Nicaragua launches digital platform to promote investment and trade

Aug. 5, 2011 - The Investment Promotion and Trade Facilitation Office, represented by General Alvaro Baltodano, Presidential Delegate for Investment, signed a cooperation agreement recently with the United Nations Conference on Trade and Development (UNCTAD), represented by Frank Grozel, Coordinator of the Business Facilitation Program, in order to strengthen and foster domestic and foreign investment in Nicaragua through the development of the eRegulations program.

The program, which is funded with the support of the Grand Duchy of Luxembourg, will include a digital platform that will enable prospective investors to conduct business procedures, such as applying for business licenses and hiring personnel, thus following the guidelines to successfully establish in the country.

The site will also simplify the procedures related to business operations, leading to an improvement of Nicaragua’s position in international rankings that measure its business climate and transparency. Frank Grozel mentioned that the digital platform will eliminate several barriers in the business process, which he considered is “essential to stimulate the economic development of the country”.

As part of this agreement, UNCTAD will provide technical assistance, equipment and training to government officials, which in turn will work in the administration, operation, renovation and maintenance of the eRegulations system.

Additionally, General Baltodano assured there are several companies interested in investing in Nicaragua, specifically under the Free Zones Regime. World-renowned companies that have already announced their investment plans in the country include Cargill, Wal-Mart, Schmidt Irmaos, Sitel, Ram Power and Draexlmaier, contributing to the US$1,000 million mark in foreign direct investment projected for 2011.

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