Business in Guatemala Guatemalan economy foreign trade (import export)

Course summary Doing business in Guatemala

Guatemalan economy

Guatemala’s macroeconomic stability enabled a 0.6% economic growth at the end of 2009, positioning the country as one of the few countries with positive growth during a crisis. Guatemala has the largest economic market in Central America, with a US$38,139.00 millions GDP for 2009, representing 33% of the region’s total GDP.

Such economic growth continues based on a State policy to promote development; an approach that has fostered the simultaneous endeavors of the public and private sectors, in this way facilitating the economic boom and access to key Global markets. The latest studies on investment banking highlight Guatemala’s great economic stability throughout its history.

Guatemala’s geographical location is strategic; it is the perfect platform for the largest markets in the World. Guatemala has privileged access to both the Atlantic and the Pacific Oceans, facilitating direct commerce with Asia, North America and Europe, through modern seaports.

Furthermore, Guatemala serves as the hinge of Meso-America, a region with great potential due to over 50 urban centers conforming the region, 25 of which are located in Central America and with a population of 67.4 million inhabitants and a economy of US$ 154 billions.

Guatemala offers an excellent option as a FDI destination, besides belonging to Latin America -the region with the second highest growth of FDI inflows- Guatemala is becoming one of the main emerging markets within the region:
- Is the largest economic market in Central America, representing 35% of the region’s total GDP
- Strategic geographic location with access to both oceans: Atlantic and Pacific.
- Free trade agreements with the largest world markets, including the United States and Mexico.
- Modern infrastructure to satisfy the expectations of any business opportunity providing exceptional living conditions combined with a natural paradise and a colonial past.
- Legal framework that does not discriminate between foreign and local investments with freedom to move the capital and to repatriate dividends.
- These are some of the reasons why Guatemala stands out with all its creative, friendly, working, honest and passionate people who wish to give the best of themselves.

Guatemala aims to promote the free establishment of businesses in the country. Customs barriers have been reduced or eliminated and the present government is committed to instituting transparency and legal certainty, understanding that such are a priority in attracting investments.

The work and commitment of the government to reform The economy acknowledge the importance of becoming a nation of free trade, and free trade agreements have thus been reached with the following countries:
- Mexico
- FTA Mexico - Northern Triangle (El Salvador, Guatemala and Honduras)
- Panama
- CAFTA-DR United States - Central America- Dominican Rep FTA
- The Dominican Republic
- Colombia
- Venezuela
- Belize
- Taiwan

It is also worthwhile mentioning that Guatemala is presently in the process of negotiating Free trade agreements with the European Union (EU - Central America Association Agreement), Chile and Canada.

International Economic Relations. Guatemala is member of: Association of Caribbean States (ACS), Central American integration system (SICA), Latin American and Caribbean economic System (SELA), Mesoamerica project, Inter-American Development Bank (IDB), Economic Commission for Latin America (ECLAC), Forum for East Asia-Latin America Cooperation (FEALAC), Organization of American States (OEA),World Bank, International Monetary Fund, World Trade Organization (WTO), United Nations ...

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