Delay in regulating Law for Production Promotion

The regulation establishing export incentives for "draw back" substitutes is still pending approval in El Salvador.

Tuesday, December 6, 2011

During the inauguration of the Third Meeting of Exporters, the Exporters Corporation of El Salvador (Coexport) called on the Government to establish the dates for the entry into force of the regulations on the Law for the Promotion of Production, which establishes new incentives.

Francisco Bolaños, Coexport president, stressed that "this year, exports have risen by nearly 20%, with 4.494 million exported from January to October 2011 due to international prices having reached optimum levels, however, the problem is that this as exports rise, so do imports therefore the trade balance is always maintained at 2 to 1, and that is the real challenge", reported Elsalvador.com

Henry Yarhi, President and CEO of Sigma Q Group, said: "It is necessary for exports to grow strong and consistently, but for this to happen a war must be fought on international trade and among the weapons used are export subsidies, supporting the 'cluster', and providing access to financing and technical assistance. "

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From a letter from the CEO introducing the report:

El Salvador: No Substitute to "Drawback Law" for Exporters

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The removal of the 6% return on exports has not been compensated in practice by the laws that are intended to have a dynamic effect on foreign sales.

Elsalvador.com reports that two years after MPs approved three laws intended to replace the return of 6% on exports, known as "drawback", the exporters have been "Without a bowl and without the soup".

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