Employment in Nicaragua’s Free Zones Sector sets new record

July 28, 2011 - PRLog -- The Government of Nicaragua recently announced that the free zones sector reached a total of 92,000 jobs as of June 30th of this year, representing a 23.5 percent increase in people employed in relation to the same period in 2010 and establishing a new record, according to figures by the Central Bank of Nicaragua (BCN, for its acronym in Spanish).

The previous peak recorded in the sector had been in February 2008, according to the BCN, with 89,198 jobs reported.

Scott Vaughn, President of the Nicaraguan Association of the Textiles and Apparel Industry (ANITEC, for its acronym in Spanish) confirmed that in the textiles and apparel sector the number of employees have also increased. ANITEC reports that during the first five months of 2011, its affiliated companies recorded a 25.1 percent growth in export value and a 21.4 percent in volume over the same period last year.

Additionally, Jose Adan Aguerri, the President of the Superior Council of Private Enterprise (COSEP, for its acronym in Spanish), confirmed that the private sector recorded a strong increase in employment in the free zones sector, which will continue to grow. He also mentioned that this uninterrupted growth can lead to up to 100,000 jobs within the free zone sector by the end of the year.

“We are assisting investment projects that are already established in Nicaragua in order for them to expand their operations this year, leading to the creation of at least three thousand more job opportunities”, estimated Aguerri.

Currently, in the free trade zone sector, in addition to the companies that manufacture apparel, the country hosts automotive harnesses and footwear manufacturers, as well as agribusiness and business process outsourcing services companies.

According to the Government’s report, export activities in this sector have also shown an increase during the first quarter of 2011, totalizing US$395.9 million, which represents a 43.7 percent growth versus the same period last year.

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PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country.