New Government and its Bills

The initiatives of Competition, Leasing and the reforms to the General Law of Telecoms are some of the projects that the new administration of Giammattei plans to present to the Congress of Guatemala.

Thursday, January 16, 2020

During his inaugural speech, the new president of Guatemala gave the first guidelines in the economic field, highlighting which projects should be streamlined in the Legislative.

The improvement of the legal framework regulating the creation of Free Trade Zones in the country, is another priority for the new government, as explained by Giammattei in the protocol act of January 14.

See "What Challenges Will the New Government Face?"

Juan Pablo Carrasco, president of the Guatemalan-American Chamber of Commerce (AmCham), told Prensalibre.com that "... Giammattei's speech calls for national unity, strengthens institutions and avoids confrontation. It is very interesting that he will prioritize the four economic bills on the legislative agenda."

Eduardo Girón, president of the Guatemalan Chamber of Industry (CIG), said that "... generally, the speech was very moving with positive statements to increase national production, combat malnutrition and reform the education system. We are called to attention by the entrepreneurship program for young people, the creation of development centers, the fight against corruption, fraud and the declaration of terrorism to extortion groups."

Giammattei took power in a context of rising business expectations, since in December 2019 the Index of Confidence in Economic Activity (Icae) in the country reported a considerable increase compared to the same month in 2018, a performance that reinforces the upward trend that has been recorded since July last year.



More on this topic

Guatemala: Competition Law Goes Ahead

March 2018

After making more than 40 amendments to the previous project, the legislative commission will be presenting a proposal and expects the process to move forward without further modifications.

The Economy Commission of the Congress of the Republic reported that they presented a second opinion on the Competition Law initiative, and took the opportunity to explain that among the parties that participated in the work room, they agreed that the topic will be addressed in a single reading and no last minute amendments will be presented.

Foreign Companies Dont See Guatemala As a Good Place

June 2016

Amcham said that the lack of a clear strategy to attract foreign investment and uncertainty over key issues such as the emergent employment law are causing the country's business climate to deteriorate.

The views of the main chamber of foreign companies in the country do not coincide with those of Banco de Guatemala, which anticipates growth of 8.5% in foreign investment flows. In the view of Juan Pablo Carrasco, vice president of the Guatemalan Chamber of Commerce (AmCham), "... 'these figures are not realistic." What has happened specifically in the mining sector, with the suspension of seven projects in a week, has affected the investment climate among foreign companies. 

Guatemala: Free Zones Situation Gets More Complicated

May 2016

It has been reported that one of the 17 free zones operating in the country has started the process of closing its operations entirely due to the legal uncertainty generated by the emergent employment law.

Companies operating in free zones have spent several months denouncing the serious situation they have faced since the Emergent Act for the Conservation of Employment was implemented, instead of encouraging investment and job creation, it has become a good example of how to discourage investment in a country.

Guatemala: Incentives for Productive Sector

November 2015

While the Investment and Employment Law Project is still waiting in Congress, a new initiative has been proposed to extend the incentive schemes for maquila and free zones for ten years.

The initiative called "Emerging Employment Maintenance Act," was developed in consensus with the business sector, explained Jorge Mendez, Minister of Economy, to Dca.gob.gt.

 close (x)

Receive more news about Government

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Feb 21)
Brent Crude Oil
57.820
Coffee "C"
110.35
Gold
1,642
Silver
18.455