A meeting is being convened for the textile and clothing industry on March 16 in El Salvador, where the overall situation in the sector will be discussed.
From a statement issued by Proesa:
El Salvador is preparing for the third edition of the Forum of Textiles and Apparel (FOROTEX) 2016, a space where high-level international speakers present trends and strategies for competing in international markets.
The Law on Legal Stability for Investments has been approved, which aims to improve confidence in the country preventing changes to incentive schemes granted to foreign companies.
From a statement issued by the Legislative Assembly of El Salvador:
Legislative Plenary approves Legal Stability Law for Investment
This is another important step forward in the legislative endeavor, as with this approval legal stability is granted to entrepreneurs who decide to invest in the country. Using this tool, legislators will be able to give domestic and foreign businessmen, certainty that, once their investment project is approved, no one can change the rules of the game.
On November 4th Salvadoran businesses from the food, textile and services sectors will be visiting Guatemala City to explore business opportunities.
The Chamber of Commerce of Guatemala and the Agency for Promotion of Exports and Investments of El Salvador (Proesa) have organized this business fair in order to support companies in their drive for internationalization.
The government plans to make a second call so that investors can submit eligible projects to the investment program 'Apuesta por InversionES', a nonreimbursable fund created as part of Fomilenio II.
With the recent approval of Fomilenio II, the government of El Salvador is considering extending the call for investment projects eligible for funding from the program 'Apuesta por Inversiones ' (API), for which there are 13 projects that passed the eligibility phase in the first call, "... and which represents $14 million in private investment and $48 million in public investment. Of these, six are related to the tourism area, three in agribusiness, two energy, one aquatic and one for aircraft. "
Latam Hotel Corporation will build and operate, beggining in 2016, a Hyatt Place hotel with 140 rooms in the Cascadas shopping center in San Salvador.
From a statement issued by the Agency for Investment Promotion and Export El Salvador (Proesa):
With an investment of more than USD 36 million, the Government of El Salvador in conjunction with Latam Hotel Corporation has laid the first stone where the Hyatt Place San Salvador hotel will be built.
The meeting between 168 companies from both countries struck deals worth $10 million in the construction, home, industrial supplies and health and wellness sectors.
From a statement issued by the Ministry of Economy and Commerce in El Salvador:
More than $18 million was traded in the over 200 appointments held during the first conference entitled "El Salvador, Venezuela, strengthening trade ties in the region." This event was coordinated by the Government of El Salvador through PROESA and the Ministry of Economy, and the Government of Venezuela through the Venezuela Export Programme, at the Bank for Foreign Trade (Bancoex). Entrepreneurs and Venezuelan officials highlighted during these three days El Salvador's potential in the commercial area and its strategic geographic location.
The Peruvian company Oben Holding Group has announced it will be building a production plant to make propylene films in San Juan Opico, La Libertad.
From a statement issued by the Agency for the Promotion of Exports and Investments of El Salvador (PROESA):
An important Peruvian business group dedicated to the development, production and marketing of packaging films and coverings is to be built in La Libertad, the first plant of this kind in the country and in the region. The plant belonging to OPP Film El Salvador SA de CV, a subsidiary of Oben Holding Group, will be unique in its kind in the Central American and Caribbean area, and will become a benchmark in the industry because of its use of state of the art technology, English and German machinery, and high standards of environmental care and efficiency. The investment will be more than $54 million and operations will start in the first quarter of 2015.
International buyers of food products, manufacturing and many other services will meet with Salvadoran businesses on May 13th.
This event, attended by 37 importers from 12 countries including Peru, Mexico and the United States and more than 100 Salvadoran exporters, is being run by the Investment and Export Promotion Agency of El Salvador (PROESA) with the aim of connecting local businesses with new customers on an international scale.
It has been pointed out that in order to reverse the very low influx of foreign investment there is a need to upgrade the system of tax incentives focussing on the "draw back" which was eliminated.
The proposal aims to make the tax advantages offered by the country be focused on specific types of investment adjusted to specific needs and production policies.
In 2013 El Salvador attracted $140 million in foreign direct investment, Nicaragua $849 million, Honduras $1.060 billion, Guatemala $1.308 billion, Costa Rica $2.682 billion, and Panama $4 billion.
The Central America countries in total attracted $10.039,4 billion in foreign direct investment (FDI) in 2013, of which 40% went to Panama and only 1.6% went to El Salvador.
The Agency for Promotion of Exports and Investments is putting out to tender the creation of a strategy and action plan for attracting foreign direct investment to the textile and clothing sector.
Government Purchase El Salvador in January 2014 CPI PROESA / FANTEL:
"STRATEGY AND ACTION PLAN FOR ATTRACTING FOREIGN DIRECT INVESTMENT IN TEXTILES AND CLOTHING OF EL SALVADOR - Develop strategy and investment promotion action plan for the textile and clothing sector of El Salvador, to encourage the installation of new enterprises, increase the flow of foreign investment, create new jobs and strengthen the established industry. "
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