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Foreign investment increases in El Salvador

San Salvador, Jun 30 (Prensa Latina) Foreign direct investment (FDI) that arrived in El Salvador in the first quarter of 2024 grew by 8%, reports of the Central Reserve Bank (BCR) indicated on Sunday.

After being the country that received the least FDI in Central America during 2024, the Salvadoran economy was favored by the entry of USD$176.3 million in the first three months of 2024, the banking entity detailed.

This amount represents USD$14.33 million more than the USD$161.96 million registered in the same term of 2023.

The BCR’s president Douglas Rodriguez mentioned lately as potential finance minister of the new economic cabinet, indicated that the main modality of this capital injection was the reinvestment of profits and capital contributions.

The manufacturing industry was the main destination in the first quarter with USD$154.1 million after a year of contraction, followed by commerce with USD$119.1 million.

In the stage, the main investors were the Spanish with USD$97.2 million representing 55.1%, followed by the US with over USD$ 69.04 million, 39.1%, while Mexico stood out with an injection of USD$42.8 million, 24.3% in the Salvadoran economy. Other nations, such as Bahamas (USD$22.12 million) Guatemala (USD$14.37 million), Switzerland (USD$12.16 million), Holland (USD$10.40 million) and Cayman Islands with USD$8.59 million, bet on investment in the local economy.