Strategy, state‑owned Codelco is set to partner with SQM in the Atacama salt flat. Key approvals progressed in 2025, including Chile’s competition regulator in April and China’s antitrust authority in November. Codelco has also secured a long‑term quota from Chile’s nuclear regulator that could support output equivalent to as much as 330,000 tonnes a year of lithium carbonate between 2031 and 2060, subject to permits-shaping future battery supply.

Hydrogen is the other frontier. In September 2024, UK Export Finance and Chile’s development agency CORFO signed a partnership at Chile Day in London, with more than £5 billion in UK export credit available and the option to lend in pesos. Chile’s strategy targets 5 GW of electrolysers by 2025 and 25 GW by 2030, while projects such as TotalEnergies’ proposed $16 billion Magallanes scheme signal scale-though permitting remains demanding.

Policy alignment helps. The UK’s critical minerals programme highlights lithium, copper, nickel and rare earths as priorities, with government documents emphasising resilient, responsible supply lines by 2035. Chile’s reforms-greater state participation and stricter environmental requirements-mean early engagement and strong ESG credentials will matter for UK bidders across mining, processing equipment and services.

This is where a science‑literate envoy can add practical value. Expect the embassy to push CPTPP awareness, sector missions and finance roundtables so UK firms can convert interest into contracts-particularly in engineering, legal, insurance and maritime services, which already account for a large share of UK exports to Chile.

What to watch next: CPTPP has been in force for the UK since 15 December 2024; the Codelco–SQM venture is moving toward close after 2025 approvals; and the Anglo–Teck merger awaits remaining clearances. Concar arrives in March 2026. For SMEs, that is a 12–18 month window to position for copper decarbonisation work, lithium‑related kit, and early‑stage hydrogen supply chains-with UKEF support available.

← Back to Articles