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Government actions generate investor confidence

Generating business confidence in the country has been one of the main economic achievements of the current government in three years, said yesterday the Minister of Economy, María Luisa Hayem, in a television interview.

The official remarked that confidence is one of three key factors on which the current administration has worked in economic matters to boost the growth of the business ecosystem in the country and the attraction of new private investments locally and internationally.

“This is a key factor that has allowed us to maintain constant communication with the different sectors hand in hand with guilds, associations, companies and specific economic sectors,” he said in this regard.

The next action, which according to the minister “was a constraint for the economic development of the country” was to make public bank financing available to small, medium and large companies to generate momentum for new operations that contribute to the revitalization of the economy, as well as the generation of new jobs.

The third of the pillars promoted since 2019, has to do with an articulated work between state institutions to eliminate the bureaucracy in the processes that, according to the Minister of Economy, for decades kept business development in the country on the sidelines and lagging behind at the regional level.

Bureaucracy, said Hayem, stopped large-scale projects destined for the country, but now they are ensuring that all procedures are done in an agile manner in favor of companies so they can do business.

“This is how El Salvador is recognized in terms of trade facilitation and has been positioned according to the rankings of international organizations as a country that is at the forefront in its management of trade facilitation measures even above countries like Chile, Peru and Mexico. El Salvador has had everything to shine, but companies, entrepreneurs, partners and diaspora were not seen as partners for the country’s growth”, said the minister.

These achievements, added the official, have allowed the revitalization of the economy despite the economic crisis that the world is going through due to the COVID-19 pandemic and the war in Ukraine, as well as the generation of 54,400 jobs and companies that are increasing their exports and operations in the country.

“It is important to highlight that our exports have exceeded $8.4 billion (2021) and remittances have reached more than $7.5 billion (2021) that contribute to the dynamism of our economy,” he said.

In addition, he indicated that despite the effects, the country maintains its economic growth projections of 3.2 % for 2022. To maintain the pace of growth, he said that an international hotel is about to open its doors, there are investments in renewable energy, free zones in expansion and construction, as well as projected growth in the textile sector, plastics, paper and cardboard, call center, pharmaceutical, auto parts, food, tourism and construction.