Business rejects changes to arbitration law in El Salvador

Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.

Friday, June 20, 2008

"The deputies take two years to pass a law that encourages economic development of the country and two hours to consider one that's going to ... undermine judicial security," said Jorge Daboub, president of the national Chamber of Commerce.
The Salvadorean Foundation for Economic and Social Development echoed the concerns of the chamber. Claudia Umaña, director of the foundation's legal studies, called the measure "a very dangerous precedent."

More on this topic

Costa Rica and El Salvador the only ones without Public Information Access Law

September 2008

Following the adoption in Guatemala of the Law on Public Information Access, El Salvador and Costa Rica are the only ones in the isthmus that lack a similar law.

The Salvadoran Foundation for Economic and Social Development (FUSADES) presented yesterday its draft law on transparency and access to public information.

El Salvador: Transparency Law Stagnates

July 2010

Two bills presented in 2008 and 2009 have not made any progress in the legislative assembly.

The bills relate to the transparency of and access to information and seek to guarantee citizens' rights to know what the government is doing.

"Claudia Umaña, from the Salvadoran Foundation for Economic and Social Development (Fusades), said last week that, despite being in the national interest, the issue continues to face resistance, particularly political," reports Diariocolatino.com.

Salvadoran Banks Oppose Fixing Interest Rates

July 2009

A credit card law proposal being studied by the Legislative Assembly would set a maximum interest rate of 22%.

Both the Banking Association of El Salvador (ABANSA), and the National Private Enterprise Association (ANEP), support the creation of a credit card law, that would provide greater transparency to the market, but disagree in regulating interest rates.

El Salvador: Tax Free Cities

June 2014

The private sector has proposed creating development zones with specific tax laws and tax free status in order to encourage local and foreign investment.

Following a concept created by economist Paul Romer and implemented in cities such as Hong Kong, and proposed in Honduras through the passage of a law last year, Salvadoran businessmen are proposing 29 law reforms in order to create development zones which have their own laws to enhance the competitiveness of companies located within them.

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