SANTIAGO (Reuters) - Chilean telecommunications firm Entel plans to invest $618 million this year, the company said on Tuesday, slightly above its 2023 spending.

The funds will go primarily toward Entel's mobile and home divisions, the firm in a statement.

The majority of the funds - $451 million - are earmarked for Chile, while another $167 million will go to Entel's Peruvian unit, the company added.

In Chile, "there is a slight dip" in planned investments "if only mobile and business spending is taken into account," CEO Antonio Buchi said in the statement.

"This industry is facing a complex scenario, and just maintaining investments is a challenge," he added.

In Peru, Entel is already the No. 2 mobile operator, and plans to top 30% market share in the next three or four years, Buchi said.