The Japanese Yazaki and the German firm Draexlmaier have already invested about $70 million in the country, trying to attract more investment to turn the place into a center for manufacturingvehicle parts.
Nicaragua is looking to become a destination for investment in the auto parts segment. "A lot of raw material used to manufacture automobile parts such as seats and dashboards comes from Nicaragua. A good portion of leather that Nicaragua exports to Mexico is used to manufacture car seats. We could manufacture the dashboards " said Alvaro Baltodano, presidential delegate for investment to Elnuevodiario.com.ni.
On 10 November, a joint mission will travel abroad to promote foreign direct investment mainly from Germany, England and France.
General Alvaro "Baltodano said that although there are European investors in Nicaragua such as the Barceló Group, the cocoa producer Ritter Sports and the automotive component manufacturer Draexlmaier, the country needs to attract more investment as part of the benefits available under the AA with Central America", reported Elnuevodiario.com.ni.
The German autoparts company expects to start operations by year's end in a free trade zone.
In 2008, company representatives announced their intention to operate in the country, planning to generate 2,000 jobs.
According to the an AFP report published in mipunto.com, "Because of the crisis, the factory decided to open operations with only 1,000 workers in the city of Masaya, 26 km south of Managua," said Alvaro Baltodano, the executive secretary of the Free Trade Zones Corporation of Nicaragua.
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