Nicaragua: Multi-Sectoral Agreement to Attract Investment
Entrepreneurs, unions and the government have agreed to maintain the lowest wages on the isthmus and attract companies to Free Trade zones.
Wednesday, March 18, 2009
Thus far in 2009, several free trade zone companies, such as Dasol Textiles and Premier Textiles, have shut down operations in the country. These are added to the ones that shut down in 2008, such as the Taiwanese Company Nien Hsing. Estimates on the number of jobs lost since 2008 range from 13,000 to 20,000.
An announcement about the closing of various plants of the international consortium Nieng Hsing has raised anxieties in Nicaragua's business community about the future of the free trade zone and its 14,000 workers.
In Nicaragua a proposal has been made to create a training center to improve the labor performance in free zones and attract more foreign investment to the sector.
The US textile company, Cone Denim, temporarily closed its 850-employee plant in Nicaragua.
Istmo Textil Nicaragua has launched a new textile manufacturing facility where it expects to employ 2,500 people.
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