YouTube: https://youtu.be/PHjl-1Xl2Oc
United States Vice President Kamala Harris recently announced upcoming private sector investments of nearly $2 billion in Central America designed to provide jobs and economic support for the region. The hope is such investment will help stop illegal migration into the United States from its southern border.
In total, ten companies committed to funding projects in El Salvador, Honduras and Guatemala. The companies include the “Gap” apparel manufacturer which indicated it will increase by $50 million a year its purchases from Central America. Gap hopes this will help create jobs in the area.
Similarly, the U.S.-based apparel wholesaler San Mar indicated by 2025 it will increase by $500 million its purchases of products manufactured in northern Central America, again, to hopefully create jobs.
Additional projects announced include the following:
- Pantaleon, an agro-industrial corporation, in Guatemala will build an industrial park.
- Unifi, which produces synthetic and recycled yarns in El Salvador, will expand capacity by investing $15 million, improving overall efficiency and reducing energy usage.
- Visa, a credit card company, will over the next five years invest $270 million to develop a digital infrastructure and expand financial inclusion.
- Agroamerica, a major food corporation, will invest in plantations, specifically, $100 million in avocado and banana plantations. This should help increase jobs in Central America.
- COATL and Millicom, both digital services firms, together will invest $735 million in high-speed internet in El Salvador.
- Yakazi will invest $110 million and increase by 14,000 its employment in Guatemala and El Salvador in its automotive component producing facilities.
