Salvadoran businessmen in the United States need incentives to invest in El Salvador | News from El Salvador

Expatriate entrepreneurs indicate that the state should put in place a law to encourage them to come and invest and help create opportunities.

Salvadoran businessmen in the United States point out that the Salvadoran government must create the conditions for them to come, invest, and generate a series of businesses and opportunities.

Oscar Levy Dominguez, CEO of the Salvadoran Corridor, USA, who participated in the International Meeting of Salvadoran Entrepreneurs, organized by the National Association of Private Enterprises (ANEP).

Dominguez is originally from Ciudad Delgado, a low-income relative, immigrated with his parents in 1989, studied finance and now runs the Salvadoran Corridor in Los Angeles and is working to open up other areas in more states; The next day will open in Maryland.

“Three million Salvadorans are a good hub for bringing investment to El Salvador, but what we want is for the government to incentivize them to invest in the country. How is investment stimulated so that the diaspora will invest in El Salvador? This government should show up and do something to stimulate investment,” Dominguez asks .

Another speaker was Juan Umanzor, President of the Salvadoran American Chamber of Commerce. Originally from La Union, he immigrated to the United States in 1996 and studied business administration.

Now newly elected to the 250-member federation, one of its goals is to increase membership, so that more Salvadorans also know other opportunities.

“We are Salvadorans, we work hard, we work hard, we dream of people, what we need is a boost and opportunities, and we can grow and become the next Japan,” says Umanzur, but he also points not only to a lack of incentives, but also to the insecurity of entrepreneurs and investments.

“In my case, in 2005, I bought a property to make it a hotel, but insecurity did not allow me to make this dream come true, so the government had to offer incentives for programs or taxes, but insecurity worries us, this support is needed,” says Umansor.

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Generate interconnectedness

For Salvadoran businessmen and entrepreneurs in the United States, the step taken by ANEP is a good initiative, as the key for them is to create links between businessmen in El Salvador and those in the diaspora.

“ ANEP plays an important role because if entrepreneurs come together to create associations or analyze opportunities, such as Salvadoran middlemen, many entrepreneurs here can invest and grow their companies, what you should have is a proactive mindset for work and creativity and what we want Dominguez believes that entrepreneurs’ vision is Results, to compete not only in El Salvador, but also all over the world.

The CEO of the Salvadoran Corridor in the US indicated that El Salvador could take the example of Asian governments that have invested more than $ 1 billion in their corridors in the US and set up trade mechanisms in both directions.

He also notes that from the private sector, with legislative bodies and the executive branch, they should work on two legislative initiatives to encourage diaspora.

“There should be a law that states that all Salvadorans who come to invest in the country enjoy some kind of benefit, whether in taxes or its equivalent, because the expatriates contribute 21% of the GDP, and we contribute to tourism and consumption, and this motivates that diaspora. We are important, it is Until today it was wronged that people are forced to leave because there are no opportunities for development or work, “Dominguez said.

Another initiative mentioned by CEO of Corredor Comercial Salvadoreños aims to support the economic, social and cultural development of the Salvadoran Corridors in the United States, where at the bottom is the goal of interconnection and creation of opportunities between Salvadoran businessmen and expatriate businessmen. .

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For Omansur, it is imperative to develop a gallery between the two parties to develop the business.

“In this we are focusing on creating those connections, those sources of doing business,” said the president of the American Salvadoran Chamber of Commerce.

What do you expect from Biden’s plan?

According to Omanzor, the Salvadoran community has high expectations with the new government of the United States and more Tebbians seeing hope now.

“We are excited about immigration reform, because President Biden has already made a proposal to Tepesianos, to dreamers who have paid taxes for many years and this also provides an opportunity for our country with this new administration,” said Umanzur.

Dominguez said that what should be highlighted in Biden’s plan is that the new president has proven that he will work to stop corruption in countries that do not appear clearly in their administrative numbers.

“Unfortunately, El Salvador has been dragging in corruption for years, and as long as this is not stopped, we will not get out of underdevelopment,” said the executive head of the Salvadoran Corridor.

Also participating in the forum was businessman and former director of the World Bank, Juan Jose Debob, who said that what El Salvador can expect from Biden’s plan will be “support that is conditional on results.”

For the businessman, the relationship between El Salvador and the Northern Triangle with the new United States administration will focus on “financial assistance conditional on respect for private property, respect for the rule of law and the fight against corruption.”

Daboub said the private sector approach of the four countries (the United States, Guatemala, Honduras and El Salvador) is important.

For Debob, it is important to what extent El Salvador is in danger to the country and how the relations between the private and public sectors are.

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Former Ambassador Marie Carmen Aponte: “Biden wants more private investment.”

As an expert diplomat in the United States and familiar with the policies of the new Joe Biden administration, former Ambassador Mary Carmen Aponte made it clear yesterday to union entrepreneurs at ANEP that the new president intends to increase private investment in the Northern Triangle as part of your business strategy.

According to President Biden, increasing private investment is an important pillar for Central America. He recently announced and quote: “Only government investment and international aid, however generous, will not be sufficient to stimulate the kind of economic opportunity that Central Americans need to build a secure and stable middle class.” The diplomat.

“Economies only grow by attracting more private investment from international sources and from their citizens who are willing to invest in their countries,” Abonte replied.

He also urged businessmen to unite as an economic bloc because the United States does not view each country separately, but rather in a region with a population of more than 32 million people and an important economic ally.

It is clear that Biden wants to work in the areas of economic investment, and this is what his plans express. It wants to work with banks to develop infrastructure, reduce barriers to private investment, strengthen the rule of law, and modernize and standardize customs procedures, “Abonte added.

Respecting the institutional framework and compliance with the provisions of the DR-CAFTA agreement with Central America are part of the procedures that the United States will continue to evaluate. “I would urge ANEP to exercise vigilance so that these policies become key actions,” he said.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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