Friday, 26 May 2023 03:48

Commission studies law that seeks to create institution to bring more investments to the country

Written by Evelyn Alas

The deputies that make up the Economy Commission, received the document that seeks to issue the Law for the Creation of the Agencia de Promoción de Inversiones y Exportaciones de El Salvador (INVEST). 

According to the initiative, the agency will have the mission of promoting, attracting and facilitating national and foreign private investment, in order to contribute to the generation of employment and economic growth of the country.

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INVEST will have the following attributions: generate exports, implement processes for the generation of human capital and technological innovation, support and design policies and promotion strategies, with the objective of improving the productive levels of different sectors of the country, develop methodologies to identify investment sectors.

This initiative will allow fulfilling the objectives of the State, in order to modernize and reach investors who had not considered El Salvador as an option, due to insecurity and lack of governance.

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Officials detailed that this proposal is necessary in the country for the creation of a modern and updated institution.

Each legislator will study the proposed law and give, in the next session, a more versed opinion, in order to build the best possible project to attract investments to El Salvador through INVEST.

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This institution could replace the Organismo Promotor de Exportaciones e Inversiones de El Salvador (PROESA), with respect to the contracts and cooperation agreements signed, receiving also its respective patrimony. Unlike Proesa's law, the maximum authority of "Invest" will not be the board of directors, but its president.

The agency's board will be composed of its president, a representative of the Ministry of Economy, a representative of the Ministry of Foreign Affairs, a representative of the Ministry of Tourism and three representatives of the private sector.


Translated by: A.M