In Guatemala, reform of the Free Zones Law has been in place for two years, and as a result, several companies have withdrawn, while others are still waiting for the tax benefits to be restored before making any more investments.
Some companies are keeping their investments on hold, because the tax benefits applied to activities that take place in free zones were eliminated withDecree 19-2016.One such case is that of electric vehicle importer Electricmóvil. This companyis waiting for Congress to reform the Law and restore the benefits, before expanding its operations under this regime.
The Mexican company Zetrak has inaugurated a plant in Amatitlán, department of Guatemala, for the manufacture of electrical distribution and power transformers.
Executives from Zetrak Guatemala stated that the "...objective of the new production plant, which will have all of the technical-commercial support of Zetrak Mexico, is to provide a more personalized service and a prompt response for all customers in Central America."
The cell phone assembler Sollen Mobile is one of the companies that is considering setting up in the industrial park being built in Escuintla which will be ready in September.
Daehan, a manufacturer and exporter of lighting products using LED technology is also interested in settling in theMichatoya Industrial Park, whose construction is now 70% complete .
The Guatemalan government has announced that the bus manufacturer HIGER is studying the feasibility of installing an assembly plant for light vehicles in the country.
The interest of the Asian company was revealed in the context of a tour in Guatemala by business representatives from the company who came to explore investment opportunities.
"Entrepreneurs 'have ratified their interest in investing in Guatemala, generating more formal jobs.
South Korean investors have made a proposal to President Perez Molina to set up a plant for assembling Kia, Daewoo and Hyundai autos, with an investment of $600 million.
The operation of a Korean auto plant could generate 20,000 direct and 30,000 indirect jobs and the investment would aim to fill market needs in Central America and southern Mexico.
In 2013, Guatemala will host the General Assembly of the Organization of American States (OAS), announced President Otto Perez.
The president, after meeting with Deputy Secretary General of the organisation, Albert Ramdin, told reporters that "the OAS General Assembly is an important matter for us because it is an event where representatives come from every country and it will take place here in Guatemala", reported the web site MiPunto.com.
The Pan-American Milk Federation will hold its General Assembly from October 21 to 23.
Dairy farmers from Brazil, Colombia, Argentina, Uruguay, Chile, Venezuela and Mexico are expected to participate.
Luis Rojas, from the Milk Growers Association, told Sigloxxi.com: "...there will be discussions on the sector's situation in Latin America,... business opportunities will also be generated among participants".
Panama will host the XLII Annual Assembly of the ederation of Latin American Banks fro the 16 to the 18 of November.
The event will bring together high level representatives of the member banks of the federation and the president of the Inter-American Development Bank, Luis Alberto Moreno, will also be present.
They will cover topics such as banking and financial activities, global economic situation and that in Latin America.
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