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Latin America Investment News on Viva Tropical

El Salvador Debates Reforms to Law on International Services

Article Summary:

The International Services Act of El Salvador, which created the environment for the arrival of foreign banks, free zones, and call centers, is in the process of modernization. Economic Cabinet officials said they aim to improve the business climate to attract more investment into the country.

Original Article Text From Prensa Grafica via Google Translate :

Announced reforms to the Law of Services

The multiplication law that allowed foreign investment in the financial sector, telecommunications and the maquilas will go through a stage of modernization. The Government is promoting a comprehensive reform package that will reach to the Law of International Services.

“There are laws that are 20, 30 years and no longer reflect the economic reality and this hinders the process of investment,” said Alexander Segovia, head of the Technical Secretariat of the Presidency (STP), although the service is a bit more recent.

The proposals were discussed with the private sector and are already advanced. Segovia hopes to present to the Legislature no later than July.

“We hope this effort will contribute to improve the assessment in the ‘Doing Business’ (‘Doing Business’),” said Armando Flores, head of the Ministry of Economy (MINEC).

That report, by the World Bank, shows the ease with which you can install, maintain and end a company of any sector. Flores added that, in general, hope to contribute to a better climate for private investment.

The changes
International Services Act helped to create conditions for foreign banks came to develop free trade zones and contact centers, also known as “call centers”.

Oscar Hernandez, director of trade in the MINEC, explained what the proposals to modernize the legislation.

First, include medical, dental and the tourist as beneficiaries. Not previously considered in the law. Also thought to enhance support from contact centers to care not only calls, but can provide administrative services, similar to what you already do Uassist.me.

“It is within the law enabling it to operate (the beneficiaries) outside the free zones,” he said. “They will be able to settle foreign companies outside free zones” and receive the incentives of this legal framework. Also intended to support the installation of container repair services at the port of La Union.

It will be a bet similar to Aeroman, which specializes in the repair of aircraft including lines that do not operate in El Salvador . On the other hand, will drive the creation of contracts for economic and legal stability for foreign investors. “(The employer) is committed to investing in the area that is, to create jobs, and the State undertakes to respect him the initial conditions of the investment to be sure that in five, 10 years are not going to change the rules of game, “said Segovia.

To date there is no such legal concept.

Link to Original Article:

From Prensa Grafica

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