El Salvador explores strengthening investments in the textile sector with South Korea

Some 100 Korean businessmen interested in knowing the advantages that El Salvador offers as an investment destination participated this Tuesday in the forum called: Business Climate for the Textile and Clothing Sector of El Salvador in South Korea, which was organized by the Ministry of Economy ( Minec) and the Ministry of Foreign Affairs.

During the forum, the Minister of Economy, María Luisa Hayem, highlighted El Salvador’s progress in terms of competitiveness compared to other countries in the region, and especially the advantages it offers for establishing operations on Salvadoran soil.

 “The governmentt is committed to providing local and foreign companies with all the necessary conditions to establish, operate, and grow in an agile manner. One example is the big push for trade and investment facilitation,” she stated.

Likewise, Hayem assured that the companies that operate in the country will be able to benefit from preferential access in more than forty countries through the platform of commercial agreements that exist.

The official assured that the companies that establish operations in the country are witnesses to the productivity and dedication of Salvadoran talent.

The textile sector, considered one of the most important in the Salvadoran economy, has a wide demand for products such as T-shirts, knitted shirts, sweaters, among others.

According to data from the Central Reserve Bank (BCR), clothing exports totaled $572.4 million from January to August, with a growth of 10.4%.

“El Salvador’s textile and clothing sector was responsible for approximately 46% of the country’s total exports registered in 2021,” Minister Hayem told the Korean businessmen who participated in the forum.

Recently, Patricia Figueroa, executive director of the Chamber of the Textile, Clothing and Free Trade Zones of El Salvador (Camtex), confirmed that the growth of the sector is also due to the commitment of businessmen to implement the strictest biosafety protocols in their plants to comply with international contracts that had been pending in previous months.

Likewise, the executive director of the Exporters Corporation of El Salvador (Coexport), Silvia Cuéllar, considered that there were several industries that presented positive numbers, but textiles were boosted thanks to the conversion they experienced in the face of the pandemic.