How to Improve Investment Promotion

A bill by the Morales administration in Guatemala proposes creating an agency that would manage issues of commercial promotion, competitiveness, investment attraction and country brand.

Wednesday, July 18, 2018

Representatives from the Ministry of Economy presented in Congress a proposal for a Law to create the Institute for Commercial Promotion, ProGuatemala, which would absorb the functions and staff that at the moment execute the National Program of Competitiveness.

In this regard, Acisclo Valladares Urruela, Minister of Economy, told that the aim is to " ... 'to unify an agency to serve investors, market intelligence and propose policies for competitiveness and productivity' ... the proposal brings together some guidelines used by the agencies ProMéxico, ProChile, ProPerú and ProEcuador, which can be applied in the country."

Carlos Barreda, president of the Economic Commission, said that " ... the initiative aims to create instruments for attracting investment and 'any proposal that is in the interest of job creation and poverty reduction' will be welcome." 

From the statement issued by Congress:

Members of the Commission of Economy and Foreign Trade of the Congress of the Republic, received from the head of the Ministry of Economy (Mineco), Acisclo Valladares Urruela, a bill that creates the Agency Pro Guatemala, a governmental entity that would agglutinate all strategies aimed at promoting international trade, foreign investment, country brand and competitiveness.

"We look favourably on any initiative that promotes reactivation, economic growth, and the common good of Guatemalans, therefore we are willing to support the project, said Congressman Carlos Barreda, president of the Commission.

Read full statement (in Spanish).

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