Since the government of President Nayib Bukele took the reins of the country, it has carried out hard work together with the private sector to facilitate trade and investment, regulatory optimization, the reduction of procedures, and the harmonization of laws and regulations, as well as the attraction of investments for the generation of employment and economic growth.
In this sense, the Minister of Economy, María Luisa Hayem, assured that all the improvements that have been made in procedures to be able to have permits and to export and import products have allowed the facilitation of business paperwork in El Salvador.
According to the official, the objective of these actions that are being developed is to facilitate trade, improve the quality of life of Salvadorans, and thus also increase the national economy.
“Improvements have been made in procedures to be able to have permits and export and import products. We have also simplified the processes. In addition, we have close relationships with microentrepreneurs to provide them with support and remove those barriers so they can export,” said Hayem.
She added that they work under a holistic approach, in which they seek to benefit by streamlining procedures for microenterprises and in the same way for large companies. “We are looking for comprehensive growth in all our productive sectors,” she commented.
“From the government, we are accompanying the companies so that they can make the most of the current trade agreements, and in the same way, we work with our commercial partners to incorporate Salvadoran products into their markets,” she added.
In addition, following the commitments established in the Cuscatlán Plan and the Economic Development Plans, in customs matters, the government has achieved a reduction in customs clearance times.
«As of June 1, 2019, customs clearance times have been reduced. Previously, they were dispatched in approximately 12 hours, now, they are dispatched in 45 minutes. Dispatch processes for foreign trade operations in the region have also been simplified with the Advance Declaration of Merchandise in the Northern Triangle countries, Central American Single Declaration (DUCA), and the new DUCA T rectification process,” indicates the 2020 work report of the Government.
FTA WITH CHINA
On the other hand, Hayem stressed that the announcement by President Nayib Bukele regarding the start of negotiations for the signing of a Free Trade Agreement with the People’s Republic of China, opens more opportunities for El Salvador, businessmen, and the population.
The official stated that there is great potential in the country for various business sectors. “El Salvador already has a tradition in terms of exports. We have a lot of products going to different countries,” she said.