Wendy Mena
Coordinator
Guatemala Moving Forward maintains its role as the driving force behind inclusive economic growth that enhances the social contract and improves people’s quality of life.
This initiative arose from the private sector, which is investing in a long-term plan with the backing of the Government of Guatemala and the Municipality of Guatemala.
In 2022, universities, research institutes, civic society, and multilateral banks joined this project, resulting in great success in Guatemala Moving Forward’s five pillars of work:
Foreign investment promotion
Data from the Bank of Guatemala, details that Foreign Direct Investment in 2022 closed with US$ 1,352 million, representing a 38% increase over the 2019 baseline.
This includes the US$570 million that has been directly accompanied by Invest Guatemala, the private investment promotion agency created within the framework of Guatemala Moving Forward.
Invest Guatemala focuses on intelligence, promotion, facilitation, and aftercare for foreign investments in high-value-added industries such as pharmaceuticals and medical devices, electronics manufacturing, as well as BPO, ITO, and KPO outsourcing.
Food and beverage exports, clothes and textiles, manufacturing, and services are also served.
Human Capital
The supply of bilingual labor is being increased through a public scholarship program to learn English implemented by the Ministry of Economy with the support of the Technical Institute for Training and Productivity (INTECAP).
In 2022, the number of scholarship recipients increased from 1,500 to 23,953. This demonstrates the ability to collaborate in a single endeavor to develop the English language as a technical tool.
A public scholarship program for nurses was developed, as well as private scholarships to strengthen programming and managerial abilities.
The goal is to train more than 100,000 people in key areas for sectors with high potential to generate new jobs.
Infraestructure
A portfolio of 52 projects totaling US$6.478 billion is focused on road and port infrastructure that will improve port-to-port and border-to-border connectivity and mobility in the metropolitan region in the short future.
The aforementioned figure comprises $244 million in completed projects and $1,465 million in continuing initiatives. This public-private partnership strategy is increasing the country's funding capability, with public investment expanding by 0.33% of GDP since 2020.
Furthermore, legislative reforms are being pushed in order to facilitate public-private partnerships, establish a Maritime Port Authority, and reinforce systems for the transparent construction of road infrastructure.
Legal Certainty and Competitiveness
The Bar Association adopted the electronic forensic stamp as part of its efforts to digitalize the judicial system.
We are working with the Judicial Branch and other justice chambers to emphasize a joint work agenda with the Inter-American Development Bank and the United States International Narcotics and Law Enforcement (INL).
The Law on the Simplification of Administrative Requirements and Procedures is being actively monitored in order to achieve digitization of Ministry procedures.
To attract international investment, several laws have been established, including the Law to Strengthen Strategic Infrastructure and the most recent Law for the Promotion of International Capital Investment.
Tourism
Priority has been given to improving public institutions, lowering Central American airport fees, and establishing Guatemala as a leading destination in crucial industries such as sport fishing and conference tourism, among others.
