PRONicaragua
editABOUT PRONicaragua
PRONicaragua is the official investment promotion agency of Nicaragua, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. To date, the agency has attracted over US$350 millions in FDI and contributed to the creation of 35,000 jobs, focusing on six areas of attraction: Agribusiness, Energy & Infrastructure, Light Manufacturing, Textiles & Apparel, Tourism and BPO. Its services include information packages, organizing site visits, facilitation services and aftercare services to qualified investors.
HISTORY
The idea to create a foreign direct investment promotion agency in Nicaragua was born during a strategy seminar organized by the Central American Institute for Business Administration (INCAE) in 2001, which resolved that establishing an investment promotion agency (IPA) ought to be a top priority for the Nicaraguan government. In August of 2002, Executive Decree Nº 75-2002, established the Special Commission for Investment Promotion, which was responsible for the creation of a new public-private investment promotion agency. Additionally, the United Nations Development Programme (UNDP) and the President of the Republic granted their support to the project by signing the UNDP Investment Promotion Support Project in November 2002. Work relations established with the Harvard Business School, the Multilateral Investment Guarantee Agency (MIGA), and the UNDP, as well as assistance from the Government of Nicaragua, the private sector and international donors, helped shape PRONicaragua.
MIGA equipped the staff with the practical skills necessary to carry out promotional activities. It provided training in market research, targeting mechanisms, business-relationship building, effective presentation skills, best practices for road shows and trade fairs, assistance to potential investors, as well as resources and tools required for an effective investment promotion.
WAIPA AWARD 2006-2007
In comparative evaluations conducted in 2005 by the World Association of Investment Promotion Agencies (WAIPA) and the World Bank’s Multilateral Investment Guarantee Agency (MIGA), PRONicaragua’s performance was rated much higher than the average performance of developing countries. As a result, PRONicaragua won the 2006-2007 WAIPA Award and was recognized as one of the top five investment promotion agencies in the world.