El Salvador’s favorable security climate has facilitated the execution of new projects with foreign capital in various sectors such as tourism, agribusiness, urban development, and commercial infrastructure, among others.
Salvadorans residing abroad have significantly contributed to the country’s economic development by executing over 194 projects, amounting to a total investment of $577 million during President Nayib Bukele’s administration, according to Salvador Gómez Góchez, the head of El Salvador’s Export and Investment Promotion Agency (Proesa).
#DeDinero | «Después de esta convención, muchos más salvadoreños van a invertir. La meta es presentar al final de este año $1,000 millones en inversión #Salex», comenta el titular de @PROESASV, Salvador Gómez. : David Martínez/ #DiarioElSalvador pic.twitter.com/gxNoW8euFM
— Diario El Salvador (@elsalvador) March 31, 2023
According to the institution, there has never been such a substantial investment from Salvadorans abroad (Salex) in the country’s history as during this government. Proesa predicts that by the end of President Bukele’s administration, the total investment will reach $1 billion.
“The investments from Salvadorans abroad have been growing due to the impetus given by President Bukele to security and tourism in the country, prompting many of our fellow countrymen to decide to invest in El Salvador,” highlighted Gómez Góchez.
The official explained that in recent years, investments have experienced an increase of around 50%, indicating the interest of compatriots in revitalizing the national economy and creating employment opportunities.
The sectors that attract Salvadoran entrepreneurs the most for investment include tourism, urban development, agribusiness, energy, and infrastructure. In the infrastructure sector, projects such as shopping centers and service stations are being executed.
Gómez Góchez also mentioned that the majority of projects were developed by Salvadorans living in the United States, particularly in California, where 40% of the investors reside. Additionally, projects by entrepreneurs based in Canada, Costa Rica, Nicaragua, and some European countries have also been registered.
Furthermore, he stated that 90% of the projects are being executed in the interior of the country. Specifically, there are eight projects in Ahuachapán with a total investment of $37 million, nine in Cabañas with $9 million, 14 in Chalatenango with $20 million, and three in Cuscatlán with $4.5 million.
Moreover, in La Libertad, considered one of the most attractive tourist zones in the country, 30 projects have been executed with an investment of approximately $130 million. Meanwhile, in La Unión, 27 projects have been established with an investment of $88 million.
The influx of investment from Salvadorans living abroad is a testament to their confidence in the country’s current security situation and the government’s efforts to promote economic growth. These investments are expected to have a significant impact on job creation and the overall development of El Salvador. With the continued support and favorable conditions, the country aims to attract even more investment from its diaspora, further boosting its economy and improving the lives of its citizens.
Source: El Salvador in English.
