President Nayib Bukele unveiled the third phase of El Salvador’s Economic Plan for 2024-2029, dubbed «Logistics,» marking the beginning of the largest private investment in the nation’s history. The announcement, made yesterday, detailed a partnership between the Salvadoran government and YILPORT Holding Inc., which will invest over $1.6 billion in the modernization of the country’s key ports.
YILPORT Holding Inc. has entered into a public-private partnership with the Comisión Ejecutiva Portuaria Autónoma (CEPA) to operate both the Acajutla and La Unión ports for the next 50 years. This initiative includes a phased investment strategy, starting later this year. The first phase will focus on improving the infrastructure of the Acajutla port and acquiring new equipment to enhance operational efficiency. The second phase will see the construction of additional infrastructure, aimed at tripling the terminal’s capacity.
At the La Unión port, the initial phase will involve dredging to maintain depth and the procurement of modern equipment such as cranes, loaders, and excavators, to reactivate the terminal, which has been dormant since previous administrations failed to operate it, resulting in significant economic losses.
This substantial investment is a direct result of President Bukele’s official visit to Turkey in 2022. In a video shared on X (formerly Twitter), the president highlighted the significance of the initiative, stating, «Phase 3 of the Economic Plan will create new and better commercial opportunities for our country, beginning with the Pacific Port Union.»
The Logistics phase aligns with President Bukele’s broader economic strategy for his current term, which he outlined during his inauguration on June 1st. Following the successful implementation of security measures, the president’s focus has shifted to revitalizing the economy.
The first two phases of the Economic Plan were announced on July 16. The first phase, titled «Food,» involves eliminating tariffs on 116 essential products, pending approval by the Legislative Assembly. The second phase, «Technology,» saw the inauguration of Data Trust, El Salvador’s first Tier III data center, located in Altius Tech Park, La Libertad. This technological hub is part of a broader strategy to attract over $1 billion in investments, complementing the upcoming Aerocluster initiative.
President Bukele’s ambitious Economic Plan is expected to transform El Salvador’s commercial landscape, boosting the nation’s global competitiveness and improving living standards for its citizens.