Managua, Nicaragua; October 09, 2015
After 13 years’ operating as a development programme of the Government of Nicaragua, by request of the President of the Republic of Nicaragua, Daniel Ortega, the National Assembly unanimously approved the PRONicaragua Bill. The agency will now operate as a decentralized entity, under the authority of the presidency with a public-private board of directors.
The members of the National Assembly recognized the stature and maturity the agency has reached through the years highlighting that the institutionalization of the agency is a demonstration of the State’s political will and a key element that will generate even more confidence among investors. The approval of the Bill guarantees the legal status of the agency and its sustainability over time.
The main purpose of the Bill is to strengthen the existing legal framework in matters such as private investment promotion, exports and foreign trade, as well as to foster a favorable business climate.
Foreign direct investment inflows in Nicaragua reached US$1,447 million in 2014, which represents a 4 percent increase compared to 2013. Additionally, Nicaragua’s FDI inflows registered a compound annual growth rate of 22 percent between 2005 and 2014. To date, the agency has attracted over 176 companies, which represents US$1,200 million in investments and 71,000 direct jobs, approximately. Del Monte, Ritter Sport, Dräxlmaier, Lala, SuKarne, Hemco and MLR Forestal are among the flagship companies attracted by PRONicaragua.