Economy

El Salvador invites Indian IT, energy companies

Our Bureau Bengaluru | Updated on November 16, 2018 Published on November 16, 2018

El Salvador has invited Indian companies to forge alliances in technology and business collaborations and exchange of ideas in Information Technology (IT) and energy sectors.

Ariel Andrade Galindo, Ambassador of El Salvador, in an interactive session organised by the Bangalore Chamber of Industry and Commerce (BCIC) told industry leaders that since Bengaluru is the IT Hub, El Salvador is very keen on having business tie-ups in the IT sector.

El Salvador is also opening its doors to sectors such as agro-industry, light manufacturing, textile and apparels and tourism among others.

Advantages

Galindo said, “We have developed a legal framework that facilitates and guarantees protection of investments because we are interested in developing a long-term relationship with investors. El Salvador is a cost-competitive country to set up and operate a business in the region. It has free zones and service parks that stand out for their strategic location and easy access to competitive infrastructure.”

“As part of our commitment to attract investment, we have implemented attractive tax incentives. El Salvador is the most competitive country in Central America in terms of benefits paid by employer. In addition, one of our main advantages is our labour force, world famous for its industriousness, efficiency and work ethic,” he added.

Quoting the Index of Economic Freedom published by The Wall Street Journal and the Heritage Foundation in 2018, Galindo said El Salvador’s economy is among the freest in the region.

It is ranked the third in Central America and ninth in Latin America. El Salvador also stands out in investment freedom, which indicates the country’s strength to maintain free trade politics that promote investments. Kishore Alva, President, BCIC, and Joint President and Executive Director, Adani-Udupi Power Corporation, talked on the IT prowess of India.

Published on November 16, 2018
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