SAN SALVADOR – El Salvador registered record foreign investment of $1.1 billion in 2007, which allowed the creation of 20,000 new jobs, according to the Ministry of Economy.
The funds from foreign investors went into both the creation of new businesses and the expansion of existing enterprises.
Among the new companies launching operations in the country were Brazilian textile firm Pettenati, which invested $45 million this year and plans total investments in the Central American country of $100 million by 2010.
Other companies launching operations in El Salvador were Outsource Design, which designs computer products, Outsourcing, a provider of engineering and architecture services, and Hanes, which acquired most of the stock of Duraplex as part of a strategic alliance.
Several companies, according to reports, are in the process of negotiating their entry into El Salvador, which has become attractive as a platform for exports to the United States due to its membership in the Central American Free-Trade Agreement with the United States (CAFTA).