Thursday, 03 March 2022 21:15

El Salvador becomes a destination for spanish investment opportunities

Written by Evelyn Alas

The spanish investment opportunities, in El Salvador was the focus of the bilateral business meeting held last monday, february 28, in face-to-face and virtual format from CEOE with the salvadoran ministers of Economy, María Luisa Hayem and Finance, Alejandro Zelaya.

The event was inaugurated by the President of CEOE, Antonio Garamendi, and the Director General of International Trade and Investment of the Ministry of Industry, Trade and Tourism, María Paz Ramos.

In the third quarter of last year, the country's Gross Domestic Product (GDP) grew by 11.7% compared to the same period in 2020, consolidating its economic recovery process and preponderance in the region.

In a second panel, moderated by the President of the Institute of Economic Studies, Íñigo Fernández de Mesa, the salvadoran ministers presented the promotion tools and instruments for attracting investments in key sectors of the Central American country, such as logistics, construction, water treatment, technology, tourism and railway, airport and transportation infrastructure; and the portfolio of existing projects in these and other areas.

Under the slogan "El Salvador: destination of opportunities for Spanish investment", the event organized by the Secretary of State for Trade, through ICEX Spain Export and Investment; CEOE and the Spanish Chamber of Commerce, represents an opportunity to present the salvadoran government's business plans for this year, and to strengthen bilateral relations and business cooperation in projects of common interest.

For the year, the Bank will center the GDP level for 2019, according to data from the Economic Commission for Latin America and the Caribbean (ECLAC) and the World Bank (WB).

In search of economic growth El Salvador will invest US$1.15 billion in public works to build, expand and improve road and social infrastructure.

Among the projects that the salvadoran Executive intends to carry out with its investment in infrastructure are the expansion of the international airport so that it will have a capacity of up to 5 million passengers per year, as well as the construction of the Pacific airport.

Regarding the foreign sector, exports of goods from El Salvador continued to grow, increasing by 31.8% with respect to 2020, exceeding US$6 billion. Imports also increased strongly, by 47.1%, reaching US$15 billion.