"... The political scene continues to block structural reforms that would create a platform for more private investment and higher economic growth."
From a statement issued by the Presidency of El Salvador:
The rating agency Standard & Poor's has raised its growth forecasts for El Salvador to 2.6% for the period 2016-2018 in its latest analysis of the Salvadoran economy, in which it also reaffirmed the strength in the country's debt payment allowing it to maintain a stable rating of B + B.
NanYang Footwear is to invest $3 million in the country to produce footwear and export it to other markets.
From a press release from the Presidency of El Salvador:
The Taiwanese company engaged in the manufacture of footwear NanYang Footwear, in a clear commitment to El Salvador, started operations in the country by establishing and expand its subsidiary in the country under the name of ADI FOOTWEAR SA de CV, with an initial investment of $1.5 million, plus plans to invest an additional $1.5 million and carry out an expansion which will generate more than 1,000 new jobs over the next year.
The Government will be seeking support from the private sector in order to create an antiextorsion model in order to initiate an attack against those who commit this crime.
"We will have a meeting with them in order to examine the possibility of forming an antiextorsion board. We are looking not only for economic contributions, but collaboration for us to pave the way and create more confidence with entrepreneurs who experience extortion so that they will denounce it" said David Munguia, Minister of Justice and Security.
Sensity Systems, an innovator in intelligent lighting systems, has announced a $490 million investment for the assembly of its products in that country, without disclosing the funding sources.
In the statement by the Agency for the Promotion of Exports and Investments of El Salvador (PROESA) no reference was made to funding sources. Nor is there much public information about Sensity Systems (except in their own press releases). The company will be the new face of a former start up, Xeralux Inc., of which there is not much information either.
Aeroman’s expansion plans depend upon the solution of the current conflict between the legislative and judicial powers, due to the legal uncertainty it generates.
The Executive Director of Aeroman, Ernesto Ruiz, said that the Canadian company Aveos, the majority shareholder of Aeroman, is closely following the current conflict and will not continue with its expansion plans until it has been resolved.
Investment projects will be selected at the coastal area, and will be financed with $300 million from the Millennium Challenge Corporation and the government.
After the stage of territorial consultations, the phase for consultation with interested investors will begin for submission of investment projects to be developed in the coastal zone. The government's goal is to present in September the overall development plan to the Millennium Challenge Corporation (MCC), said Alexander Segovia technical secretary of the presidency.
The National Association of Private Enterprise of El Salvador has announced the formation of a team of constitutional lawyers to appeal against any decision issued by a court which they consider illegally appointed.
Already in a press release issued on July 1 the National Association of Private Enterprise (ANEP) noted that:
"Ministers belonging to the FMLN, GANA, CN and PES, in complicity with the President, insist on trampling over the Constitution of the Republic and the sovereignty of Salvadorans, trying to attack the power of the judiciary."
The Government, private enterprise and workers agreed to a minimum wage increase of 8% for all sectors.
The National Minimum Wage Council is a body under the Ministry of Labour, and is composed of seven members, two of which represent the employment sector, two the workforce and three represent the government sector.
The funds will go to social projects, both productive and humanitarian, that are aimed at groups that have been traditionally excluded.
These projects include various forms of cooperation including technical assistance, as well as humanitarian aid and financial support for different population segments, such as victims of sexual abuse, bodies of the civil protection system like the Fire Department and the agricultural sector and the Vocational Training Institute (INSAFORP).
Germany offered the loan at a favorable interest rate, in order to create and build landfills and recycling centers.
In his meeting with President Funes, the German officer received reports of plans developed in Central America related to climate change, security, disaster prevention and others.
Besides thanking the Germany for financing the projects, the Salvadoran President explained to German officials other points related to modernization of the public sector and the fiscal policies to be carried out in El Salvador.
The four agreements are part of a package of 10 agreements of different kind which are under negotiations.
The first agreement, signed during initial negotiations between Cuban and Salvadoran businessmen, is the acceptance of principles and objectives which must be met during the negotiations of a Partial Agreement for the mutual granting of tariff preferences. With this agreement, Cuban and Salvadoran products may enter the markets easily and stimulate trade.
Authorities will invest the resources in the city of La Unión, to enlarge roads and improve water supply systems.
President Mauricio Funes remarked that the Public Works ministry is working to design a new road, which would extend the CA-2 highway until the city of La Unión, and promised to begin building it in the first quarter of 2011.
With the objective of renewing the country’s ageing coffee plantations, authorities created a $24 million, 5 year trust to purchase 80 million coffee plants.
The project was officially launched in Guadalupe, San Vicente, in an area of low coffee productivity affected by tropical storm Ida.
President Mauricio Funes commented that the country’s production fell to 1.4 million quintals in the last harvest cycle, down from 3.7 million back in 2000. He added that the plan includes three elements: a credit system, granting farmers more time to pay their debts and a plan to renew the sector.
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