LatinNews Daily - 15 October 2024

*Guatemala’s presidential spokesperson Santiago Palomo has announced that Spanish textiles company Nextil Group is due to inaugurate a new site tomorrow (16 October) in Fraijanes municipality, Guatemala department, an event which President Bernardo Arévalo is due to attend. According to state news agency Agencia Guatemalteca de Noticias (AGN), the site will begin operations with a €20m (US$21.78m) investment. Palomo said that the objective is to supply US markets and the site will be able to produce €30m worth of garments annually, an amount which he said could rise to €80m in a second phase. The Arévalo government is hailing it as a sign of efforts to attract foreign investment to the country. Unveiling his government’s national strategy for attracting foreign direct investment (FDI) in June, Arévalo said the government was seeking to attract US$2.7bn in FDI over its four-year mandate which began in January. He said that it would seek to prioritise traditional sectors with “a history of successful investment” in the country such as textiles, along with processed food and drink, and business services, among others.