To learn more about the implications of the new legislation, consisting of 42 articles, the parliamentarians received the minister of Economy, María Luisa Hayem, who explained its purpose and, at the same time, about the foundation of the Agencia de Promoción de Inversiones y Exportaciones de El Salvador (INVEST).

"We need to create an institution that truly promotes and attracts domestic and foreign private investment, which contributes to economic growth and the generation of greater employment opportunities and national development", said the official.

According to Hayem, INVEST would be a public law institution, with budgetary autonomy, legal personality and its own assets. At the same time, he indicated that it will serve to have a permanent approach with investors and not sporadically.

The council of this institution would be integrated, in addition to a president, by representatives of the Ministerio de Turismo  (MITUR), the Ministerio de Economía (MINEC), the Ministerio de Relaciones Exteriores and the business sector.

"We continue renewing our institutions, modernizing our regulatory framework, eliminating red tape and implementing laws with vision. If we kept doing things the way we did before, we were not going to get anywhere", the minister assured.

Hayem told the deputies that he seeks to create sources of well-paying jobs and economic growth, so he needs to generate a favorable climate for investments.

"Before, there was no constant communication between the government and companies, nor was human talent valued. Today, El Salvador has an investment environment and legal certainty", said the minister of Economy.

The official pointed out that years ago there was a lack of interest on the part of investors, due to the lack of agility at the borders and in the dimensions of the sea ports.

"We have to enter the competition in the positioning of products worldwide. We have very good export positioning, but we have to go out with more novelties in foreign markets and I think that this new agency will serve as a tool for that", expressed the parliamentarian Samuel Martinez.

Functions of INVEST

If the new law is approved by the Legislative Plenary, INVEST will be an institution that will promote, articulate and coordinate the national public-private system for the promotion, facilitation and maintenance of investments and exports.

In addition, this agency will provide advice on strategic government infrastructure, business climate studies and will make proposals for improvement to contribute to economic growth and the generation of greater employment opportunities and national development.

"The institution will have a modern regulatory framework to work in a correct and agile way to face a world of competition in which companies decide in which countries to settle", said minister Hayem.

INVEST will replace the Organismo Promotor de Exportaciones e Inversiones de El Salvador (PROESA) and the personnel hired in the latter institution will be guaranteed their labor rights.

Translated by: A.M