Security improvements have allowed growth in important sectors of our economy.

The official pointed out that by guaranteeing the security of Salvadorans, steps were taken towards the economic growth that El Salvador continues to experience.

Improvements in public security in El Salvador and making the country the safest in Latin America have made possible positive changes and growth in various sectors of the national economy, according to the Minister of Economy, María Luisa Hayem.

The official explained that by improving the security climate in the country, it was possible to lay the foundations for the growth of several sectors of the national economy and, with them, greater sustainability in the country’s finances.

“El Salvador could be a case study, of a small country that its reality changes completely by having a vision like that of President Nayib Bukele. When we begin to see security improvements, when we begin to provide freedom to our population, peace, that is when we begin to see all these changes at the economic level,” he commented.

“These changes have allowed us to see growth in sectors that are so important for our population and our economy in general, such as the tourism and construction sectors. We see high levels of productivity in the companies and that is an incentive for more companies to come and establish themselves in our country and thus be able to generate more jobs,” he added.

Hayem also explained that “as I had mentioned, there are $2 billion in the construction sector invested in the year 2023, this is at a macro level, but if we refer to the micro level we are seeing undertakings that would not have been able to exist at that time when we did not have that security”.

“It marks a before and after in the economic activity and we have seen the impact in the distribution sector that can now reach areas where it could not, also, for the companies it makes them more competitive and all this has led us to a path of economic growth”, he added.

Security in the country has also allowed the generation of new companies and, with them, new jobs, an important factor for economic growth. “In 2023 alone, 3,341 new businesses were established in the country,” he said.

“The growth (in 2023) was 7% compared to 2022 and already 2022 had been a year where we had seen positive growth. We were projecting that the first investment projects that were going to be triggered were from those companies that were already in the country because they already knew it, now they already have security and are starting to invest,” he added.

“We have recently seen the expansion of production lines of companies such as Unilever and Nestle, an investment of $10 million, creating 200 jobs. We have seen a very interesting and very positive phenomenon, a very good message for the local and international market and it is the fact that our same companies have started to invest in other sectors where they are seeing opportunity,” he expressed.

Source: Diario El Salvador