First industrial park in southern Honduras inauguratedFriday, September 12, 2008 At an investment of $5 million the first stage of the Honduras Pacific Free Zone, which will host the textile factories, was inaugurated. The total projected investment is $100 million in 10 years; the first stage should generate some 300 direct jobs and should increase to 5,000 in the next few years, as well as the development of a housing project for workers. Textiles: $20 Million Investment in Manufacturing PlantThursday, July 2, 2020 Proquinal Costa Rica announced that it will reinvest $20 million in its coated fabric manufacturing plant, which is located in Spradling Free Zone Park in Coyol de Alajuela. This reinvestment will allow the implementation of a new process within the plant that will increase its export capacity. The company manufactures coated fabrics for high performance markets such as hospitals, yachts, school buses, stadiums, airports and hotels, reported the Costa Rican Development Initiative Coalition (Cinde). More Jobs at Nicaraguan Free ZonesFriday, June 11, 2010 Three new companies will open in the country and four will expand operations; this will add an estimate 10.000 jobs. Alvaro Baltodano, from the National Free Zone Commission, explained that new companies Scmith Irmaos, Draxelmaier and Hansol will employ 4.000 people. El Salvador: Textile Companies Oppose 5% TaxThursday, February 14, 2013 The Chamber of Textile, Clothing Companies and Free Zones states that if the new law on Free Zone included the tax, it would drive away millions of dollars in investments. Elmundo.com.sv reports that "The Chamber of Textile, Clothing Companies and Free Zones of El Salvador (Camtex) on Wednesday opposed changes made by the Finance Minister Carlos Cáceres to the proposed amendments to the Law on Free Zones, agreed with the sector since October 2011." New Changes to Free Zones ActThursday, September 13, 2012 Organizations and unions of Salvadoran maquila workers have proposed the creation of an insurance policy guaranteeing payment of 100% of salaries in the event of closure of business operations. The bill envisaged by organizations and unions also proposes sanctions such as loss of tax benefits for a period of three months for those companies who commit very serious offenses. Growth to stall in Nicaragua's Free Trade ZonesThursday, June 5, 2008 The vice-president of the Association of Textiles and Clothing, Roberto Bequillard, thinks that this year the free trade zones will not grow in terms of attracting new investment. He said this is due to problems with the government of Daniel Ortega. Bequillard, according to statements published last Sunday by the newspaper La Prensa, said the lack of clear rules and the speeches of President Ortega against the textile sector are the main reasons why growth in these zones is likely to stall. Textile Industry Hopes for Free Trade Area ReformsThursday, November 3, 2011 New investments in the sector are pending the approval of El Salvador's new tax-free zone law. According to the Salvadoran chamber of textile manufacturers (CAMTEX in Spanish), the reforms being considered by the government comply with all the demands made by the World Trade Organization (WTO). Investments Held Up by LawMonday, May 21, 2012 Amendments to the Law on Free Zones will define the rules of the game that employers in El Salvador need to know in order to increase their investments in the textile sector. The newly formed cluster of synthetic fabric textile companies in El Salvador has temporarily stopped their investment plans in order to see what reforms will be made to the Law on Free Zones. In other words, they want "clear rules". Nicaragua: Free Zone Exports Keep FallingFriday, September 4, 2009 From January to June, Free Zones exported $45.5 million less (-8.8%) than the same period of 2008. Of the first six months of the year, it was only in February when the sector recorded an increase in exports. More and More Free Zones in NicaraguaWednesday, February 13, 2013 With a record $2.207 billion in exports last year in 2012, the nation aims to continue growing its free zone regime, both in terms of the number of companies and volume of exports. Beyond having obtained these successful figures, the aim is to attract more businesses and diversify economic activities. Within these objectives, the installation of the U.S. Nicaraguan Free Trade Zones on the DeclineThursday, April 23, 2009 The closing of textile companies in the Free Trade Zones in the last three years has led 28 thousand people to unemployment. In 2006, 3 companies closed and laid off 1,401 employees. During 2007, 1,314 jobs were lost with the closing of 3 other maquilas. 24 Maquilas Close in HondurasThursday, April 23, 2009 With the closing of enterprises during 2008 and so far in 2009, 20 thousand people were left unemployed. Most of the businesses operated in free trade zones or industrial parks. Currently, of the one million square meters available in the the 27 parks and free zones, 250 thousand (25%) are unoccupied. Free Zones in Nicaragua GrowingMonday, March 19, 2012 The growth is reflected in the steady growth in employment in production firms operating under the regime, which together exceed 100 thousand jobs. The number of employees in factories in free zones reached 103,000 people in March, a record for the sector in Nicaragua, said Alvaro Baltodano, President of the National Free Zone Commission, CNZF. There are 68,019 employees in the textile sector alone. Demand for Textiles StagnatesThursday, June 7, 2012 After strong growth in the early part of the year, textile mills in the free zones of Nicaragua are reducing their workforce due to falling orders from the U.S. In January and February, customer demand in the U.S. grew by 55%, but has declined in recent months according to the growth of inventories, said representatives of companies in the textile zones. Optimism In Salvadoran Textile SectorFriday, March 1, 2013 Textile businessmen say the new free zones law has caught the interest of investors and will strengthen the productive chain. Elsalvador.com reported that "despite a series of reforms promoted under the table by the Finance Minister Carlos Cáceres, which put companies operating under the Free Zone scheme on alert, the approval of the regulations as they had been agreed between the public and private sector a year ago, "is a tremendous tool (...), a tremendous engine which will make this sector take off," said the president of the Chamber of the Textile, Clothing Companies and Free Zones in El Salvador (Camtex), Jose Antonio Escobar ". |
|