Honduras’ Efforts to Attract Foreign Investments
The Government of Honduras has reiterated its commitment to attracting foreign investments, viewing it as a crucial strategy for job creation and economic strengthening. With projections of up to $2 billion in new projects over the next few years, officials are optimistic about the potential impact.
Open Doors for Investors
Epaminondas Marinakys, the Advisory Minister for Investment Promotion, emphasized the administration’s openness to both national and foreign investors willing to engage in projects beneficial for economic growth and social well-being. The government’s primary focus is on putting efforts into obtaining “good and healthy investments” that create decent jobs.
Strategic Sectors for Investment
The sectors prioritized for investment include energy, manufacturing, and the development of industrial parks, which are all seen as essential for the country’s economic development. Marinakys expressed that Honduras aims to establish itself as an attractive destination for foreign capital, noting recent improvements in the country’s image among potential investors.
Reintegration into International Mechanisms
A critical step toward enhancing business confidence is the reintegration of Honduras into the International Center for Settlement of Investment Disputes (ICSID), which offers essential guarantees for resolving conflicts between states and investors. This move is expected to strengthen the legal security perception for international businesses.
Current Investor Interests
According to Marinakys, interest from at least five foreign companies looking to establish operations in Honduras has been noted, particularly focusing on sectors like manufacturing and energy. However, challenges remain, notably the country’s historical struggles with electricity generation and distribution, which is a vital consideration for potential investors.
Addressing Energy Challenges
The government continues to explore solutions for the energy issues affecting competitiveness. Key strategies include promoting self-generation of energy by private firms and expanding the electrical transmission network to ensure a stable supply.
Future Economic Projections
Marinakys highlighted significant economic opportunities from projects like an impressive 1,500 megawatt electricity generation initiative, which could bring in almost $1.5 billion in investments, given the typical installation cost per megawatt. These efforts contribute to the country’s anticipation of achieving close to $2 billion in investments shortly.
Commitment to All Investors
Reiterating the government’s stance, Marinakys concluded that the economic policy is inclusive: “We do not discriminate against anyone, as long as they comply with national laws and contribute to the country’s development.” This commitment is poised to assure potential investors of a conducive environment for investment and development.