Salvadorans abroad have invested $421 million in the country

A total of $421 million has been invested by many Salvadorans living abroad, in a total of 151 projects, thanks to the strategies promoted by President Nayib Bukele to the government.

Regarding this investment boom, the Export and Investment Promotion Agency of El Salvador (Proesa), which leads the program for Salvadorans abroad (Salex), confirmed that these have been strengthened during the current government administration, especially due to the climate of security that is registered in the country.

In this regard, Julio Gutiérrez, manager of the Salex project at Proesa, explained that this year there has been a growth of between 40 and 50% of these investments compared to last year, and that the items that most attract Salvadoran entrepreneurs are tourism, housing estates, agribusiness, shopping centers, and service stations.

“There has been an increase in investment demand because the country has been gaining confidence with the Territorial Control Plan. Entrepreneurs and residents of the areas where there are projects state that they feel safe and that they are willing to work,” said Gutiérrez.

He also affirmed that the said attraction has been favored thanks to the vision that President Bukele has given to the country and the business climate that now lives in El Salvador.

Likewise, the official commented that 95% of these projects are developed by Salvadorans who live in the United States, while the rest are from compatriots who reside in Canada, Costa Rica, Nicaragua, and very few of them in European countries.

Overall, between 2019 and 2022, Salex investments have generated 7,000 direct jobs and more than 25,000 indirect jobs nationwide, boosting the local economy in the 14 departments of El Salvador.

In addition, Gutiérrez said that 35% of the investments take place in the eastern part of the country; 48% in the central and paracentral zones; and 17% of these projects are built in the western zone.

“The eastern area has become one of the most explored destinations for Salex investments, after the launch of Surf City II,” he said.

The official assured that the projection is that 2022 closes with around $500 million in Salex investments, and a total of between 180 and 200 projects.

For his part, the president of Proesa, Salvador Gómez Góchez, stressed that Salvadorans living abroad perceive the effectiveness of the Territorial Control Plan executed by the government, which encourages them to invest in the country.

“These types of projects are sources of employment and we are going to support them in all the paperwork and processes that are necessary for entrepreneurs,” added the head of the promoting body.

An investor attraction tour

The Salex project manager reported that Proesa authorities are participating in a tour called “Forum to Attract Investments for Salvadorans Abroad,” which will take place from October 22 to October 27, specifically in Houston, New York, and Washington, in the United States.

With this activity, the government intends to motivate more Salvadorans to invest in the country, in order to contribute to the development of the national economy as well as the increase in jobs and the construction of spaces where the population can enjoy.