Employers in El Salvador have announced the creation of Adepesca, an entity that unites the fishery subsectors in El Salvador.
"The partnership stems from the relationships that we who work in this sector have, we talked about the importance of the productive chain being united", said the president of the new association, Miguel Peñalva.
2012 will not be a good year for most of the Salvadoran productive sectors, whose executives expect no growth or only 1% growth.
The continuation of the slow recovery of the U.S. economy and increased exports to other Central American countries, are the only glimmers of hope to which businesses are clinging to reach 2% growth. If achieved, such growth rates will be considered very good for 2012, a year that will be marked by adverse conditions for the country's productive sectors.
The regulation establishing export incentives for "draw back" substitutes is still pending approval in El Salvador.
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.
While exporters acknowledge that the strategy includes some useful instruments it is does not go far enough for the development of the sector.
El Salvador’s Corporation of Exporting Companies, known as COEXPORT, has reviewed the new Integrated Strategy for the Promotion of Exports (EIFE) and found no substitute for the “drawback” instrument, an import duty rebate triggered by the re-export of goods that were initially imported.
Exports increased 12.8% in the first quarter of 2010 when compared to the same period of 2009, but are still 4.5% below 2008 levels.
Francisco Martín Bolaños, president of the Corporation of Salvadoran Exporters (Coexport), explained that with this increase, they are only recovering from the considerable drop suffered on 2009. In that year, the country sold $3.21 billion, down from $3.86 billion in 2008.