In line with his commitment to focus his second term on economic recovery after addressing security issues, President Nayib Bukele of El Salvador unveiled the comprehensive Economic Plan. The plan, structured in six phases, saw the president outline the first two phases, while hinting that the third phase will address remittances.
«The first phase is food security, and the second phase is technology,» Bukele revealed during the inauguration of DataTrust, a $30 million investment project located in Ciudad Arce, La Libertad Centro (full story on page 4).
Phase 1 of the Economic Plan emphasizes food sustainability, proposing a ten-year elimination of tariffs on an expanded basic food basket. The executive branch has already sent the relevant bill to the Legislative Assembly for approval.
«We are committed to food security. In ten years, El Salvador will achieve food sustainability. There will be no tariffs on 116 basic food items,» Bukele explained. He added that the zero-tariff policy would also apply to animal feed, fertilizers, insecticides, herbicides, and other agricultural inputs to support producers.
The expanded basic food basket includes products such as French bread, tortillas, rice, meats (beef, pork, and poultry), fats (oil, margarine, and vegetable oil), eggs, milk, fruits (oranges, bananas, and plantains), beans, vegetables (potatoes, onions, green peppers, tomatoes, chayote, and cabbage), and sugar.
Earlier this month, Bukele called on merchants, importers, and wholesalers to lower food prices during a national broadcast and launched a network of 30 agromarkets nationwide to reduce costs.
Food sustainability also involves establishing wholesale markets across the country, with one planned for the former Sitramss terminal in San Salvador Centro. This model will gradually replace agromarkets. «We aim to reduce food prices sustainably, in the long term. Better food at better prices. Our goal is macroeconomic growth without neglecting the well-being of Salvadorans, protecting family budgets,» he stated.
Phase 2 of the Economic Plan focuses on technology. «We are confident that technology is the way to develop our country. We want to lead the technological revolution. El Salvador’s technological development will be driven by private investment, including companies like Google, new computers, and new investments like DataTrust, as we aim to become the tech hub of the region,» Bukele said.