Guatemala City, by Daniel Coromac -AGN- An interview with President Alejandro Giammattei highlighting the achievements of his four-year administration was published in The Japan Times.
The interview emphasizes how Guatemala has transformed its economic prospects thanks to effective legislation and fruitful partnerships between the government and the private sector.
Success in the face of challenges
President Alejandro Giammattei’s administration faced the challenge of the global COVID-19 pandemic from their first months in office. Guatemala was not immune to this worldwide phenomenon. However, the government collaborated with the private sector to ensure the country’s progress. As a result, Guatemala closed the year 2021 with an 8% increase in its gross domestic product.
President Giammattei’s administration coordinated efforts across various institutions to facilitate trade, establishing one-stop windows to streamline processes for import and export companies. Additionally, digitalization efforts simplified procedures, and the government announced that it is possible to register a business in just three days.
Regarding the achievements of his administration, President Giammattei said:
“Guatemala is a small country with huge opportunities. We have established the basis for the country’s future economic development through partnerships involving the government and the private sector and through our country’s brand strategy.”
Development and production
Guatemala also adopted the Law for the Promotion of Foreign Capital Investment, which promotes the establishment of companies and provides special guarantees to investors who comply with a series of requirements for 3 to 10 years.
The Free Trade Zone Law has also allowed for the expansion of production and employment. In addition, the manufacturing sector has grown thanks to the increase in nearshoring agreements with companies from several countries.
The article highlighted, “Indeed, the country’s administration celebrated earlier this year reaching its target of $5.7 billion in foreign direct investment -FDI- over its four-year mandate.”
Increased income and better relations
During the interview, the President emphasized that exports are expected to have doubled by the end of his administration. Part of this is the signing of trade agreements with Israel and South Korea and the approach with Ukraine.
President Giammattei stated, “Being on the right side of history is a way to generate trust with the international community; it doesn’t all come down to whether or not you sign a free trade agreement with someone.”
Also, due to the good management, seven more airlines are now entering and scheduling flights in Guatemala.
This success is due, in large part, to the interinstitutional cooperation agreement Guatemala Moving Forward, which was signed by public entities and business chambers to attract more foreign direct investment and jobs.