Image by hannazasimova on Freepik
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Chamber of Commerce Europe - Central America |
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In an uncertain environment it’s key to seek stability and mitigate risks. It’s logical that, in the first instance, managers focus on business continuity and quick wins. But for 2023, it’s time to reflect fundamentally and properly prepare for the future. A future that can only be built on sustainable and ethical partnerships.
The past year has once again demonstrated what important role Euracen can play for governments, entrepreneurs, companies or organisations on both sides of the ocean.
Throughout the year indeed we entered into dialogue with several companies in Belgium, not only to get to know their business but to find out to what extent they would consider the Central America region to be a potential expansion market for them.
Day after day, we have been, and still are, compiling all vital information about the high added value of these companies in a working document thanks to which we can, in good conscience and with true knowledge of the facts, represent and promote their interests in reply to requests for help from both the Ambassadors and business people from countries in Central America under Euracen-flag.
Moreover, we keep encouraging Ambassadors and their commercial staff to inform us, at the earliest possible stage, of projects for which the owners and decision-makers of such projects in their country would be (still) looking for "matching partners" or forms of financing or investment. We insist on receiving detailed descriptions, and if possible even budget projections too.
This includes the provision of a detailed description of the project, additional documentation and (at least a preliminary) budget projection. This way, we help potentially interested companies to save precious time and money because they don't have to invest in prospecting or market research, and it can significantly shorten the "go, no go" decision-making process.
Wish you all happy Year-end celebrations and a healthy and successful new year!
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PRESIDENT |
Erwin De Weerdt |
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Mapped: The Most Innovative Countries in the World in 2022 |
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Since 2000, global investment in research and development (R&D) has tripled to $2.4 trillion. R&D spend is also casting a wider global net. In 1960, the U.S. made up nearly 70% of global R&D spending, and by 2020 this had fallen to 30%. From job creation and public health to national security and industrial competitiveness, R&D plays a vital role in a country’s economic growth and innovation, impacting nearly every corner of society—either directly or indirectly.
Along with R&D spend, other key ingredients play an important role in driving progress and innovation. These include technological adoption, scientific research, and venture capital activity, among others.
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NEWS FROM CENTRAL AMERICA |
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Мооdу’ѕ Іnvеѕtоrѕ Ѕеrvісе tоdау аnnоunсеd іt hаd uрgrаdеd thе lоng-tеrm lосаl аnd fоrеіgn сurrеnсу іѕѕuеr rаtіngѕ оf thе Gоvеrnmеnt оf Веlіzе tо Саа2 frоm Саа3, wіth а ѕtаblе оutlооk. Тhе uрgrаdе rеflесtѕ thе rеduсtіоn іn thе dеbt/GDР rаtіо fоllоwіng thе buуbасk оf thе “ѕuреrbоnd” іn Nоvеmbеr 2021 аnd іtѕ ехресtаtіоn оf а furthеr rеduсtіоn ѕuрроrtеd bу а bаlаnсеd рrіmаrу budgеt gоіng fоrwаrd.
https://www.breakingbelizenews...
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Guanacaste Airport will Build new Terminal for Private Jets
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By Tico Times - December 10, 2022
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The Guanacaste Airport in Guanacaste will build a new terminal specifically for private jets. The two major factors leading to this decision were the development of five- and seven-star hotels and the impressive growth of private jets and business aviation. Guanacaste Airport officials indicated private flights increased from 460 to 1,300 in 2022. The investment will range from $1.5 million to $2 million by using one of the existing hangars within the terminal area facilities.
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Plastic industry reiterates its commitment to innovation and sustainability
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The Dominican Plastics Industry Association (Adiplast) elected its new board of directors for the period 2023-2024, which will be chaired by Manuel Lorenzo Viyella, who reiterated the association’s commitment to the development of a sustainable plastics industry focused on circular economy processes, incorporating the most advanced technologies.
“This directive will give continuity to the commitment we have acquired as an industry in favor of the circular economy and respect for the environment, while increasing formal employment and the manufacture of quality products with the highest international standards,” expressed Lorenzo Viyella. Also, the new president of Adiplast reinforced that the plastics industry will continue its innovative path in implementing new technologies.
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The Salvadoran government launches the Electronic Billing System to facilitate tax procedures
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On December 14, the Minister of Finance, Alejandro Zelaya, presented the new Electronic Billing System implemented in the country to simplify tax procedures through the comprehensive automation of tax processes between taxpayers, the Tax Administration, and consumers. This initiative was born thanks to the Project to Strengthen the Tax and Customs Administration, which is financed by the Inter-American Development Bank (IDB) with an investment of $6.3 million. According to official information, IDB financing for said program amounts to $30 million, of which $6.3 million corresponds to the investment made for the electronic billing system with investments in computer systems and cloud storage.
