Honduras President Announces Four-Year Plan for Reform and Investment Promotion

Source: CentralAmericaData

The Government of Honduras announced an aggressive plan for legal reform and a campaign to promote the country as an investment destination.

With the launch of web portal “Honduras is open for business” and a video of a speech by President Porfirio Lobo the Honduran Government announced the National Investment Promotion program 2010-2014, named “The high point of a deep institutional and legal reform to position Honduras as the most attractive investment destination in Latin America.”

During May 5 and 6 in San Pedro Sula, at the Expocentro fairgrounds, an event will take place including Exporters, Business Roundtables and an international business forum, in which participation of former U.S. President William Jefferson Clinton, former president of Colombia, Álvaro Uribe Vélez, Mexican businessman Carlos Slim and the president of the Inter-American Development Bank, IDB, Luis Alberto Moreno, is expected.

In search for accelerated economic and social development, the National Congress of Honduras, adopted January 19, 2011, the possibility of Special Development Regions, in order to accelerate the adoption of technologies to produce and deliver services with high added value, so to attract domestic and foreign investment necessary to grow rapidly, reduce social inequalities and in general, improvement of living conditions in the region.

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The systems implemented in the Special Development Regions shall be authorized by a constitutional statute approved by Congress with a qualified majority of two thirds of all its members and can only be amended by Congress with the same terms as its approval.

Approval of Special Development Regions brought constitutional reforms, thus enabling signature of treaties and international agreements on issues related to trade and cooperation.

This recently approved decree must be ratified by the next legislature.