Guatemala, a Reforming Country
Guatemala, with a population of 16.34 milllion and inflationrate of 2.4%, is Central America's largest economy. In 2015 it grew by 4.1% and its GDP reached $64 billion.
Rubén Morales Monroy is Guatemala’s Minister of Economy and he is interested in promoting strategic investment, stating that he means “items like ports, airports, roads, irrigation systems, industrial and technological zones. We are looking for public-private investments to identify and boost these projects. Our efforts are geared towards boosting those investments and making them happen so they can help our country’s development and productivity”.
Acisclo Valladares Urruela, PRONACOM’S (National Competitiveness Program) Presidential Commissioner, is pleased with the Government’s projects and policies, which place Guatemala as one of the world’s most reforming countries within the World Bank. Foreign exchange earnings from remittances to the end of March 2016 reached a total of $1.7 billion, following on from the recovery of economic activity in the U.S. The U.S. represents around 30% of Guatemala’s foreign investment total, and the diplomatic relations between both countries are at the forefront of Guatemala’s foreign policy. Acisclo Valladares stated that the American Government “as well as Govern- ment-backed institutions such as MCC (Millenium Challenge Corporation Guatemala) and USAID” are giving a lot of support.
Amador Carballido Oriols, General Manager of Agexport, a private business development institution highly focused towards Guatemala’s export offerings, said that businessmen “have a diversified offer because 75% of exports are made up of a wide variety of products. Leading Guatemala’s list of non-traditional exports are clothing and textiles, followed by agricultural goods and, lastly, manufactures, food, canned goods, and light manufacturing.” According to Julio Héctor Estrada, Guatemala’s Finance Minister, the country’s biggest challenge is to have a Competition Law as a basis for the country’s progress and economic growth. “More investment is, indeed, necessary. I preside over ANADIE (Guatemala’s National Partnership Alliances for the Development of Economic Infrastructure Agency) and during the second half of 2016 we will boost investment,” adds the Minister.