The business sector and executive authorities are working on a proposal for reforms to the Law of Free Zones of Puerto Cortés, a project that aims to expand existing incentives for this regime.
The modifications that will be discussed in next week's mobile congress in San Pedro Sula seek to reform decrees 1, 2, 3, 12, 16 and 22 of the Free Zone Law of Puerto Cortés.
The Honduran government has announced that from 11 to 15 March, a delegation of investors from South Korea will be visiting the country to assess business opportunities under the new FTA with Central America.
Authorities from the Ministry of Economic Development explained that in addition to investors from South Korea, the arrival of Taiwanese businessmen is also expected. This group plans to arrive in the country on March 15, and they will be interested in exploring business opportunities in sectors such as agroindustry, floristry and tourism.
Nine days after the presidential elections in Honduras an official winner has still not been announced, and the business sector estimates that the losses caused by looting, violence and paralyzed activities amount to $50 million a day.
Blockades in the main roads of the country, demonstrations, looting of businesses and widespread violence is what can be seen in some areas of Honduras, eight days after the disputed presidential elections.
The signing of an FTA will allow entry of 96% of Honduran products to Canada duty free.
Of the remaining 4%, 2% must comply with a tariff reduction schedule over the next three years.
"Regarding agricultural products, Honduras can export 81% of its products duty free to Canada compared to the 42% it will receive from them. In the case of industry, the percentages are 99% from Honduras and 73% from the northern country."
The government announced it is closing its embassies in Venezuela, Ecuador, Argentina, Bolivia and Brazil.
A statement from the Foreign Ministry says it will open trade offices in India, Singapore, China and Canada.
"Foreign Minister, Mario Canahuati, said ... Honduras is revising embassies in Latin America. The country intends to keep embassies in Colombia, Peru and Chile and for those embassies to serve other South American countries."
Singapore will provide financial assistance to conduct studies for the construction of the new Palmerola Airport.
The deal was agreed during the official visit of Honduran president, Porfirio Lobo Sosa, to the Asian island.
The head of the Ministry of Public Works, Transportation and Housing of Honduras, Miguel Pastor, a member of the official delegation, said, "We completed the signing of a memorandum of understanding with strong support from Singapore in the construction planning phase of the new terminal in the sector of Palmerola Comayagua," reports Laprensa.hn.
San Pedro Sula will host the forum "Honduras Open for Business" seeking to promote the country to foreign investors.
The event will take place on May 4 and May 5 at the Felipe Argüello Chamber of Commerce and the Honduran Social Arabic Club.
Deputy Foreign Minister Alden Rivera, told Laprensa.hn, "... we are inviting about 2.500 businessmen from global corporations, but only 500 foreign businessmen have confirmed and other 500 are local.”
Matiere, a company dedicated to infrastructure projects in Latin America, looks to invest in the country.
The representative of the French consortium, Jeremy Fraissinet, said that company expansion plans are considering whether to settle in Honduras, supported by next year´s investment program launched by the government.
The company, with presence in Latin America since 1932, specializes in installation of metal structures for bridges.
International investors, including Carlos Slim, are to meet in an economic forum to evaluate more than 100 development projects in various sectors.
The event will take place on 4 and 5 November in San Pedro Sula, the economic capital of Honduras, to relaunch the promotion of the country as a destination for investment.
According to Yesille C. Ponce in Laprensa.hn, Mario Canahuati, Minister for Foreign Affairs says that among the actions being taken by the Porfirio Lobo government to reverse the worrying economic trend are proposed bills to encourage employment generating investment.
Hillary Clinton, U.S. State Secretary, announced that her country intends to reactivate economic aid to Honduras.
Laprensa.hn reported that “Clinton stated her interest in strengthening social programs in the country, those geared to the most vulnerable population”.
U.S. economic aid was suspended after the destitution of ex president Manuel Zelaya on June 28, 2009.
Up to date, Honduras has resumes diplomatic relations with Guatemala, Colombia, Peru and Canada.
Chancellor Mario Canahuati explained they are working with the United States to unfreeze economic aid.
Canahuati added: “We have also welcomed the ambassadors of Italy and Germany, and the delegates from Spain and France are on their way. We also made progress with Finland, Turkey and Morocco”.
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