Chamber of Commerce Europe - Central America |
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Back to normal! What normal? |
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We all thought we were out of it after Covid. But nothing proved less when early this year all hell broke loose in Ukraine. No one knows how long this inhuman conflict will last but the fact is that by now many companies have been forced to stop their export to and import from Russia. And because of decisions made in Moscow about shutting down off gas and oil pipelines, we find ourselves all of a sudden right in the middle of an unprecedented energy crisis.
However, as they say: “Every cloud has a silver lining” and this conflict might bring new perspectives and new opportunities to those companies and investors who should be looking for new market and/or investment opportunities in other parts of the world. Central America, for example!.
It is in these difficult times of ongoing changes that we as a Chamber of Commerce can play an important role in spotting business opportunities in the Central American region. The eight countries which under Euracen’s flag, did not stop working hard on the further development of their economies. They did that and still do that by means of public and private projects for which the carriers of these projects keep looking for "matching partners” and/or investors. That’s where our business model “Reversed Thinking” comes into play.
Want to know more about what we can bring to your table. Ring or write. We are there for you!
Wish you all another safe and interesting Autumn!
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PRESIDENT |
Erwin De Weerdt |
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NEWS from CENTRAL AMERICA |
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Waterloo Holds Spirited Public Consultation on Port Expansion Project
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At the Biltmore Plaza, dozens of residents from Port Loyola and other communities in Belize City were recently on hand to participate in a public consultation held to discuss the viability of Waterloo’s Port of Belize expansion project. The event ran for several hours during which concerned citizens raised a number of questions in respect of the project, particularly the planned construction of a cruise terminal at the Port of Belize compound. The discussion was led by several individuals including Kenrick Gordon, an Environmental Officer with the Department of Environment, Andy Lane, Chief Executive Officer for the Port of Belize Limited and Allan Herrera, a local environmental consultant with Nextera. In attendance were stevedores, businessmen, politicians and other interested parties who are also leading similar developments in the Belize District harbor. At times the consultation got a bit loud and testy, but never out of control.
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COSTA RICA MOVES FORWARD WITH THE GREEN CITY INITIATIVE
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As part of the Green City Initiative, 50 officials from municipalities, public institutions, and other representatives participated in a 6-week workshop to promote the Initiative and its tools among those involved in the urban development of the Greater Metropolitan Area.
Green City (Ciudad Verde) is the result of the joint work led by the Ministry of Environment and Energy (MINAE) and the National System of Conservation Areas (SINAC) with public institutions, municipalities, academia, the private sector, and society in general. Technical assistance is provided by The German Development Cooperation (GIZ) through the Interurban Biological Corridors – Biodiver_City project.
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FOREIGN DIRECT INVESTMENTS REACH HISTORICAL FIGURES
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The Export and Investment Center of the Dominican Republic (ProDominicana) reported that Foreign Direct Investment (FDI) reached US$1,870.9 million between January and June 2022. This represents an expansion of 8.0 % compared to the same period of 2021 and 20% compared to the first half of 2019, pre-pandemic.
Biviana Riveiro, executive director of ProDominicana, said, “The growth experienced in foreign direct investment in the Dominican Republic is an indicator of investor confidence in our economy. And to a large extent, we can attribute this expansion to the climate of social, economic, and political stability that we have maintained, combined with actions of openness and facilitation for investment.” He also indicated, “Thanks to the efforts and strategies of promotion of the country that we are carrying out, our expectations of attracting FDI represent an amount equivalent to US$3.5 billion by the end of the year.”
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El Salvador departs, in terms of inflation, from the rest of the countries of the Central American region, scoring 7.4% in July, which implied a reduction of 0.4% compared to the June report that reflected a rate of 7.8%, according to data from the Bank Central Reservation (BCR).
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The decrease occurs in a context in which half of the countries in the region exceed two digits in their inflation rates, with Costa Rica and Nicaragua being the most affected, both with 11.5%, followed by Honduras with 10.9% and Guatemala with 8.4%, while El Salvador is the nation with the lowest percentage, with 7.4%, according to data from the central banks of the region for July 2022.
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EXPLORE GUATEMALA
THE MEGADIVERSE COUNTRY WITH 37 VOLCANOES
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One of the world’s nineteen megadiverse countries, Guatemala is so rich in natural wonders, even its currency - the Quetzal - is named after a tropical bird. With so much nature to experience, including 37 volcanoes, 5 lakes, and 360 microclimates, the nation is perfect for outdoorsy types with a sense of adventure.
