The annual event is an initiative of the Ministry of Economy of the United Arab Emirates and the first on FDI to focus on emerging markets.
The Government of Nicaragua, through its official investment promotion agency, PRONicaragua, was recognized on Monday, April 9th, at the Annual Investment Meeting in Dubai, United Arab Emirates, for having promoted and supported the establishment of the most innovative Foreign Direct Investment (FDI) project in Latin America and the Caribbean after Saint Lucia. The annual event is an initiative of the Ministry of Economy of the United Arab Emirates and the first to focus on FDI in emerging markets.
The most outstanding investments attracted by the countries are rewarded during the annual ceremony. The Swiss company CHIMACO, which was recently inaugurated in Nicaragua by General Alvaro Baltodano, Minister-Presidential Delegate for Investment, was nominated by the Nicaraguan Government. This recognition will further contribute to position Nicaragua as a major new potential destination for investment from the Middle East.
Nicaragua’s Ambassador to the Republic of Kuwait, Mr. Mohamed Lashtar, who was designated by the President to receive the award on behalf of the Nicaraguan Government, said the country “has taken important steps that benefit the investment climate, such as the development of a policy of competition, deregulation, transparency and access to information”. He also placed special emphasis on the country’s economic growth, calling it “enviable for most of its Latin American peers. It’s no wonder that Nicaragua is often seen as a success story.”
CHIMACO’S partners Frank Hofer and Claudia Lauener also participated in the event. The US$7.3 million project will produce and process passion fruit in Chinandega, Nicaragua with a 300 square-meter processing plant and further development of 120 hectares of orchards. It will also provide technical assistance to independent growers. Once full operating capacity is reached, the Nicaraguan subsidiary of Fruitco AG, CHIMACO S.A., will process passion fruit, guava and bananas for concentrates and purée.