Saturday 18 September 2021

An Industrial Policy for Nicaragua

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A woman prepares tobacco leaves at a cigar factory in Esteli, 140 km north of Managua
A woman prepares tobacco leaves at a cigar factory in Esteli, 140 km north of Managua

(Today Nicaragua) A strategy focused on increasing competitiveness by reducing production costs and facilitating the creation of added value is what industrial enterprises have asked for.

Improving training in the use of new tools and technology and giving more value to final production are two of the main challenges faced by companies in the industrial sector. The union that brings them together is aware that the potential of the country in this sector can not be maximized if aspects affecting global competitiveness are not improved.

In the case of use and access to technology, explained Miguel Duarte, representing the Bread union in Cadin, lack of awareness on the part of small businesses prevents them, for example, from benefiting from tax exemptions. “… ‘To give you an example: In order to access the list of products in the baking sector that are exempt from taxes you have to, as well as accessing a web site, submit an annual business plan. Previously this used to be done by hand and reported to the Mific, but now it is electronic and many people find it difficult to do this,” said Duarte.” This leads to a lot of people “… losing access to purchase of raw materials duty free, ‘and that raises the cost, price and takes us out of the market after competing with businesses that are more profitable.’”

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Generating added value is another of the aspects that in the opinion of the Chamber of Industries of Nicaragua (Cadin) should be considered in the development and implementation of an industrial policy. Juan Carlos Amador, director of Cadin, told Laprensa.com.ni: “… “We have done studies to determine not only the demands of the sector, but also measures that we can implement to make any line of business that is part of the small or large industry more profitable at the national level’.”

Source Centralamericandata.com

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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