Mr. Sebastian Pinera sworn in as President of Chile (Source: Reuters)

The 69-year-old was sworn in at the parliament building in the port city of Valparaiso in the presence of more than 1,000 guests, including several heads of state from neighbouring countries.

Mr. Sebastinastian Pinera  will replace socialist Michelle Bachelet, in office for the second time in eight years.

Mr. Pinera, who was President from 2010-2014, has promised to stimulate growth and create jobs.

He said in a speech his government would perform "major surgery" on the public health care system, while strengthening welfare programs.

"To make progress on all these goals, it is fundamental we counter the stagnation of recent years, restoring fiscal equilibrium as well as our leadership, dynamism and ability to grow," Mr. Pinera said in a speech from a balcony at the presidential palace in the capital Santiago./.

Compiled by BTA