A meeting is being convened for the textile and clothing industry on March 16 in El Salvador, where the overall situation in the sector will be discussed.
From a statement issued by Proesa:
El Salvador is preparing for the third edition of the Forum of Textiles and Apparel (FOROTEX) 2016, a space where high-level international speakers present trends and strategies for competing in international markets.
The Law on Legal Stability for Investments has been approved, which aims to improve confidence in the country preventing changes to incentive schemes granted to foreign companies.
From a statement issued by the Legislative Assembly of El Salvador:
Legislative Plenary approves Legal Stability Law for Investment
The Chamber of Commerce of Guatemala and the Agency for Promotion of Exports and Investments of El Salvador (Proesa) have organized this business fair in order to support companies in their drive for internationalization.
The government plans to make a second call so that investors can submit eligible projects to the investment program 'Apuesta por InversionES', a nonreimbursable fund created as part of Fomilenio II.
With the recent approval of Fomilenio II, the government of El Salvador is considering extending the call for investment projects eligible for funding from the program 'Apuesta por Inversiones ' (API), for which there are 13 projects that passed the eligibility phase in the first call, "... and which represents $14 million in private investment and $48 million in public investment. Of these, six are related to the tourism area, three in agribusiness, two energy, one aquatic and one for aircraft. "
Latam Hotel Corporation will build and operate, beggining in 2016, a Hyatt Place hotel with 140 rooms in the Cascadas shopping center in San Salvador.
From a statement issued by the Agency for Investment Promotion and Export El Salvador (Proesa):
With an investment of more than USD 36 million, the Government of El Salvador in conjunction with Latam Hotel Corporation has laid the first stone where the Hyatt Place San Salvador hotel will be built.
The meeting between 168 companies from both countries struck deals worth $10 million in the construction, home, industrial supplies and health and wellness sectors.
International buyers of food products, manufacturing and many other services will meet with Salvadoran businesses on May 13th.
This event, attended by 37 importers from 12 countries including Peru, Mexico and the United States and more than 100 Salvadoran exporters, is being run by the Investment and Export Promotion Agency of El Salvador (PROESA) with the aim of connecting local businesses with new customers on an international scale.
It has been pointed out that in order to reverse the very low influx of foreign investment there is a need to upgrade the system of tax incentives focussing on the "draw back" which was eliminated.
The proposal aims to make the tax advantages offered by the country be focused on specific types of investment adjusted to specific needs and production policies.
In 2013 El Salvador attracted $140 million in foreign direct investment, Nicaragua $849 million, Honduras $1.060 billion, Guatemala $1.308 billion, Costa Rica $2.682 billion, and Panama $4 billion.
The Central America countries in total attracted $10.039,4 billion in foreign direct investment (FDI) in 2013, of which 40% went to Panama and only 1.6% went to El Salvador.
The Agency for Promotion of Exports and Investments is putting out to tender the creation of a strategy and action plan for attracting foreign direct investment to the textile and clothing sector.
Government Purchase El Salvador in January 2014 CPI PROESA / FANTEL:
"STRATEGY AND ACTION PLAN FOR ATTRACTING FOREIGN DIRECT INVESTMENT IN TEXTILES AND CLOTHING OF EL SALVADOR - Develop strategy and investment promotion action plan for the textile and clothing sector of El Salvador, to encourage the installation of new enterprises, increase the flow of foreign investment, create new jobs and strengthen the established industry. "
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