SANTIAGO, June 29 (Xinhua) -- Chilean President Sebastian Pinera on Friday hailed a planned bridge that will link the island of Chiloe with mainland Chile.

With a designed length of 2.7 kilometers, the Chacao suspension bridge is set to be the largest in South America when it is completed and will be put into operation in 2023.

In a visit to the area, the president said that the bridge would "unite and connect our territory" and it would help reduce travel time from 35 minutes to 5 minutes between Chiloe and the mainland.

He also highlighted the role the bridge would play in the safety and security of the island's inhabitants, saying "when faced with an emergency, they will be able to receive full help and support."

The bridge will cross the Chacao Channel, located in the Los Lagos Region of southern Chile and more than 1,000 kilometers away from the country's capital, Santiago.

According to the Chilean Ministry of Public Works, the bridge will cost around 700 million U.S. dollars.