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Tucked between Mexico, Belize, Honduras and El Salvador, the country is the same size as the US state of Tennessee but with Caribbean and Pacific coastlines, it manages to pack a lot into its borders. Guatemala’s name originates from the Nahuatl word ‘Quauhtlemallan’ meaning ‘place of many trees’ and it’s also a land of many languages too. Though Spain is the main language there are 22 Mayan languages spoken here, as well as Xinca and Garifuna.
“We have the heart of the Mayan world in the north part of the country and also you can explore nature and all the archaeological sites in Guatemala," says Mynor Arturo Cordón Lemus, General Director Guatemala Tourism Board. Mr Lemus isn't shy about the healing power of a trip to his country, saying, "For the past two years, we have been having a lot of problems with the pandemic and I think the best way to get out of it is by visiting Guatemala.”
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SWEET AS A NUT HONDURANS FIGHT DROUGHT AND POVERTY WITH CASHEWS
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Photograph: Sarah Johnson/The Guardian
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Five years ago, Lucia Alvarez’s plot of land was used to grow corn, a staple of the Honduran diet. She was struggling to survive. Her house lies 4km along a dirt track from the nearest town, El Triunfo, in the department of Choluteca, in the south of Honduras. Opportunities for work are scarce, and months of drought followed by unpredictable rains each year meant that harvests were damaged or ruined over and over again.
“We had huge problems,” she says. “There was no rain. Then, on the few occasions it did rain, it would pour and ruin all the crops.”. Now, walking through the same plot of land, she explains how it has been transformed. “Before, none of this was here,” she says, ducking beneath the branch of one of the cashew trees she planted three years ago. They have begun to bear fruit and she has three sacks full of cashew seeds to sell, providing income as well as a source of inspiration to her family. |
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DANIEL ORTEGA ORDERS TO START WITH THE CREATION OF NUCLEAR FACILITIES IN NICARAGUA
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The decree clearly states that it is for "peaceful" purposes
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TODAY NICARAGUA, by RICO – Daniel Ortega decreed this August 29 to create the Nicaraguan Commission for the Development of Atomic Energy for Peaceful Purposes.
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In decree 16-2022 published in the Gaceta, Nicaragua’s official gazette, the regime took the first step to start a project that aims to build a nuclear energy infrastructure for Nicaragua. Supposedly, the goal of entering the field of atomic energy development is for “peaceful” and “scientific” purposes. The Atomic Commission is “in order to promote the development and use of atomic energy in agriculture, medicine, industry, science and technology,” the decree mentions.
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PANAMA CANAL EXPANSION BOOSTS PAYMENT TO STATE TO OVER $2 BILLION
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The expansion of the Panama Canal has had a positive impact on world trade and the Panama economy with increased contributions to the State.
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Since the operation of the third set of locks, on June 26, 2016, the budget of the Panama Canal Authority (ACP) has almost doubled compared to the income received a year before. This is exactly what was intended to be achieved with the expansion of the Canal, a project budgeted at a cost of $5,25 billion to increase the traffic and tonnage of merchandise to get more out of the waterway.
For the fiscal year 2023, which begins on October 1, the Cabinet approved a budget of $4.652 billion, that is, $457 million more than the previous fiscal year, when the budget amounted to $4,215 million. Contributions of $2.544 billion are calculated for the fiscal year 2023.
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Economic Snapshot for Central America |
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(courtesy FocusEconomics)
GDP growth will grow in 2022
Regional GDP is expected to grow at a softer pace in 2022 amid a tougher base effect, tighter financial conditions and the global echoes of the war in Ukraine. Elevated price pressures, fueled by higher commodity prices, will likely cap consumer spending. That said, lower unemployment rates and solid remittances should provide some respite.
Inflation to rise in 2022
Regional inflation rose to a fresh series-high of 8.8% in July (June: 8.6%) due to price increases in the majority of countries. That said, inflation started to ease in the Dominican Republic, El Salvador, Panama and Puerto Rico. Although inflation is set to slow from current levels in 2022, it is expected to remain elevated. |
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NEWS FROM BELGIUM & EUROPE |
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Farm to Fork strategy for a fair, healthy and environmentally-friendly food system
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Belga photo James Arthur Gekiere
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The Farm to Fork Strategy is at the heart of the European Green Deal aiming to make food systems fair, healthy and environmentally-friendly.
