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.
15.000 jobs could be created in 2010, thanks to strong investment in the textile and apparel industry in Honduras.
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.
Faced with the loss of "competitive advantage" businessmen in the maquila industry are continuing to migrate their operations to Nicaragua.
The Maquila Association reported they are negotiating $150 million investments for 2010.
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