Nicaragua seeks Italian and Spanish investments

Nov. 10, 2011 - PRLog -- PRONicaragua, the official investment promotion agency of Nicaragua, recently organized the first business encounter between Nicaragua and Europe titled Nicaragua.Europe 2011, whose objective was to showcase Nicaragua’s economic performance in the past years and the main investment opportunities the country offers in sectors such as manufacturing, apparel, footwear, tourism, energy and infrastructure.

A total of 40 European companies coming from Italy and Spain, and numerous foreign investors already established in the country attended the event.

Mario Salinas, Minister of tourism in Nicaragua, revealed that there are two investment projects  in tourism currently in development in the country. One of the projects is a Spanish investment of approximately US$15 million that includes two marinas in the Caribbean of Nicaragua, one in El Bluff and another one in Corn Island. Additionally, there is an Italian project in development of 50-room hotel in Poneloya Beach in Leon, with an investment between US$3 and US$5 million.

During the event, various foreign investors showed interest in exploring the opportunities to set up operations in Nicaragua, including a Spanish food processing company evaluating to begin a preservation plant, a Spanish sheep-breeding project and an Italian company seeking to invest in energy.

Additionally, a Memorandum of Understanding (MOU) between an Italian delegation and the municipality of Managua was signed in order to begin a waste management production in Managua, Nicaragua.

Laureano Ortega, Investment Promoter of PRONicaragua, mentioned that this meeting is a result of a series of outreach efforts made with various Spanish and Italian businessmen in different sectors and that have “finally visited Nicaragua, convinced that the country offers legal guarantees and levels of public safety required to carry out investment projects.”

During the 2007-2010 period, foreign direct investment (FDI) in Nicaragua from member countries of the European Union averaged over US$60 million per year, which represent 13 percent of total FDI attracted by the country, and shows that there is still potential for growth. Currently, a free trade agreement between Central America and the European Union has been negotiated and is under legal revision by the countries involved. It is expected that with this treaty, the economic exchange between both regions will increase.

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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.