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The initiative was promoted by the head of the Treasury with the purpose of establishing more «effective and transparent» tax processes in the country. «This day we can tell El Salvador that we are taking a giant step in the region. (…) We have been working since we arrived at the institution,» explained the Minister of Finance, Alejandro Zelaya.
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GT News was Launched as an Information Platform
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GT News was Launched as an Information Platform The platform can be accessed through https://news.gob.gt/ - to find features in English language.
Guatemala City, AGN- By Brenda Larios
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On November 9, authorities of the Social Communication Secretariat of the Presidency -SCSP- launched the government information platform in the English language: GT News. The launch took place at the Palacio Nacional de la Cultura and was presented by the head of the Secretariat of Social Communication of the Presidency, Kevin López Oliva. Likewise, the Undersecretary Erick Sagastume Alvarez and the Director of Information and Press, Pablo Martínez.
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“Today, we are pleased to introduce a new official communication platform. With this, we are complying with the instructions of President Alejandro Giammattei. He has instructed us to communicate to more Guatemalans, stakeholders, and the media about the government’s actions” said Press Secretary Lopez Oliva. In this regard, he indicated that these actions are aimed at reaching both inside and outside the borders with information on government actions through a digital platform.
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Honduras, U.N. to sign pact establishing anti-corruption commission
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Honduras’ President Iris Xiomara Castro Sarmiento addresses the 77th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2022. REUTERS/Amr Alfiky
TEGUCIGALPA, Dec 14 (Reuters) - Honduras said it will sign a preliminary agreement with the United Nations on Thursday to establish an anti-corruption commission, delivering on one of President Xiomara Castro's key campaign pledges.
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Castro met with U.N. Secretary General Antonio Guterres in New York on Wednesday, wrapping up talks which began in May to create the commission known as CICIH, her office said in a post on Twitter.
Foreign Minister Enrique Reina told local TV the agreement would be signed on Thursday morning at 9.40 a.m. New York time (1440 GMT), adding that a more formal pact with the U.N. was still being worked on.
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IMF sees Nicaragua's economy expanding by 3% next year
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A man works at an aluminum utensils factory in Managua, Nicaragua .Picture taken by REUTERS/Oswaldo Rivas/File Photo
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Nicaragua's economy is forecast to grow 3% in 2023, down from expected growth of 4% this year, the International Monetary Fund said in a statement released on Wednesday, adding its economic outlook is favorable despite global risks going forward. "Nicaragua's economic outlook is favorable, although risks to the outlook are on the downside, primarily due to global headwinds," the IMF said in a statement after concluding a mission in the country. The IMF said real GDP growth is expected to moderate to 3% in 2023 due to weaker external demand and tighter external financial conditions.
After contracting by about 9% during 2018-2020, Nicaragua's economic activity is recovering well, supported by appropriate macroeconomic and financial policies and substantial pre-crisis buffers from government deposits and international reserves, the fund added. The IMF underscored that Nicaragua still needs to maintain prudent monetary, fiscal, and financial policies in order to "build resilience" and achieve sustained medium-term growth.
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ANALYSIS OF ECONOMIC POTENTIAL OF PANAMA: MAXIMIZING SPILLOVERS OF THE PANAMA CANAL
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Panama has been one of the fastest growing economies in the world over the previous decade. In that short but vibrant time span, the country managed to double its income per capita. Growth has been spearheaded by the development of a modern service sector on the activities surrounding the Canal, and non-residential construction. Large public infrastructure projects and the private provision for infrastructure demanded by the service sector, have fueled growth and expanded job opportunities for non-skilled workers.
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Two warning signals hover over Panama’s stellar performance. The construction sector has been growing at a rate equivalent to doubling its stock of structures every four years. The demand for non-residential construction cannot grow indefinitely at a higher rate than the rest of the economy. Once the stock of infrastructure required by the service sector is set and large infrastructure projects are completed, the rate of growth will recede and other sectors shall take the leading role. The deceleration of construction, characterized by a lower demand of non-skilled labor, will feed into the second warning signal: Income inequality.
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Economic Snapshot for Central America |
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(courtesy FocusEconomics)
Economic Growth
Regional economic growth will soften this year and next year amid the fallout from the war in Ukraine, which is driving up price pressures and eroding real incomes, and pushing the U.S. and EU countries into winter recessions. Weakened demand in key export markets will weigh on the external sector. Elevated short-term political risk in Latin America also clouds the outlook.
