New Laws to Protect Investments
11 November 2015
Managua – Throughout the years the government of Nicaragua has been seeking the best strategy to promote and protect investments in Nicaragua. Part of the strategy of promotion, development and protection of investments in the country, has been the creation of specialized agencies to carry out this task, such is by excellence the agency ProNicaragua.
PRONicaragua, is the Official Government Agency for Promotion of Investments and Exports of Nicaragua. This agency was created in 2002 as a project of the United Nations Development Programme (UNDP), later ProNicaragua evolved from project to program, and in 2011 by presidential decree its mandate was extended to become a government agency for the promotion of investments.
Last month the legal framework of the agency ProNicaragua was strengthened with the approval of the Law number 915, to establish the agency and the Presidential Delegation for the Promotion of Investments, Exports and Foreign Trade Facilitation. At the same time the law number 917 was approved, “Law of Free Zones”.
In 2006 the amount of foreign investment in Nicaragua was $ 300 million, amount that currently exceeds 1.5 billion, showing a tremendous growth in the last 10 years. Companies registered under the free zone regime have contributed substantially to this growth.
The creation and approval of both laws demonstrates not only the country’s development in recent years, but also the government’s commitment to promote, protect and develop investments in Nicaragua.[gview file=”https://betterwork.org/nicaragua/wp-content/uploads/2015/11/Gaceta-No-196.pdf”]