President Nayib Bukele reported that he has sent a series of reforms to the Salvadoran Congress for the elimination of bureaucracy, and the creation of fiscal incentives to attract new investments to El Salvador.
“I am sending 52 legal reforms to Congress, to eliminate bureaucracy, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, and stability contracts” — He posted on his Twitter account.
According to the Salvadoran president, the intention with this series of reforms is to facilitate the registration procedures for new companies and attract more national and foreign investment in the country, which will generate more and better sources of employment.
“The plan is simple: while the world falls into tyranny, we will create a refuge for freedom” — as told by the Salvadoran president, who remains with high approval ratings from Salvadorans and is one of the best evaluated presidents in the world.
Through this presidential initiative, it is intended to project El Salvador as an alternative for international companies and investors in the face of the instability that exists in other parts of the world.
President Bukele’s proposal has already been echoed by some parliamentarians, such as William Soriano, from the Cyan caucus, who said he was ready to approve the reforms. “We are ready to receive the 52 legal reforms in the Congress of El Salvador, Mr. President” — the Congressman replied.
El Salvador has been one of the countries where entrepreneurs face a series of bureaucratic procedures to register their companies, countries like Panama and Costa Rica have reduced this procedure to attract new investment to their countries.
Bukele’s announcement comes at a time when the Central Reserve Bank (BCR) detailed that the country’s exports grew by 13% in January of this year, a record that exceeds the exports of that month in the last 30 years, something that also highlighted the president.
“El Salvador’s GDP grew 10.3% in 2021. And now its exports (the main engine of economic growth) grew 13% this January, compared to January 2021. Are we looking at another double-digit GDP growth this year?” By the way, El Salvador never had double-digit GDP growth before 2021″ — the president stressed.