In the dawn of 2024, El Salvador is witnessing a surge in investments from both local and international companies, drawn by the country’s strides in legal security, social stability, and economic resilience. This boom, according to the Secretary of Commerce and Investments, Miguel Kattán, is a testament to the success of President Nayib Bukele’s administration in implementing effective strategies for social and legal security.
Miguel Kattán highlights that the business community’s confidence in El Salvador stems from the government’s commitment to fostering economic prosperity and creating quality jobs for its citizens through various initiatives. He states, «Investors are now viewing El Salvador differently, drawn by the climate of security we experience – not just physical security, but also legal certainty and the economic stability that the country enjoys.»
Recent investments by international corporations further underscore this newfound confidence. Unilever has injected $6.9 million to expand its operations, Nestlé is investing $10 million in a new distribution center after 70 years, and Inhdelva El Salvador has initiated a $100 million venture. The development of the modern logistics center, Empresarial Nuevo Cuscatlán, south of San Salvador, also contributes to the diverse array of investments taking place nationwide.
Jorge Arriaza, the Executive Director of the Salvadoran Association of Industrialists, emphasized the careful consideration that both local and international companies give to where they invest. He stated, «Choosing El Salvador sends a strong message to the world; it fulfills their criteria and signifies a solid message to the international community.»
In a recent statement, Nestlé’s Executive Vice President and CEO for Latin America, Lauren Freixe, commended El Salvador’s new vision, positioning the country as an example for the region. Freixe affirmed Nestlé’s commitment to continue operating in the country, saying, «Today, El Salvador is an example for other countries in the region. Nestlé is committed to being part of the country’s history.»
Miguel Kattán emphasized the efficiency of the government’s processes, ensuring that necessary procedures for investments can be completed in record time. «We are ensuring that procedures can be completed in less than two months and, in some cases, in less than a day,» he stated, underlining the commitment to a streamlined and business-friendly environment.
Looking ahead to 2024, Kattán anticipates significant investments, including a $400 million commitment from Korea in the textile sector, a textile plant from the People’s Republic of China, and ongoing discussions with three European companies looking to establish operations.
«After two years of prioritizing the physical security of all Salvadorans, we are witnessing growing investments, with many international groups eager to come to El Salvador. The government’s message is clear – we are here to work, support, and facilitate investments to generate quality employment for our entire population,» concluded Kattán.