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Honduras is Open for Business
With the launch of web portal "Honduras is open for business" and a video of a speech by President Porfirio Lobo the Honduran Government announced the National Investment Promotion program 2010-2014, named "The high point of a deep institutional and legal reform to position Honduras as the most attractive investment destination in Latin America.”
During May 5 and 6 in San Pedro Sula, at the Expocentro fairgrounds, an event will take place including Exporters, Business Roundtables and an international business forum, in which participation of former U.S. President William Jefferson Clinton, former president of Colombia, Álvaro Uribe Vélez, Mexican businessman Carlos Slim and the president of the Inter-American Development Bank, IDB, Luis Alberto Moreno, is expected.
In search for accelerated economic and social development, the National Congress of Honduras, adopted January 19, 2011, the possibility of Special Development Regions, in order to accelerate the adoption of technologies to produce and deliver services with high added value, so to attract domestic and foreign investment necessary to grow rapidly, reduce social inequalities and in general, improvement of living conditions in the region.
The systems implemented in the Special Development Regions shall be authorized by a constitutional statute approved by Congress with a qualified majority of two thirds of all its members and can only be amended by Congress with the same terms as its approval.
Approval of Special Development Regions brought constitutional reforms, thus enabling signature of treaties and international agreements on issues related to trade and cooperation.
This recently approved decree must be ratified by the next legislature.
More on this topic
February 2011
The countries agreed to cooperate in the development of special management areas in Honduras.
"Charter Cities" are development-oriented, and the objective pursued by President Porfirio Lobo is to encourage domestic and foreign investment.
"During their meeting, Wolf and Lee agreed to cooperate in the development of such plans for special areas in Honduras and seek ways to collaborate in trade, investment, education, health and infrastructure development in the Central American country," Terra.com informs.
January 2011
With support from most of the 128 deputies from five political parties, Congress approved the project submitted by the Executive branch.
The decree will allow construction of the first Model City, to be built on the Honduran Atlantic area, becoming a legal entity in itself and with its own administration system.
July 2011
Congress has approved a law governing the Special Development Regions (REDs in Spanish).
The law states that the REDs are allowed to have their own budget, the right to collect and administer their own taxes, to determine the rates they charge for their services, to hold all types of contracts that extend to the next period of government, and manage their own internal and external debts as long as they have the approval of the State of Honduras.
May 2011
The Government of Honduras signed an agreement with the Korean company Posco, to carry out feasibility studies for the construction of the first "charter city".
The agreement states that the Korean company will perform the necessary analysis to determine whether it is possible to build the charter cities in selected regions.
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