An Industrial Policy for Nicaragua

A strategy focused on increasing competitiveness by reducing production costs and facilitating the creation of added value is what industrial enterprises have asked for.

Thursday, October 20, 2016

Improving training in the use of new tools and technology and giving more value to final production are two of the main challenges faced by companies in the industrial sector. The union that brings them together is aware that the potential of the country in this sector can not be maximized if aspects affecting global competitiveness are not improved.

See: "The Potential of Nicaragua's Industrial Sector"

In the case of use and access to technology, explained Miguel Duarte, representing the Bread union in Cadin, lack of awareness on the part of small businesses prevents them, for example, from benefiting from tax exemptions. "... 'To give you an example: In order to access the list of products in the baking sector that are exempt from taxes you have to, as well as accessing a web site, submit an annual business plan. Previously this used to be done by hand and reported to the Mific, but now it is electronic and many people find it difficult to do this," said Duarte."  This leads to a lot of people  "... losing access to purchase of raw materials duty free, 'and that raises the cost, price and takes us out of the market after competing with businesses that are more profitable.'"

Generating added value is another of the aspects that in the opinion of the Chamber of Industries of Nicaragua (Cadin) should be considered in the development and implementation of an industrial policy. Juan Carlos Amador, director of Cadin, told Laprensa.com.ni:   "... "We have done studies to determine not only the demands of the sector, but also measures that we can implement to make any line of business that is part of the small or large industry more profitable at the national level'."

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More on this topic

The Potential of Nicaragua's Industrial Sector

September 2016

The union has projected growth of 4.4% in 2017 and is counting on attract more foreign investors to partner up with local entrepreneurs to promote the development of industrial activity.

More foreign investment, better use of chains that already exist, such as in the food industry, and reducing the cost of energy are elements that will enhance the development of the Nicaraguan industrial sector, which expects to close 2016 with growth of 3.8%.

NO to Tariff on Imports From Colombia

January 2015

Nicaraguan industrialists pay more than their competitors in other Central American countries for the Colombian raw material they consume.

The 35% charged for "patriotic duty" on imported products from Colombia is affecting the performance of the productive sector and taking away competitiveness from Nicaraguan in the region.

Too Many Procedures Damage Industry

July 2012

Nicaraguan industrialists have asked the Government to reduce the red tape involved in the establishment and operation of a business.

Mario Amador, president of the Chamber of Industry of Nicaragua (Cadin) believes that although there have been advances, such as the creation of the One Stop Investment Center for Exports (Cetrex), much remains be done.

Nicaragua Seeking More Investment from Taiwan

April 2012

An official mission will visit Taiwan looking to boost the country's investments in Nicaragua and strengthen bilateral relations.

Nicaraguan officials will hold meetings with the Minister of Foreign Affairs, officials from the Ministry of Economy and Affairs Council of the Republic of China (Taiwan) among others.

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