New investments strengthen the Free Zones of Nicaragua
- 09 July 2021
The origins of these new investments are Korean and American, and together represent around US$10 million and more than 1,300 new direct jobs in the textile and tobacco sectors.
The Nicaraguan Free Zones System has received three new investments in the first half of 2021, according to the National Free Zones Commission (CNZF, for its acronym in Spanish). The origins of these new investments are Korean and American, and together represent around US$10 million and more than 1,300 new direct jobs in the textile and tobacco sectors.
Recently, Alfredo Coronel, Vice President of the CNZF, referred to these new investments and highlighted: “it is very important to have these new companies in Nicaragua despite the difficult context that the pandemic has generated, not only in our country, but also globally”. He also added: "even within this challenging context, between last year and this year, eleven new companies have been approved and installed, which has contributed to strengthen the sector and the economy of the Nicaraguan families."
On the other hand, Coronel highlighted that, in the first quarter of 2021, US$1.1 billion have been exported from Free Zones; having a perspective of US$3.08 billion in exports at the end of 2021.
Companies belonging to the Free Zones System currently generate 121,000 jobs, which have been recovering and increasing substantially since the pandemic crisis began last year, which left as a result a total of 105,000 jobs at their lowest point. According to the outlook at the end of 2021, it is expected to continue increasing and reach 125,000 jobs.
Currently, the Free Zones System homes 49 industrial parks and 223 companies, distributed throughout the country, in diverse sectors, the textile sector being the most important of all, with around 70 companies; followed by the tobacco sector.
Contact us to firstname.lastname@example.org to learn more about the Nicaraguan Free Zones System and the investment process in the country.