Forbes: Nicaragua, the New Business Star in Central America
Summary: Nicaragua's economy is creating an expectation never seen before among investors, and even better, in several sectors important business that no businessman should miss out is already being incubated, says an extensive feature in the prestigious Forbes magazine, signed by his special correspondent Enrique Torres.
The article indicates that free zones play an important role in the economy of the country. Exports totaled more than $ 2,600 million and traditional exports were about $ 3,600 million in 2014, highlighting that in Nicaragua there are companies dedicated to clothing industry, automotive production, tobacco, call centers, which take advantage of the commercial benefits of the free zones and they form part of the economic growth figures presented by Nicaragua in recent years.
It states that the policy of the Sandinista government to reinvigorate the free zone regime has led to increased exports of the country, which barely reached $ 300 million in 2006, and has led to new dynamics among companies in the export industry, a sector that is actively involved in the actions that have been implemented in Nicaragua for nine years.
Forbes indicates that the economic model of Nicaragua changed from 2007, when a group of local businessmen took advantage of the national situation, facing a change of government, to introduce a scheme for greater participation in legislative initiatives and since then, the model of dialogue and consensus was established in the Constitution, which was even included in the new Law of Chambers.
"We have no congressman among the 92 that make up the National Assembly, but every decision about the country's economic model must be consulted and approved jointly by the business sector and representatives of the current government,” the President of COSEP, Jose Adán Aguerri, told Forbes.
Forbes further emphasizes that tourism and remittances from abroad have grown considerably in Nicaragua in recent years and that due to the economic performance, it is now easy to find construction works of hotels and residential and commercial real estate development. Rodrigo Pereira, President of the Chamber of Construction, said that the construction sector grows on average by 30% every year since 2010.
AWAITING THE GREAT PROJECT
Forbes rates the Interoceanic Canal as the major infrastructure project of Nicaragua. “Once the Interoceanic Grand Canal is in operation, our economic growth rate will increase from the current 4.7% to 10% per year,” confirmed Álvaro Baltodano, Presidential Delegate for Investments.
“The Canal will generate many direct jobs, more than 50,000, of which 25,000 will come from Nicaragua,” Rodrigo Pereira, President of the Chamber of Construction told Forbes.
He notes that the economic spillover will be extended to companies like CEMEX from Mexico, which opened a plant in Managua last August with an investment of $ 30 million. “When we settled in Nicaragua, we did not know about the canal construction, now we are very excited about the project,” said Yuri de los Santos Llamas, CEMEX manager in Nicaragua.