El Salvador

Los Angeles Times - - EL SALVADOR -

El Salvador, Cen­tro Amer­i­can Re­pub­lic with 200 years of tur­bu­lent history has been able to con­sol­i­date the Rule of Law, which to­day of­fers ex­cep­tional prospects to visi­tors and in­vestors. With a pop­u­la­tion of nearly six and a half mil­lion in­hab­i­tants and an area of 20,742 km2, it has the high­est pop­u­la­tion den­sity of all Cen­tral Amer­ica. Its cap­i­tal is the city of San Salvador, whose metropoli­tan area con­cen­trates on the eco­nomic epi­cen­ter of the Re­pub­lic, although the cities of Santa Ana and San Miguel are also im­por­tant ur­ban cen­ters. El Salvador suf­fered a civil war for 12 years; the hu­man lives lost dur­ing this war were ap­prox­i­mately 75,000. This war ended in 1992 when the Gov­ern­ment and the guer­ril­las signed peace agree­ments that led mil­i­tary, so­cial and po­lit­i­cal re­forms that have helped them to be one of the Cen­tral Amer­i­can coun­tries with great­est vigor in the last 15 years. The Sal­vado­ran econ­omy reg­is­tered an av­er­age in­crease of 2%, which reached 4.7% in 2007 and, de­spite the slow­down in the global econ­omy in re­cent years; El Salvador has en­dured it with pa­tience. This is be­cause of the com­mit­ment of the author­i­ties and the fact that the Gov­ern­ment pre­pared a stim­u­lus pack­age of about USD 600 mil­lion for eco­nomic re­cov­ery, which has given great re­sults. Ac­cord­ing to the World Bank 2015, will be a year of ma­jor public and pri­vate in­vest­ment, an eco­nomic growth of 3% GDP is ex­pected. Ac­cord­ing to the Min­is­ter of Econ­omy Thar­sis Salomón López, the pe­riod from 2015 to 2020 can be con­sid­ered very promis­ing: “A part of the Fomilenio co­op­er­a­tion, EU and Tai­wan, to­tal­ing around USD 500-600 mil­lion, we have the Al­liance for Pros­per­ity, which are about USD 1000 mil­lion for the three coun­tries. All this will not solve the prob­lem per se, but is a sign of high con­fi­dence in our coun­try for new in­vest­ment from the pri­vate sec­tor. In the case of Fomilenio only 4 coun­tries have qual­i­fied and run this pro­gram, El Salvador is the only one who has qual­i­fied for the sec­ond time. This cre­ates con­fi­dence for the pri­vate sec­tor and in­vestors. The Fomilenio is con­sid­ered to have the high­est strict lev­els in or­der to qual­ify be­cause they take into ac­count trans­parency, democ­racy, and this is what at­tracts in­vestors.” The United States is the largest for­eign in­vestor in El Salvador. As a re­sult, the two coun­tries re­cently signed an Agree­ment that will de­velop in the coun­try FOMILENIO II. By which The United States will do­nate USD 277 mil­lion spread over five years, the first $10 mil­lion has been ap­proved. Another im­por­tant voice in the re­cent history of El Salvador is Fabio Castillo, a pres­ti­gious Sal­vado­ran politi­cian who be­lieves with sound judg­ment that : “I hope that for­eign in­vest­ment will not only make an ini­tial in­vest­ment but af­ter re­turn of prof­its is achieved, a rein­vest­ment should be take place with this type of busi­ness. “ Ac­cord­ing to Mr. Castillo El Salvador is fac­ing sig­nif­i­cant chal­lenges, one of the most im­por­tant is safety, where all strength, public and civil of the coun­try, must serve this cause: “We have to pro­mote se­cu­rity pro­grams against crime. The in­vestor wants le­gal se­cu­rity and the worker wants per­sonal safety.”

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.