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Latin America Investment News on Viva Tropical

ProNicaragua Wants to Double Foreign Investment, The Plan? Hold Three Investment Forums in 2012.

Article Summary:

Investment Forum ProNicargaua hopes to double the amount of direct foreign investment into its country by holding three specific investment forums in 2012. The Group believes Nicaragua has the best to offer investors and will pitch their ideas to attending companies.

Photo Credit: El Financeiero

Original Article Text From El Financeiero via Google Translate :

Nicaragua as an Investment Destination

Nicaraguan officials aim to position the country as an attractive and reliable for attracting foreign investment and innovative projects even as the directors of the investment promotion agency ProNicaragua, institution that prepares three forums for foreign businessmen to be held this year.

The forums will focus on the promotion of the opportunities the country offers in the automotive and footwear, and the second edition of Nicaragua Europe Meeting, the first event held last year and was rated as successful.

In 2011, Nicaragua plans to double the $ 500 million in Foreign Direct Investment (FDI) made in 2010, but at the end of the period there were $ 900 million, according to preliminary data.

The presidential delegate for the promotion of investments, Alvaro Baltodano said was quoted as saying official digital on 19 , to talk about $ 900 million in FDI, which represents a 97% growth compared to 2010 – is a success and “feel the platform to make Nicaragua an attractive country for investment. “Baltodano explained that part of the success in the field of investments is due to the partnership between business, government and workers, which define rules of the game for the investor.

Among them, mention the issue of minimum wage increases which were defined for three years in an agreement between the three parties in the free zone sector, which also includes the improvement of working conditions and medical care to employees.

The official also added that laws have been improved, and communication mechanisms that allow ensuring that 2012 will be better in terms of investment.

Three forums in 2012
Nicaragua held several forums with foreign investors last year and in 2012 prepared the three events that aim to arouse the interest of more entrepreneurs from different countries in the Central American nation.

The first two forums that are scheduled are specialized. The first was held in March will focus on promoting investment opportunities the country offers to the automotive industry.

In the country operate within the free zone regime Arnecom companies of Mexican-Japanese capital, and Draexlmaier, of German origin, both specialized in the manufacture of automotive harnesses.

According ProNicaragua, awaiting the arrival of representatives of some 15 prestigious international companies in the automotive sector.

To these companies will be exposed the competitive advantages in the productivity of labor, free trade agreements, the attractive cost structure and investment incentives.

The second forum, scheduled for mid-year, will focus on investment opportunities that exist in the footwear industry, which highlight the success companies have had Anigo Irma Schmidt in the country, both from Brazil.

It is expected the participation of 40 representatives of foreign companies for this event.

The third event on the agenda is the second edition of Nicaragua Europe Meeting, which is expected for a similar share to the first edition, which was attended by some 40 European companies.”The goal is to organize small-scale meetings with select guests who have shown interest in the country and who will prepare a program with the specific information they need to move forward in the process of making decision to invest in the country,” ProNicaragua informed through a letter sent via email.

ProNicaragua Executive Director, Javier Chamorro, told local media that the 2012 forums are aimed at diversifying the industrial free zone to attract more companies in sectors with great potential.

Textile also optimistic
Although not mentioned the textile sector between the items to advance in these forums, Dean Garcia, executive director of the Nicaraguan Association of Textile and Apparel (Anitec), considered that could also be visited by investors interested in this area.

He said it is important that the textile can be spliced ​​with the pilot project of cultivation of cotton, as the first crop of 1,600 hectares, began a few weeks ago in the country and it will have to export, because the industry in the country where not yet can exploit.

According to Garcia, industry zone in 2011 exported $ 1,750 million, according to preliminary, of which $ 1,300 million for the textile and clothing industry.

Anitec Executive Director felt that the good climate for attracting investments in Nicaragua are three key factors: the economic stability, sound management of macroeconomic figures from the government and keeping inflation in single digits.

Apart from this, he mentioned the tripartite agreements on minimum wage from the government, unions and the private sector, especially in the free zone sector, where wage increases are predisposed for the coming years.

A financial report of the Nicaraguan Foundation for Economic and Social Development (FUNIDES) in the third quarter of 2011, notes that although the investment climate in Nicaragua is not good, the interest of businessmen in the country is stronger than originally planned estimates and previous publications.

The FUNIDES adds that the impact of slower growth in the U.S. economy is being offset by the figures in 2011 for a further growth in private investment and improved terms of trade.

Link to Original Article:

From El Finaciero

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