13 Textile Projects Suspended in El Salvador

Between June 2009 and July 2010, at least 13 projects in the textile industry were suspended because of insecurity problems and lack of competitiveness.

Thursday, September 16, 2010

Companies from the Chamber of Textiles Industry, Confection and Free Zones (CAMTEX) reported uncertainty in legal areas and economy problems as additional reasons to suspend said projects.

"As for security, some $2.26 million have been spent in security measures and lost investment. Five of every ten companies were robbed in this period, and 24% reported being victims of extortion victims in cars and trucks".

More on this topic

How to Retain the Textile Industry

April 2014

Guatemala is losing attractiveness as a destination for investment by Koreans in the textile sector, because of the rise in the cost of labor, decreases in tax benefits, and falling demand from the United States.

An article on Koreatimes.co.kr reports that for a long time Guatemala has been seen by Korean investors as one of the best countries in which to operate a textile business due to its geographic proximity to the U.S.

Nicaraguan Textiles Lead in Central America

July 2011

Between January and May sales grew by 25% compared to the same period in 2010.

The rise in sales to the U.S. was higher than to countries like El Salvador, Honduras and Guatemala, which increased by 19%, 17% and 13% respectively in the same period.

With the 25% increase, Nicaraguan exports went up from $381.1 million to $476.7 million.

New Tax Puts $300 million Investment In Doubt

July 2011

A new security tax, which aims to raise $80 million, calls into question a $300 million investment and could result in the loss of 15,000 jobs.

This is according to Jesus Canahuati, Honduran business leader and former president of the Honduran Maquila Association, who added that "several investors who were ready to come to the country have now halted their plans," due to uncertainty generated by the new tax.

24 Maquilas Close in Honduras

April 2009

With the closing of enterprises during 2008 and so far in 2009, 20 thousand people were left unemployed.

Most of the businesses operated in free trade zones or industrial parks. Currently, of the one million square meters available in the the 27 parks and free zones, 250 thousand (25%) are unoccupied.

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