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A new agency for investment promotion may set up a company



Invest proposes strategic infrastructure solutions.

Invest proposes strategic infrastructure solutions.

The proposal to establish the El Salvador Investment and Export Promotion Agency (Invest), which the government submitted to the Legislative Assembly on Tuesday, will include among its attributions the “composition of all companies”. Nature necessary to achieve the purpose.

The project, presented by Minister of Economy Maria Luisa Hayem, establishes, as one of the mandates for investment, “to establish at home and abroad enterprises of any nature necessary for the purpose of investment”. Approval of the Supreme Authority and approval of its modification, dissolution and liquidation.

He added that these corporate governance bodies could be integrated “with the directors, workers and civil servants who serve them.” The project will include the repeal of the law, so the agency will replace El Salvador’s Export and Investment Promotion Agency (Proesa).

new power.

Another task of the new agency, attached to the Office of the President of the Republic, is to promote, clarify and coordinate the “national public-private system of investment and export promotion and facilitation” and to provide “strategic” advice. It is to be. Government “infrastructure”.

This body is also responsible for leading and coordinating institutional governance related to exports and driving the national export strategy. Investigate the business environment and resume some of the attributions that Proesa currently has.

To facilitate, clarify and coordinate national public-private systems for the promotion, facilitation and maintenance of investments. ” Economy Minister Maria Luisa Hayem

Change permissions.

Unlike the Proesa Act, the supreme authority of an investment company is not the board of directors, but a president appointed by the president of the republic for five years.

“It will be the supreme authority of the institution, with the power to exercise legal representation, coordinate the functions entrusted to it, and appoint the Director General of Investments and the Executive Director,” the draft decree reads. .

The Council of the Agency consists of the President, one representative from the Ministry of Economy, one representative from the Ministry of Foreign Affairs, one representative from the Ministry of Tourism and three representatives from the private sector. The latter are appointed according to the procedures laid down within the provisions of law.

On the other hand, in Proesa, the Council consists of the President, the Presidential Secretary of Technology, the Minister of Finance, Economy and Public Works, two representatives from the private sector and one representative from the academic sector.

The requirements set for the president of the institution are to be Salvadoran and to be a professional with a university degree in finance, economics, law, business administration or other related fields. In addition to fully enjoying the rights of the people and “decency recognized.”

Keep information confidential.

The bill restates the information confidentiality provisions already in place for officials, employees and individuals under the Proetha Act. “Notwithstanding any civil and criminal liability that may ultimately arise, officers and employees who work or have worked for Invest without disclosing any form prejudicial to Invest. , and are obliged to keep it strictly confidential,” the paper said. It’s a project.

This duty also applies to “persons who have knowledge of confidential information relating to matters, powers or functions regulated by this law,” the initiative said.

Dissolution and succession of ProEsa

With the entry into force of the new law, Investment will succeed the Export and Investment Promotion Agency of El Salvador (Proesa) in its functions, powers and responsibilities.

1.- Transfer of assets and liabilities
According to the final figures in Proesa’s final financial statements, all assets and liabilities of Proesa will be transferred to Invest.

2.- Judicial and Administrative Procedures
Judicial and administrative proceedings to which Proesa is a party or pending remain the responsibility of the investment firm.

3.- Personnel changes
The required personnel recruited by ProEsa are sent to Investment after a “suitability” assessment.

Employees who do not join Proesa after dissolution are entitled to compensation of one salary for each year of service.

Source: Diario Elmundo

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