With the current crisis in Europe and the problems created by the fiscal debacle that is threatening the U.S. economic recovery, international investors are looking for diversification in Latin America.
Nicaragua, one of the poorest countries in Central and Latin America hosted three different commercial missions from Mexico, the UK, and Taiwan last week, seeking opportunities in the areas of agricultural development, textiles, infrastructure, and telecommunications between others. The country with a 19 billion dollar GDP received over 900 millions in FDI (foreign direct investment) just in the year 2012, a growth of almost 300% from the 2007 figures. According to government figures, this growth can be attributed to the country growing focus on the development of free trade agreements, increased trust in the government support for the development of the private industry, and a focus on marketing and promoting the country’s economic opportunities overseas.
According to the World Bank, Nicaragua currently holds the 119th place in the world according to their business environment initiatives, above it’s neighboring Costa Rica, and Honduras, but still way below Panama the regional leader. The president of Nicaragua’s COSEP (Private Industry Council) Jose Adán Aguerri indicated that in order to continue this growth, the country still needs to improve it’s legal and political environment, in order to reduce any concerns for foreign investors and companies evaluating further opportunities in the country such as the current Ministerio de Hacienda Data Center project.
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