The "Multilateral Agreement on Open Skies" allows maximum freedom for the development of commercial aviation in Latin America.
Counting Guatemala, there are now four nations signed up to the agreement. About ten more countries are expected to have signed the agreement by the end of 2011.
The "Multilateral Agreement on Open Skies" allows the expansion of international air services between countries in the region, and takes a special interest in the rights and concerns of users of those services.
The demand generated by the region's rapid economic growth should give ample room for air transport companies to grow.
The Latin American aeronautical industry was one of the few to record growth during the financial and economic crisis. The market, shaken by constantly growing demand, has seen big changes this year, first Colombian Avianca's purchase of Taca and later the creation of a new giant carrier with the merger of Brazil's TAM with Chilean LAN.
The Colombian carrier, owned by Copa Holdings S.A., announced its intention to fly to all of Central America.
It currently operates mostly in Colombia, with flights to Venezuela and Panama.
Lupita Arenas Caicedo, regional sales director "announced today in San José [Costa Rica]", "its intention of fly to Costa Rica and the rest of the Central American countries", reported Elfinancierocr.com.
Aviac, an airline of mixed Honduran-Colombian capital, will travel from Tegucigalpa to Choluteca and San Lorenzo, in Honduras' south.
It will fly DC-3 airplanes, capable of 25 passengers. A daily flight is scheduled, priced $63 dollars (1200 lempiras).
"Choluteca mayor Quintín Soriano said he is proud of an airline coming to his city, as this means the municipality is becoming a develpment center for the country's south", reported Honduran newspaper El Heraldo.
A trade mission visiting U.S. will explore and evaluate the aeronautical market and its supply chain.
Dubbed "Export Objective: New York's Aeronautical Industry", the mission was organized by Procomer, Costa Rica's exports promotion agency.
The participating companies, all from Costa Rica, are TechShop, R y R Precision, Olympic Precision Machining, Weststar Precision and Irazú Electronics.
Boeing completed a critical design review for Required Navigation Performance procedures (RNP) in work at Panama's Tocumen and Howard Airports.
The critical design review, which took place at the Copa Airlines training center in Panama City, assesses the "fly-ability" of the procedures and ensures compatibility with airline crew procedures. RNP uses global-positioning satellites and onboard flight-management systems to guide airplanes accurately along precise flight paths.
The plasma engine project by Costa Rican Franklin Chang was recognized as one of the top 10 new aerospace technologies.
The distinction was awarded by the American Institute of Aeronautics and Astronautics (AIAA), considered the most important professional society in the field.
The project by Costa Rican astronaut Franklin Chang, denominated Variable Specific Impulse Magnetoplasma Rocket (Vasmir), is being developed through the Ad Astra Rocket Company, which has locations in Houston, Texas and in Liberia, Costa Rica.
The Investment Promotion Agency of El Salvador (PROESA) is promoting the concept for which it has already hired an expert firm in aeronautical development.
El Salvador already has a good basis for developing an aircraft industry in Aeroman, originally a TACA division that offered maintenance services to the airline's fleet and was acquired in 2006 by the Canadian company, Aveos Fleet Performance Inc.
Copa Holdings S.A., a holding company of Copa Airlines y Aero República, gained $51.9 in the fourth quarter of 2008, 46.1% more than the same period of 2007.
The operating revenue of the business, which lists in the New York Stock Exchange under the ticker CPA, were $84 million -an increase of 95.5% in comparison with $43 million obtained in the last quarter of 2007.
Located within the jurisdiction of Zaragoza, the first free zone of the aeronautics industry will begin operation next March.
Elsalvador.com reports on its website: "Initially they will set up the following companies: Aviotrade, which is distributor of airplane parts, Aviotechnology, a workshop which repairs some airplane parts, and a spare parts and accessories storage plant, which due to contractual obligations cannot reveal its name, the president and director of the San Jose Aviation free Zone, Federico Handal, reported."
The air transport sector in Central America grew 8% this year. In Panama estimates put it at 10%.
Like all businesses, the industry is going through tough times due to the crisis. But, is the sector (in Latin America) prepared to face the ups and downs of the global economy.
Of course it is, said the speakers at the 17th Regional General Assembly of the International Council of Airports in Latin America and the Caribbean (ACI-LAC) Conference and Trade Show which was held in Panama.
From November 23 to 26, 200 airport operators from Latin America and the Caribbean will meet under the following theme: "Towards an efficient and sustainable management model."
Topics related to the the airport industry, such as airport capacity, financial sustainability, regional industry perspectives, commercial management of airports, etc, will be discussed in Panama by some 200 international delegates at the 17th Annual Assembly and Commercial Exhibition of the International Council of Aiports. (ACI-LAC).