Nicaragua seeks to position itself as an attractive and reliable place for foreign investment and to attract innovative projects, states the investment promotion agency ProNicaragua, which is preparing three business forums this year.
The forums will highlight the opportunities the country has to offer in the automotive and footwear industries, and, in addition, the second annual European Meeting will be held in Nicaragua, whose first event was successfully held last year, reported ElFinancierocr.com. In 2011, Nicaragua attracted about $900 million in foreign direct investment, less than projected (approximately $1 billion), however, that has not dampened the optimism of the authorities.
The presidential delegate for the promotion of investments, Alvaro Baltodano was quoted as saying on the official site El19, that talking about FDI of $900 million, which represents a 97% growth compared to 2010 - is a “success” and it "creates a platform to make Nicaragua an attractive country for investment", reported Gustavo Alvarez correspondent in Nicaragua for ElFinanciero.com.
Baltodano attributes the momentum of investment attraction to the partnership between business, government and workers, which defines rules of the game for those who wish to invest. For example, as mentioned, the issue of minimum wage increases which have been defined for three years in an agreement between the three parties in the export processing zones (zonas francas), which also includes the improvement of working conditions and medical care for employees.
$ 600 million investment is projected for this year, 20% higher than 2010.
Javier Chamorro, Executive Director of ProNicaragua noted that in 2010 the energy, telecommunications and free zones had the biggest growth, followed by tourism. This year projections estimate that investments will again concentrate in these sectors.
Nicaragua already exports products worth $1,300,000 to the Asian country and is keen to promote its agriculture and tourism sectors.
An official Taiwanese delegation headed by Deputy Foreign Minister Nonrischai Jullapong, visited Nicaragua to attend the inauguration of the second term of President Daniel Ortega and discuss business opportunities.
FTAs, a skilled workforce and the proximity to strategic markets are among the attractions for investors in Nicaragua.
In its April 2009 issue, Revista Summa will publish an exclusive interview with Javier Chamorro, Executive Director of ProNicaragua which is directed at getting to know the advances in attracting foreign direct investment and the plans that will be developed during 2009.
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