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Doing Business in (Insert Country Name Here) Doing Business in El Salvador: 2015 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2015. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Chapter 1: Doing Business In El Salvador Chapter 2: Political and Economic Environment Chapter 3: Selling U.S. Products and Services Chapter 4: Leading Sectors for U.S. Export and Investment Chapter 5: Trade Regulations, Customs and Standards Chapter 6: Investment Climate Chapter 7: Trade and Project Financing Chapter 8: Business Travel Chapter 9: Contacts, Market Research and Trade Events Chapter 10: Guide to Our Services 1 Chapter 1: Doing Business in El Salvador Market Overview Market Challenges Market Opportunities Market Entry Strategy Market Overview Return to top El Salvador, with a population of 6.4 million, offers an open market for U.S. goods and services and a dollarized economy. The U.S. dollar became legal tender in 2001, so U.S. companies do not need to worry about exchange rate fluctuations when selling to Salvadoran firms. El Salvador has numerous Free Trade Agreements with its trading partners. The Central America-Dominican Republic Free Trade Agreement (commonly known as CAFTA-DR) is its most significant. This FTA, signed by the United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua, facilitates trade, promotes regional integration and promotes transparency for the member countries. As of 2015, 100% of U.S. consumer and industrial goods enter the CAFTA-DR countries duty free (for goods that meet the country of origin requirements). The United States is El Salvador’s main trading partner with 41% of the market share for the country’s imports. U.S. products are generally favored, though they face strong competition from other international suppliers. El Salvador’s geographic proximity and familiarity with U.S. business practices contribute to strong trade ties with the United States. El Salvador is only a 3-4 hour flight from key U.S. cities and four U.S. carriers operate in the country. In 2014, U.S. exports to El Salvador were $3.3 billion, up by 2.2% ($73 million) from 2013. El Salvador’s exports to the U.S. were $2.4 billion, a decrease of 1.7% ($42 million) from 2013. A partial list of U.S. companies with market presence includes: AES, Microsoft, Arrow Electronics, General Motors, Coca-Cola, Kraft, Pricesmart, Caterpillar, Xerox, John Deer, Wallmart, 3M, Delta, American Airlines, United, Colite, Cisco, Crowley, General Electric, Kimberly Clark, as well as dozens of U.S franchises. El Salvador's economy is predominantly services-based. Agriculture accounts for about 10% of the country’s GDP and employs 21% of the population. Manufacturing and industry accounts for 25% of GDP and employs 20% of the population. The services sector accounts for almost 65% of the GDP and employs 58% of the population. For 2015, the International Monetary Fund (IMF) forecasted a GDP growth of 1.8%. The 2014 GDP per capita, according to the World Bank, was almost $4000. Many consumers are price sensitive and some incur debt to purchase consumer goods. In 2014, remittances from the estimated 2.5 million Salvadorans living in the United States totaled $4.21 billion, an increase of 6.7% compared to 2013.The inflow of remittances in El Salvador boosts consumption and imports but has little apparent impact on investment and domestic production. Despite the government’s efforts to attract Foreign Direct Investment (FDI), El Salvador is the country with the least amount of FDI in Central America. According to El 2 Salvador’s Central Bank, foreign direct investment in 2014 totaled $275 million. For more information on FDI, please see Chapter 6. El Salvador works closely with the United States and international organizations on key initiatives and projects to promote economic growth. The most notable bilateral initiative in the past few years is the Partnership for Growth, a joint effort to improve business and security conditions in the country. More recently, the proposed Alliance for Prosperity initiative is a concerted effort from the United States Government to promote prosperity, security and good governance in El Salvador, Honduras and Guatemala. Market Challenges Return to top El Salvador has strong potential but faces a lot of challenges. The country remains politically polarized after the Presidential elections in 2014 and Congressional and Municipal elections held in 2015. The level of crime is increasing. Local and foreign investors alike are worried about the country’s low growth rate for their future business operations. Security concerns and a lack of transparency contribute to the deteriorating investment climate. Foreign and local companies report problems with government agencies’ disregard for terms in government contracts, delays in payments, and amendments to existing contracts being imposed under duress. Additionally, corruption remains a problem. El Salvador ranked 80 of 174 countries in Transparency International’s Corruption Perceptions Index in 2014, which scores countries on their perceived levels of corruption. Additionally, the judicial system remains in need of reform. Companies have reported pressure from government agencies and entities to give up their right to arbitration in government contracts, usually before signing a contract, but sometimes after contracts have been signed. El Salvador’s procurement law calls for competitive contracts and applies to most Ministries and entities within the Government of El Salvador and all related subordinate agencies. Nevertheless, the trend to execute no-bid contracts, direct purchases or shortlist contracts is increasing. In terms of U.S. exports to El Salvador, market entry difficulties for importing goods and services are often related to environmental regulations, consumer protection, and controlled products that require additional permits, regulations, licenses or procedures as stipulated by the Government of El Salvador. U.S. and local companies have complained about a growing number of customs and non-tariff barriers, including arbitrary customs valuation and lack of consistency with customs procedures. Market Opportunities Return to top Overall, selling U.S. products and services in El Salvador is straightforward and driven by supply and demand. Foreign citizens and private companies can freely establish businesses in El Salvador and the government often offers assistance to facilitate the process to establish an office. The Salvadoran market is very open to a wide range of U.S. products and services. Top U.S. exports to El Salvador in 2014 include: Mineral Fuel (oil) ($823 million) 3 Cereals (corn, wheat, rice) ($234 million) Machinery ($225 million) Plastics ($177 million) Best prospects, based on growth trends and interest from U.S. companies, which are described in more detail in Chapter 4, include: Automotive parts and service equipment Education Franchises Packaging and food processing Travel and tourism Government tenders in El Salvador tend to be small, reflecting the size of the market. U.S. companies bidding on public-sector contracts with the Government of El Salvador and related agencies should work with local partners to help navigate the process. U.S. companies can request advocacy assistance from the U.S. Commercial Service to ensure that U.S. products and services have the best possible chance competing against foreign companies. An illustrative list of government projects in the pipeline include: Road expansion, improvements, overpasses and tunnels in San Salvador ($36 million) 65.8MW hydroelectric plant, $300 million investment $64.4 million water treatment plant Market Entry Strategy Return to top To appropriately cover the market, most U.S. exporters will need an agent or distributor. One agent is usually sufficient, since commercial activity is concentrated in the capital and the country’s size does not justify regional agents. Additionally, licensing and franchising are common business practices in El Salvador. Licensing is most common for clothing brands. Regardless of the partnership agreement, U.S. firms must check the bona fides of potential partners and visit them prior to signing any contract. Specialists in the Commercial Section can provide a due diligence report, called an International Company Profile (ICP), on prospective overseas representatives or partners, with an analysis as to the viability and reliability of the prospective representative or partner. U.S. companies are encouraged to jointly work with their local distributors to develop strategic marketing campaigns to enter the market and/or increase market share. Also, supporting the partner with after-market service and extensive technical training are critical steps to succeed in El Salvador. Commercial Specialists can confidentially assist with U.S. exporters’ business plans and strategies for entering or expanding into El Salvador and provide suggestions and cost-effective solutions to achieve export goals and objectives. For U.S. companies seeking to open an office or invest in El Salvador, legal guidance from a local attorney, preferably with in-depth knowledge of CAFTA-DR, is strongly recommended. Sound legal advice will enable U.S. companies to properly take 4 advantage of the FTA benefits, and be aware of local laws and regulations related to taxation, customs and import procedures, labor, and residence permits. Additionally, the U.S. Commercial Service can help U.S.
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