The Ministry of Economy Will Promote Entrepreneurship and Foreign Investment 

One of the first actions is to boost a program in collaboration with the Ministry of Agriculture, Livestock and Food.

by Pamela Contreras
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Guatemala City, by Brenda Larios. -AGN-  During the “Perspectivas del Sector Agro de Guatemala 2024” conference, Minister of Economy Gabriela García discussed the ministry’s plans for this year.

The minister emphasized the importance of the agroindustry as a vital sector for the Guatemalan economy to generate decent work, food security and agricultural products exportation. 

The Cámara del Agro de Guatemala organized the Perspectivas del Sector Agro de Guatemala 2024, Panorama Político, Económico y Social event. (Guatemala’s Agricultural Sector Outlook 2024, Political, Economic, and Social Overview)

Actions

Among the first actions planned, it is expected to promote a program in collaboration with the Ministry of Agriculture, Livestock, and Food -MAGA- to bring entrepreneurship to all groups, from the most vulnerable to those already identified as MSMEs.

Mineco will support two work lines: 

  • Restoration of the institution
  • Foreign investment attraction.

The ministry will support MSMEs in their incorporation into foreign trade, a program that will be strengthened to favor the social economy and make the entrepreneur feel heard, public-private collaboration, fundamental alliances, and legal certainty.

Entrepreneurship

There will be trust funds for MSMEs and resources that will be used to reach people. The trust fund will have two lines of work:

  1. Strong emphasis on women as entrepreneurs and accompaniment in the training process with business development services.
  2. Mineco recognizes the labor shortage due to migration and will work on processes allowing differentiated training to create decent jobs for the Guatemalan people.

Business climate

Minister García added that they will seek to strengthen the business climate to be favorable for all sectors. Likewise, they will continue collaborating with the private sector concerning legal certainty and the digitalization of procedures established in the program “Guatemala moving forward.”

The Ministry of Economy is working on defining a stable and modern structure to encourage investment and competition, allowing Guatemala to be a strategic and attractive stakeholder for local and foreign investments.

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