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Honduras expects rise in private investment by 2020

02
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Honduras will attract new foreign investments by January 2020 as a result of agreements signed with investors from different sectors, President Juan Orlando Hernández recently announced. The ‘maquila’ sector has already seen a considerable rise in investments. A maquiladora, or maquila, is a company that allows factories to be largely duty free and tariff-free.

These factories take raw materials and assemble, manufacture or process them and export the finished product. In Honduras, the maquila industry primarily comprises textile, electronics and services companies.

Recently, the Honduras government and investors in the maquila industry signed an agreement that will place Honduras on equal terms with neighbouring countries and generate around 15,000 new jobs by 2020, according to a press release from the president’s office.

The agreement includes reforms to the Law of Free Trade Zones, aimed at increasing competitiveness, generating jobs, and providing legal security in order to attract new investments, thus reaffirming the government´s commitment to boost the country´s economic development through the creation of jobs.

"This is definitely good news for all Hondurans, we are talking about a very attractive package that will generate a significant number of new jobs and boost the growth of the maquila industry in Honduras," said President Hernandez.

The Honduras Manufacturers Association (AHM) estimated that next year, the investment in this sector will be about $410 million because of foreign investment.

The maquila is a cornerstone of the economy of Honduras. It has become one of the main generators of jobs and exports, especially in the northern part of the country. Currently the maquila sector distributes around $360 million to buy national goods and $162,000 million in salaries.

Fibre2Fashion News Desk (DS)


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