El Salvador: Reform of Law on International Services

The International Services Act, which created the environment for the arrival of foreign banks, free zones and call centers, will be modernized.

Thursday, May 17, 2012

The government of El Salvador is preparing amendments to the Law on International Services, which in its time allowed a multiplication of foreign investment in the financial, telecommunications and the maquila sector among others.

"There are laws that are 20, 30 years old and no longer reflect the economic reality and this is hindering the process of investment," said Alexander Segovia, head of the Technical Secretariat of the Presidency, as quoted by Laprensagrafica.com.

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

More on this topic

New Laws to Attract Investors

April 2012

The Salvadoran government is preparing a package of incentives to attract investment to the country, which will be presented in October at an international forum for investors.

Among the laws that are to be analyzed are the law on international services, the law on free zones, the investment law, and reducing red tape and other things.

Three Laws to Promote Investment in El Salvador

April 2012

The government is preparing drafts laws on insolvency, real estate collateral and electronic signatures.

The Government is refines this package of draft laws in order to influence and improve the business climate in El Salvador, following complaints from the private sector, reported Elmundo.com.sv.

Stimulating the Honduran Economy

July 2010

International investors, including Carlos Slim, are to meet in an economic forum to evaluate more than 100 development projects in various sectors.

The event will take place on 4 and 5 November in San Pedro Sula, the economic capital of Honduras, to relaunch the promotion of the country as a destination for investment.

New Maquilas Invest $10 million in El Salvador

July 2012

The Trade and Investment Office at the Ministry of Finance has registered 16 new investments since June 2011 to May 2012 amounting to $10 million.

An article in Laprensagrafica.com reports that "This department at the MINEC keeps track of investments in maquilas, industry and in commercial zones, Flores said.

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