bureaucracy
Mineco creates a specific agency to attract investments
The new agency will have personnel and public funds to operate starting this fiscal year, according to what was published in the official gazette.
Mineco created a new office to serve potential investors in Guatemala. (Free Press Photo: Freepik)
Through ministerial agreement 295-2024, the Ministry of Economy (Mineco) created the National and Foreign Investment Attraction Agency, which will be attached to the Directorate of Trade and Investment Services of the Vice Ministry of Investment and Competition, in charge of Antonio Romero.
The new unit is created one hundred days following the new government takes office and will have an assignment of the personnel and/or advisors required to fulfill the designated functions. The agreement does not inform what the profile of the professional who will direct the aforementioned agency is, the talent that is required, how much his salary will be or the external capital goals to attract.
What will he do?
The agreement mentions the powers that the aforementioned agency will carry out and highlights that its main objective is to coordinate institutional efforts aimed at attracting direct foreign investment to Guatemala, in order to stimulate economic and social development, as well as generate employment and opportunities for the population.
It is also highlighted that the new agency will have powers to encourage and promote investments, investment intelligence and assistance to investors, in coordination with the other directorates, bodies and agencies of Mineco.
The agency will also have a series of powers to develop, among which the following stand out:
- Develop and approve the Multiannual Investment Promotion and Attraction Strategy.
- Actively promote Guatemala internationally to attract investment, attending to prioritized sectors and products.
- Promote the simplification of administrative procedures related to the investment process in the country.
- Advise the investor regarding the development and search for investment opportunities, on the procedures that must be completed to start or expand operations.
- Provide support services to the investor from the moment they show interest in visiting the country, until the evaluation, filing and investment process.
- Provide technical assistance, professional advice and support on issues related to attracting investment.
- Establish registration and statistical control of national and foreign investments.
The agreement does not mention anything related to the functions carried out by the National Competitiveness Program (Pronacom), which supports the improvement of the country’s competitiveness, providing valuable information so that companies can do more and better business, apart from which also serves potential investors.
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