WASHINGTON, DC, July 10, 2010
/24-7PressRelease/ -- Nicaragua's Ministry of Agriculture and Forestry (MAGFOR, for its acronym in Spanish) recently announced that Nicaragua may be on its way towards one of its best agricultural production cycles in its history, mainly due to the excellent climatic conditions experienced this year. "This rainy season has been extraordinary, which has allowed production to develop normally; if it continues like this, we will see the best production cycle in Nicaraguan history," commented Ariel Bucardo, Minister of MAGFOR.
Initial assessments done by MAGFOR at a national level indicate that products grown during the first sub-planting period are developing in excellent conditions.
Additionally, the Government of Nicaragua is currently implementing an agricultural program which seeks to add value to domestic food production. This program is intended to encourage, promote and advance the transformation of raw materials into finished goods ready to be consumed directly by the people.
The Minister said that the industrialization of domestic products encourages the opening of more international markets for Nicaraguan products and make better use of trade agreements, like the one recently signed with the European Union. "The value of exports to international markets would triple if we began exporting agro-industrial products," noted the government official.
According to data from Nicaragua's One-Stop Shop for Exports (CETREX, for its acronym in Spanish), gold coffee is Nicaragua's leading export product, followed by beef. Income generated by coffee exports amounted to US$235.7 million in the first six months of 2010, 60 percent more than the US$147.1 million registered in the comparable period of 2009, due to higher production and better prices. Beef exports totaled US$141.2 million during the same period this year, exceeding the US$100.1 million sold during the same period in 2009, representing a 41 percent increase.
In 2009, the agricultural sector accounted for nearly 20 percent of Nicaragua's gross domestic product (GDP), generating 26 percent of the jobs for the economically active population and representing 66 percent of total export value, excluding free-trade zones.
PRONicaragua is the Nicaraguan Investment Promotion Agency, 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. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or
http://pronicaragua.org.
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