Canadian trade mission explores business opportunities in Nicaragua

Managua, Nicaragua; February 21, 2018

A trade mission from Canada arrived in Nicaragua February 20th,  with the objective of exploring business opportunities in the country. The mission was comprised of more than 10 Canadian companies in the agroindustrial and renewable energy sectors and was led by the Chief Commissioner for Trade of the Embassy of Canada in Costa Rica,  Eve Giguere, and trade delegates of the Embassy of Canada in Costa Rica, Alexander León and Adolfo Quesada.

Quesada spoke about the interest shown by Canadian companies in investing in the renewable energy sector in Nicaragua and highlighted the success that Canadian companies have had in the country with energy projects, such as the rural electrification project, PERNICA. “This program has been very successful, and has allowed the country, to a certain extent, to penetrate in rural areas where there was no power. This goes hand in hand with the strategy of the Government of Nicaragua to bring electricity to the most vulnerable areas of the country,” he said.

The representatives of the Canadian companies that were part of the mission showed interest in establishing operations in Nicaragua thanks to its favorable investment climate and growing consumer market.

In this context, Saturn Power Inc., a solar and wind power development company, expressed interest in investing in the country. Founder and vice president, Jeremy Goertz, met with the head of the Nicaraguan Ministry of Energy and Mines (MEM, by its Spanish acronym), Salvador Mansell, and representatives of PRONicaragua to learn more about the energy sector and the various investment opportunities the country offers.

As of today, Nicaragua and Canada have yet to sign a Free Trade Agreement that offers attractive conditions between both nations; however since 2008, the CA4 block of Central America countries (Guatemala, Honduras, El Salvador and Nicaragua) and Canada, have resumed negotiations in Ottawa, to discuss market access issues. Meanwhile, Nicaragua operates under the Generalized System of Preferences (GSP) with several countries, including Canada, Norway, Russia and Japan. Specifically with Canada, there is duty free access for citrus fruits, watermelon, cantaloupe, papaya, seafood, bananas, tropical fruits, pineapple, tubers, eggplant, cauliflower, tobacco and spinach. Preferences are also granted for industrial goods.

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