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'Production Development Corporation (CORFO)' (full name in Spanish: '''Cor'poración de 'Fo'mento de la Producción de Chile'') is a Chilean governmental organization that was founded in 1939, by President Pedro Aguirre Cerda, to promote economic growth in Chile. Since its inception CORFO’s pioneering spirit has played a significant role in expanding the country’s economic development 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, namely oil, power, steel, sugar, 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.