The president of Guatemala, Bernardo Arévalo, participated this February 23 in a meeting with businessmen and authorities from Spain where he highlighted the business and collaboration opportunities that may exist between both nations.
As part of his tour of Europe, which includes Spain, the Guatemalan president met with members of the Spanish Confederation of Business Organizations (CEOE), at the headquarters of that organization in Madrid.
At the Spain-Guatemala Business Meeting, the president of CEOE, Antonio Garamendi, the president of the Coordinating Committee of Agricultural, Commercial, Industrial and Financial Associations (CACIF) of Guatemala, Ignacio Lejárraga, also participated; the vice president of the Spanish Chamber of Commerce, Ángel Asensio; the Minister of Economy of Guatemala, Gabriela García, and the Secretary of State for Commerce of Spain, Xiana Méndez.
As published by the CEOE on its website, the meeting served to learn first-hand regarding the current situation in the country and present to Spanish companies projects of interest in sectors such as pharmaceuticals, food, electronic devices, textiles, chemicals, infrastructure and agri-food. , among others.
This meeting was organized by the Secretary of State for Commerce, through ICEX-Exportation and Investments, CEOE and the Spanish Chamber of Commerce, and its purpose is to promote economic and business relations between both countries and open possible avenues for joint collaboration in areas of mutual benefit.
It is mentioned that the meeting was attended by more than 150 business representatives as well as the main multilateral organizations in the region, such as the Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF), the Central American Bank for Economic Integration ( CABEI) or Banco Lafise.
In addition, institutions such as the Ibero-American General Secretariat (SEGIB), the International Youth Organization for Ibero-America (OIJ) or the Ibero-American Federation of Young Entrepreneurs (FIJE), among others, were present.
Development must be sought
In the CEOE information, it is mentioned that Arévalo said: “We must seek development in Guatemala, where productivity and employment are the key,” who also opted to carry out reforms in the country in which Spanish companies will have numerous possibilities for cooperation.
“Guatemala has a historical debt with the majority of its population,” declared Arévalo, who added that the objective is to begin to systematically and effectively address the development deficits that exist in the country to catch up with this debt. .
“The only way to do this is by increasing productivity and creating employment,” said Arévalo, who also spoke of promoting agricultural production, so that producers become involved in value chains.
“It is essential that there be a Government that invests in basic needs, schools, hospitals and transportation infrastructure, among other areas, to be able to help the population,” said President Arévalo.
“To undertake all these reforms, partners are needed to move the country forward. “I encourage you to believe in Guatemala and in a Government that wants the institutions to begin to function,” said the Guatemalan president.
He pointed out that the Government is committed to legal certainty and the rule of law, since this is how the people’s trust has been mobilized and that is why we must continue fighting corruption to generate transparency.
“We are going to invest in irrigation programs, microcredit to support farmers, roads and infrastructure of all kinds. Numerous opportunities for collaboration through public-private alliances will be presented to Spanish companies,” concluded President Arévalo.
Priority market for Spain
“Guatemala’s membership in the Central American Integration System (SICA), the fact that it is a border country with Mexico, its corridor to North America and its active participation in the Ibero-American Summits make this country a priority for Spanish companies with interests in the region, taking into account that it offers proximity and preferential access to key markets globally,” stated the president of CEOE, Antonio Garamendi, during his participation in the meeting.
He highlighted that Guatemala’s leadership in the Central American economic integration process is a reality and that it has materialized in the establishment of a customs union between Guatemala and Honduras, to which El Salvador is in the process of joining.
“From the Spanish business sector we firmly believe in the great potential that Guatemala has for our companies, supported by a wide range of incentives that facilitate access to this market,” Garamendi stressed.
He expressed that to reinforce investment in the country, it is crucial that businesses can be founded on legal security, regulatory stability, the quality of the law and the sense of State. “We must follow the path of collaboration and alliances, not only to reinforce the development of our two countries but also that of Latin America,” concluded Antonio Garamendi.
Guatemala is in a great moment
According to information from CEOE, the president of CACIF, Ignacio Lejárraga, assured that Guatemala is in a great moment.
He expressed that the stability and macroeconomic quality of the country is aligned with a president with the ability to dialogue with different sectors of society, who has formed a balanced and capable team of ministers and who, at the same time, has the support of the international community. .
“The president knows that he has our vote of confidence and that he will have our full support to make free enterprise and unrestricted respect for the law and constitutional order the pillars of the country’s development,” said the president of Cacif, according to the CEOE.
Lejárraga opted to always defend democracy, freedom and transparency and recalled that “in recent years the public-private initiative Guatemala does not stop has been promoted, a plan that has achieved great success and consists of 5 pillars. A roadmap that contemplates forceful actions to attract investments, competitiveness and business climate for the legal security of investors, infrastructure, human capital and tourism,” the information reads.
Potential in the region
The vice president of the Chamber of Spain, Ángel Asensio, recalled that bilateral trade in goods between Spain and Guatemala has tripled in the last 10 years, reaching 630 million euros by 2023.
“Guatemala’s potential as a market and business platform for the entire region is very great. And so is the interest of our business community,” he stated.
Asensio highlighted the dynamism of the Guatemalan economy and, especially, of the private sector. “Guatemala is a first-rate trade and investment partner for Spain in the region,” he said and emphasized the will of “the Spanish chambers as a committed partner to continue moving forward together,” within the framework of shared values and interests and of the “ commercial and partnership commitment (Global Gateway) that the EU is deploying in Central America and in which Spain plays a very relevant role.”
It is mentioned that the Minister of Economy of Guatemala, Gabriela García, and the Secretary of State for Commerce, Xiana Méndez, analyzed the competitive advantages and attractiveness of both markets, complementary economies that must take advantage of the potential for collaboration between both countries, as well as in third markets.
Minister García said that the country’s economy grew by 8% in 2021, 4.1% in 2022 and 3.5% in 2023 and explained that the Government seeks to generate confidence among Spanish investors to continue investing.
He explained that the Association Agreement between Central America and the European Union will contribute greatly to this, providing legal certainty to bilateral trade and investment relations.
For the minister, Guatemala’s exportable supply complements the demand of Spanish producers in sectors such as the agri-food industry, fresh products, textiles or the pharmaceutical sector. In the latter case, the Central American country is the gateway to a market of 6.5 billion dollars.
García explained that Guatemala is the largest economy in Central America and provides strategic access to the largest markets, it has a stable macroeconomy, a diversified productive sector, very competitive energy costs and more than 4,000 high value-added products and services with a presence in 140 countries.
Secretary of State Xiana Méndez highlighted that this type of business meetings help strengthen bilateral relations between both countries. “These close and positive relations are reflected in the important presence of Spanish companies in Guatemala, where Spain continues to be the main European investor, with an investment of more than 1.5 billion euros, to which we must add the investments made by the numerous Spaniards who have come to Guatemala over the years to integrate into the country,” he noted.
He highlighted that trade flows between Spain and Guatemala have grown in the last 10 years at an average rate of around 10%. “The Association Agreement between Central America and the European Union has contributed decisively to this very favorable evolution,” he stated.
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