About $200 million is the estimated investment made by Mexican companies in the first three months of this year, and it is projected that at the end of the year this figure will reach $600 million.
Estimates made by the Honduran-Mexican Chamber of Commerce place the investments primarily in"... technology, installation of wire harnesses and construction of 200 meters of quay which is being developed by Grupo Logra from Mexico in Puerto Cortes, among others."
It is estimated that in 2015 illicit trade and customs fraud added up to $2.2 billion, equivalent to 3.5% of GDP.
Cereals, animals, meat and meat products, bakery products, sugar, macaroni and noodles, dairy, alcoholic beverages and textiles topped the list of products most affected by illegal trade, according to a study by ASIES.
Those interested in taking part in the pilot project must be recorded in the ZLC in order to be able to set up in one of the 16 streets in the city of Colon where the special system is in effect.
The store Nevada, which sells health and beauty items, was the first to purchase a property in one of the 16 streets in which the special system will be in effect.According to Maria Vanessa Ford, executive secretary of the Colón Free Port (CPL by its initials in Spanish), an electronics company and another company dealing in clothing, cosmetics and perfume will be part of the system under a test environment.
Construction has started of a shopping complex that will include a hotel, a 23-story tower for offices and a shopping center opposite the hotel Sheraton Presidente.
The complex comprises a 23 story tower with a shopping centre, corporate offices, a hotel and parking lot. The development is being run by Bosh Inversiones S.A. de CV, and Elsalvador.com reports that "... it will require an estimated investment of $85 million."
The devaluation of the Mexican peso has worsened the problem in the border areas, where it is estimated that 70% of all products sold are illegal.
The Association of Manufacturers of Food Products (Grefal), says the problem is more serious in the departments of Quetzaltenango, Retalhuleu, Coatepeque, San Marcos and Huehuetenango. Thereseven out of every ten of the products traded"... are contraband that comes in through the Mexican border."
Among the goods which will be able to be sold tax-free in the 16 streets in Colon are articles of clothing, footwear, jewelry, phones and watches, among other things.
From December 4 the list of goods which will be able to be sold duty free, within the 16 streets of Colon, will come into effect.Some of the items that were added to the list are: confectionery, electronics, televisions, computers, toys, perfumes, shoes, watches, and jewelry.
According to Moody's Costa Rica is one of the economies that could be affected significantly if after the presidential elections the U.S. decides to restrict its international trade policy.
From a press release by Moody´s:
New York, September 22, 2016 -- Mexico (A3 negative) and Costa Rica (Ba1 negative) are among the most exposed economies in the Americas, if the US (Aaa stable) were to shift toward a retrenchment from trade and investment ties after the November presidential elections, according to a report by Moody's Investors Service. Canada is less exposed since it does not benefit from the low labor costs that incentivized the offshoring of manufacturing operations.
Entrepreneurs in the commercial sector project closing 2016 with growth of 8%, driven by a foreseen rebound in the last quarter.
The commercial sector expects to close 2016 with sales of $2 billion, and does not foresee that the presidential elections will affect the upward trend that has been seen in commercial activity throughout the year.
Despite growing by 3.39% year on year in April, ending the downward trend seen in the growth rate, the commercial sector reported a weakening of sales.
A report by the Bank of Guatemala notes that"...up to April 2016 economic activity, measured by estimating the IMAE, increased by 3.4% (3.0% in April 2015).This result was driven by the positive performance seen mainly in the following economic activities: Manufacturing Industries; Wholesale and Retail sales; Financial, intermediation, insurance and auxiliary activities; private services; Transport, storage and communications; and supply of electricity and water collection. "
Of the 63 malls that exist in the department of Guatemala, areas 9, 10, 17 and 18 account for 49% of the total.
Zones 9 and 10 alone account for 14% of the commercial centers that exist in the department, with 855 stores. Elperiodico.com.gt reports that "...In the municipalities of Mixco and Villa Nueva, the number of stores reaches 1,466, distributed amoung 15 malls. These two areas, plus zones 9,10, 17 and 18, have 49.7 percent of the total premises that Gauss counted. "
The contest which could be held in August or September will be seeking only two operators, and will exclude certain brands and products which will be awarded separately.
The tender is for the duty free spaces in Terminal 1, which since 2007 had been operated by Waked International S.A., whose concession expires in December 2017.As explained by the authorities of Tocumen SA, the inclusion of Waked companies in the Clinton List forced them to make changes to airport plans.
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