13 Textile Projects Suspended in El Salvador
Between June 2009 and July 2010, at least 13 projects in the textile industry were suspended because of insecurity problems and lack of competitiveness.
Thursday, September 16, 2010
Companies from the Chamber of Textiles Industry, Confection and Free Zones (CAMTEX) reported uncertainty in legal areas and economy problems as additional reasons to suspend said projects.
A new security tax, which aims to raise $80 million, calls into question a $300 million investment and could result in the loss of 15,000 jobs.
Guatemala is losing attractiveness as a destination for investment by Koreans in the textile sector, because of the rise in the cost of labor, decreases in tax benefits, and falling demand from the United States.
With the closing of enterprises during 2008 and so far in 2009, 20 thousand people were left unemployed.
Between January and May sales grew by 25% compared to the same period in 2010.
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