Food systems cannot be resilient to crises such as the COVID-19 pandemic if they are not sustainable. We need to redesign our food systems which today account for nearly one-third of global GHG emissions, consume large amounts of natural resources, result in biodiversity loss and negative health impacts (due to both under- and over-nutrition) and do not allow fair economic returns and livelihoods for all actors, in particular for primary producers.
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PROPOSAL FOR A REGULATION ON DEFORESTATION-FREE PRODUCTS
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In a bid to slash the EU’s contribution to deforestation, Brussels wants to ban the import of coffee beans and beef grown on deforested land and set tough due diligence obligations for companies to clean up their supply chains.
That proposal is now headed to negotiations between the European Parliament and the Council of the EU — and there’s strong disagreement on the scope of the new rules and how to implement them. While the goal is to strike a deal by the end of the year, the lead European lawmaker on the text, Christophe Hansen of the center-right European People’s Party, conceded he’s concerned, calling member countries’ agreed position “quite conservative.” The Council, for its part, has said it wants to strike “the right balance … between ambition and realism.”
Let’s take a look at the six thorniest issues negotiators will have to solve during talks, which start September 27. |
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RORO CAPACITY OF ANTWERP EUROTERMINAL RISES
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Antwerp Euroterminal (AET) is expanding its RoRo capacity by 25%. With the construction of a six-storey car park, the multipurpose terminal is creating some 148,000 m² of additional capacity on just 24,000 m², in a sustainable way. The building will soon be officially inaugurated.
Largest car park in Belgium
AET offers a range of activities, including car handling and this requires a lot of manpower and space. With the construction of a new car park, enough for the storage of about 9,000 cars, the terminal will have the largest indoor car park in Belgium. The lowest floor of the building provides parking for taller vehicles and has additional space for added-value activities. A solar panel farm will be installed on the roof of the car park to generate 3.8 megawatts of green power for charging electric cars, among other things.
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Sustainability in mind
AET is committed to sustainable and innovative progress. Building in height increases terminal capacity without additional paving, and this is favourable for groundwater management. In addition, the multi-purpose terminal has opted for an off-grid car wash that uses 100% rainwater, along with water treatment and reuse. AET, along with the automotive market, is also increasingly switching to alternative fuels and green power. In addition to solar panels and wind power, the company is investing in charging points. For maritime transport, the Antwerp Port Authority has plans for onshore power. Their green ambitions are in keeping with the European Green Deal to make Europe the world's first climate-neutral continent by 2050.
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"OUR AMBITION? LESS CO2 EMISSIONS IN BELGIUM"
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Every now and then, 1 plus 1 equals 3. Realising additional added value is also the stated ambition of Port of Antwerp-Bruges. In the future, it plans to become the green energy gateway to Western Europe. 'Thanks to various trumps in Antwerp and Zeebrugge,' explains Didier Van Osselaer, Sustainable Transition Manager
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The numbers today
10.810
Business exchanges
20.037
Applications from new entrepreneurs
12.262
Applications from host entrepreneurs
45
Countries involved
The European exchange programme for Entrepreneurs
Erasmus for Young Entrepreneurs is a cross-border exchange programme which gives new or aspiring entrepreneurs the chance to learn from experienced entrepreneurs running small businesses in other Participating Countries. The exchange of experience takes place during a stay with the experienced entrepreneur, which helps the new entrepreneur acquire the skills needed to run a small firm. The host benefits from fresh perspectives on his/her business and gets the opportunities to cooperate with foreign partners or learn about new markets.
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Who can participate?
New entrepreneurs, firmly planning to set up their own business or have already started one within the last three years. Experienced entrepreneurs who own or manage a Small or Medium-Sized Enterprise in one of the Participating Countries.
Erasmus for Young Entrepreneurs is a cross-border exchange programme which gives new or aspiring entrepreneurs the chance to learn from experienced entrepreneurs running small businesses in other Participating Countries, while giving experienced entrepreneurs access to innovative ideas and new partners markets.
https://www.erasmus-entrepreneurs.eu/
If you’re interested, please feel free to contact
Erwin De Weerdt, President of Euracen @ president@euracen.eu M +32 475 443 150
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