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Latin America Investment News on Viva Tropical

El Salvador: New Laws to Attract Investors

Article Summary:

The Salvadoran government is preparing a package of incentives to attract investment to the country. Among the proposals are laws on international services, free zones, investments, and legislation to reduce red tape and government backlogs.

Photo Credit: El Mundo

Original Article Text From El Mundo via Google Translate :

Government Wll Amend Legislation to Attract Investors
The Government is already working on several fronts to create a compelling new legal framework of incentives to attract investment to the country, yesterday confirmed Alexander Segovia, technical secretary of the presidency.

One is to change laws related to investment, which is run by a “task force” for Growth Council (established under the Growth Asocio signed with the U.S.).

The idea is that these new incentives will be ready in October, the month in which the Government intends to organize the First International Forum for Investor, which seek to promote private investment, domestic and foreign, in our country.

This initiative would also linked Fomilenio II, a project that seeks to attract productive investment and sustainable tourism to the coastal marine area of ​​the country.

In fact, on Monday began consultations to finalize the design of this second agreement with the Millennium Challenge Corporation (MCC). This phase was announced yesterday by the Secretariat (see box).

“The reforms we are proposing to the laws, which are needed to encourage investment, would have to be ready for that forum, to tell them (investors) ‘we have these new incentives for investment,’” said Segovia.

They seek to overcome the low economic growth the country is precisely one of the objectives it seeks to achieve the partnership and reducing insecurity.

“EN15 days we will make the presentation (of the reform proposal) to the council’s technical team (…) we will make decisions there and ready as we will send to the Legislature,” forward Segovia.

What will be studied
The laws in question are: the Law on international services, Free Zone Act, Investment Law, and reducing red tape, stated the official.

We also study the possibility of creating legal stability contracts that allow no changes to the game as long as the investment.

In addition, Segovia said, will open a dialogue with political parties, chambers of commerce to meet and “support this national project, not government.”

“We are making a strategic alliance of public and private sectors to promote investment. If there is no private investment in this country of a market economy, no jobs, no income, no welfare, “he acknowledged.

Legal incentives will also be presented in other forums that the government intends to do in the cities of Washington and Los Angeles in the United States.

“We are working to be a successful forum, not many investors participated, but successful in that it serves as a tool for investors to make decisions to invest in the country,” he said.

The secretary criticized the forums for investors recently made by some countries in the region, as it was “a show” of governments, because there are projects or new investment initiatives.

In fact, said the country will prevent such events becomes only an exhibition, and will seek to attract projects.

Link to Original Article:

From El Mundo

Latin America Investment News on Viva Tropical