New Tax Puts $300 million Investment In Doubt

A new security tax, which aims to raise $80 million, calls into question a $300 million investment and could result in the loss of 15,000 jobs.

Wednesday, July 6, 2011

This is according to Jesus Canahuati, Honduran business leader and former president of the Honduran Maquila Association, who added that "several investors who were ready to come to the country have now halted their plans," due to uncertainty generated by the new tax.

He further claimed that "businessmen were 'used' by the congressmen who painted a different picture to what has finally been approved and is about to become law."

The Honduran businessmen stated that they are not opposed to paying a fee to support the fight against crime, but "we do not agree on irresponsible investment", said Canahuati.

The tax aims to raise $400 million over 5 years to be allocated to combat organized crime.

More on this topic

Honduras: Investment in Maquila Will Create Jobs

April 2010

15.000 jobs could be created in 2010, thanks to strong investment in the textile and apparel industry in Honduras.

The figure was revealed by Jesús Canahuati, president of the Honduran Maquila Association.

Canahuati told Latribuna.hn that “All the companies will rehire personnel, this is good, as it creates employment over already installed productive capacity”.

Canada FTA will Boost Maquila Industry in Honduras

December 2012

The annual export growth of the maquiladora industry in Honduras is estimated at $200 million, with the entry into force of the trade agreement with Canada.

Laprensa.hn reports that "About 200 million dollars in export growth and the creation of up to 10,000 new jobs is projected for the Honduran maquila industry in 2013 with the entry into force of the FTA with Canada, assured representatives from the sector.

Migration of Honduran Companies Continues

September 2011

Faced with the loss of "competitive advantage" businessmen in the maquila industry are continuing to migrate their operations to Nicaragua.

Jesus Canahuate, director of the Honduran Maquila Association (AHM), said that since March a total of 21 companies in the textile and clothing industry have moved their operations to the neighbouring country.

Honduran Maquila Foresees More Investment

November 2009

The Maquila Association reported they are negotiating $150 million investments for 2010.

Due to the international crisis and the domestic political crisis, the country will only see investment for $30 million in 2010, explained Daniel Facussé, president of the Maquila Association (AHM).

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