Inflation Outlook Regional inflation eased to 8.6% in August, from a series high of 8.9% in July. Price pressures moderated in the Dominican Republic, Honduras, Panama and Puerto Rico. While inflation is expected to remain elevated this year, it should moderate next year. However, risks are skewed to the upside.
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Central America Embassy Update |
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Embassy of Belize
A new lady Ambassador has arrived in Brussels. However, she still must first present her credentials to the King before she can officially take office.
In the meantime we have learned that she will take over the Presidency of SICA from HE Ambassador Ivan Ogando of the Dominican Republic for the next six months.
For the time being, Mr Urbina Raineldo remains ad interim in charge of current affairs.
Bd Brand Whitlock 87-93, 6th floor
1200 Brussels
T +32 2 732 62 04
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Embassy of Costa Rica
As previously announced, pending the appointment of a new Ambassador, Mrs. Sylvia Van Der Laat,has joined the embassy team as Trade Attaché.
Avenue Louise 489 Louizalaan, 9th floor
1050 Brussels
T +32 2 640 55 41
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Embassy of the Dominican Republic and Mission to the European Union
HEM Ambassador Ivan Ogando
Avenue Louise 231, 2nd floor
1050 Brussels
T +32 2 346 49 35
As previously announced, Mrs. Ellen Martínez de Cooreman, Minister Counselor recently joined Mr. Ogando’s team
FB: http://www.facebook.com/domini... Twitter: @domembassybe
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Embassy of El Salvador
HEM Ambassador Hiugo Nelson Ortiz Dubon
Rue de la Science 14A Wetenschapsstraat, 2nd floor
1040 Brussels
T +32 2 733 04 85
As previously announced, HE Ambassador Ortiz Dubon is assisted by Mrs. Maria Alejandra Giron, Counsellor
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Embassy of Guatemala
HEM Ambassador José Lambour Penalonzo
Avenue Winston Churcill 185 Winston Churchilllaan
1180 Brussels
T +32 2 345 90 58
NEW
Dr. Gabriel ORELLANA ZABALZA, Consejero Comercial
T +32 2 340 18 03
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Embassy of Honduras
Mrs. Viviane de Pierrefeu, Minister Counsellor, is still in charge of current affairs ad interim
Avenue de Cortenbergh 89 Kortenberglaan, 3rd floor
1000 Brussels
T +32 2 734 00 00
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Embassy of Nicaragua
HE Ambassador Mrs Zoila Muller Goff
Avenue Wolvendael 55 Wolvendaellaan
1180 Brussels
T +32 2 375 65 00
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Embassy of Panama
HE Mrs. Yavel Mireya Francis Lanuza, Ambassador
Avenue Louise 475 Louizalaan, 11th floor
1050 Brussels
T +32 2649 07 29
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NEWS FROM BELGIUM & EUROPE |
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Hydrotug: the first hydrogen-powered tug in the world
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A port of the future is a climate neutral port. That’s why Port of Antwerp Bruges is investing in hydrogen for the greening of its own fleet. So, here comes the hydrogen-powered tugboat. The internal combustion engines that drive this ‘Hydrotug’ run on hydrogen in combination with diesel and comply with the most stringent emission efficiency standard, the EU Stage V. The Hydrotug is the world's first tugboat powered using this innovative technology.
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Belgium (Flanders) is a top 5 “innovation leader” in Europe
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The 2022 edition of the European Innovation Scoreboard is out. Published by the European Commission, it reveals that the EU's innovation performance has grown by about 10% since 2015. So, who’s among the best players? Belgium, of which Flanders is the northern region, steals the show with a top 5 performance.
Cream of the crop as far as innovators go Based on the 2022 European Innovation Scoreboard, the EU member states fall into 4 performance groups: innovation leaders, strong innovators, moderate innovators and emerging innovators. The first group of innovation leaders only features 5 member states, each having obtained a score that’s above at least 125% of the EU average. These countries are Sweden, Finland, Denmark, the Netherlands and, of course, Belgium (whose performance is at 128.8% of the European average). Belgium, Denmark, Finland, the Netherlands and Sweden are innovation leaders with innovation performances well above the EU average.
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La Wallonie, plaque tournante logistique de l’agro-alimentaire
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Idéalement située au cœur de l’Europe, infrastructures, multimodalité, compétences, espace disponible : la Wallonie coche toutes les cases nécessaires à la réussite d’un projet logistique. Ce qu’on sait moins c’est que la région wallonne dispose aussi plus particulièrement de nombreux atouts pour la logistique et le transport des denrées périssables. Le SIAL à Paris, rendez-vous mondial de l’agro-alimentaire est donc l’occasion de le faire savoir aux industriels du secteur.
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Image by hannazasimova on Freepik
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