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Report prepared by U.S. Embassy Managua, released August 1997*.
This Country Commercial Guide (CCG) presents a comprehensive look at Nicaragua's commercial environment, using economic, political, and market analysis. The CCGs were established by recommendation of the Trade Promotion Coordinating Committee, a multi-agency task force, to consolidate various reporting documents prepared for the U.S. business community. Country Commercial Guides are prepared annually at U.S. embassies through the combined efforts of several U.S. government agencies.
Major Economic and Political Trends
Nicaragua's economy grew by 5.5 percent in 1996, its best performance since 1977. For 1997,real GDP growth of 6.8 percent appears within reach. This robust growth is being led by the export sector, agriculture, construction and general commerce. Nevertheless, Nicaragua's GDP is only $2 billion and per capita remains at an estimated $452, the second lowest in the hemisphere.
Arnoldo Aleman was sworn in as Nicaragua's new president in January, 1997. His Liberal Alliance, a coalition of several parties, is the largest group in the National Assembly, followed by the Sandinista Party (FSLN). The National Assembly recently passed major tax reform and deficit reduction legislation. The Aleman Government is expected to sign an IMF program by the end of 1997.
Overview of Import Market
Nicaragua is essentially an agricultural country with a small manufacturing base. It is dependent on imports for provision of most manufactured, processed, and consumer items. In recent years the Nicaraguan government has liberalized the foreign trade regime, reduced tariffs, eliminated most non-tariff barriers, and eliminated foreign exchange controls. The National Assembly recently passed a new tax code which reduces protective tariffs over the next three years, and liberalizes imports by eliminating a restrictive Agent/Distributor law along with various commercial licenses and permits. The Aleman government appears committed to further liberalizing trade.
The United States remains Nicaragua's largest trading partner by far. In 1996 , 32 percent ($262 million) of Nicaraguan imports came from the U.S., while 42 percent ($350 million) of exports were destined for the U.S. These figures have risen steadily in recent years and are expected to continue to do so. Nicaraguan consumers maintain a decided bias in favor of American products and U.S.-style services.
Major Business Opportunities
Best prospects for U.S. sales include agricultural commodities, fertilizer, farm equipment, food processing/packaging machinery, medical supplies, data processing equipment, electrical equipment, franchising, construction equipment, and U.S. motor vehicles and spare parts. Best investment opportunities exist in export-oriented manufacturing, tourism, mining, agriculture,and electricity generation. There may also be opportunities in roadbuilding and water system construction.
Major Roadblocks to Doing Business
The major roadblocks are:
Nature of Local and Third Country Competition
Nicaragua's major trading partners are the U.S., Western Europe, and Asia. Nicaragua's industrial sector is small, so local competition for processed and manufactured products is non-existent for many products.
II. ECONOMIC TRENDS AND OUTLOOK
Major Trends and Outlook
Nicaragua's economy grew by 5.5 percent in 1996, according to government estimates of real GDP. That rate was exceeded by only three Latin American nations and marked Nicaragua's best performance since 1977. For 1997, real GDP growth of 6.8 percent appears within reach. This robust expansion is being led by the export sector, agriculture, construction, and general commerce. Private investment, from both domestic and foreign sources, is rising and the private banking sector continues to expand. Nevertheless, GDP per capita remains at an estimated $452,the lowest in Central America, and second-lowest in the hemisphere.
The administration of President Arnoldo Aleman passed major tax reform and deficit reduction legislation after taking office in January 1997, and is expected to sign an international Monetary Fund program by the end of 1997.
Principle Growth Sectors
Agriculture, manufacturing, mining, telecommunications, tourism and construction are the principal growth sectors for the short term.
Agriculture: Agricultural production accounts for 26 percent of Nicaragua's GDP. The sector grew 15.4 percent in 1996, making agriculture one of the nation's most dynamic sectors. The Nicaraguan government, as well as the international donor community, is placing great emphasis on agricultural reactivation. Livestock, which constitutes an additional 9 percent of GDP,continues to lag due to poor productivity and low international meat prices. Over the long term, Nicaragua's low population density and ample grazing land offer potential for renewed expansion of the livestock sector.
Manufacturing: Export-oriented manufacturing at Nicaragua's Free Trade Zone doubled in 1996 and is expected to rise 60 percent in 1997 to $160 million. Six U.S. firms were in the zone in May 1997 and another firm was at the private free trade zone that opened in 1996.
Mining: Foreign investors are very active in Nicaragua's mines. In addition, several companies have won concessions for new exploration. Some 67,000 troy ounces of gold and 24,000 troy ounces of silver were produced in 1996.
Telecommunications: The state telecommunications entity (ENITEL) is expected to be partially privatized during 1998. Cellular telephone service, private leased-line services, paging and trunked radio service are all presently offered in Nicaragua by private companies under license from ENITEL.
Tourism: 305,450 tourists visited Nicaragua in 1996, up 29 percent over 1994. The country expects to host 500,000 visitors a year by the end of the decade (80,000 of whom will be Americans). This industry offers good opportunities for foreign investment (especially in eco-tourism and beach-related projects). Several major projects, including at least three hotels in Managua, have been announced and are expected to begin construction during 1997.
Construction: Business and residential construction is expected to continue to rebound in the coming years after two decades of relative stagnation.
Governments Role in the Economy
Since 1990, all state monopolies except for public utilities have been eliminated, virtually all price controls have been phased out, and more than 300 state enterprises have been privatized. Nonetheless, doing business in Nicaragua can still mean becoming involved in interagency bureaucratic conflicts. Many investors complain that commitments by one agency or branch of government are sometimes not honored by another.
Balance of Payments Situation
Nicaragua suffers from a chronic external accounts deficit. Despite growing export and tourism earnings and substantial Government progress on structural adjustment measures, the country remains highly dependent upon donor assistance to balance its accounts. This dependence will continue for the foreseeable future. The current account deficit in 1996 was $431 million (out of a GDP of $2.029 billion). That deficit was covered by net private capital transfers of $215 million and net official capital transfers of $299 million.
Infrastructure Situation, re: Goods/Services Distribution
Ports: Because of poor infrastructure and high operating expenses, most containerized sea cargo and fresh fruit are shipped by highway to and from Puerto Limon in Costa Rica and Puerto Cortes in Honduras. Nicaragua has six seaports, all of which are operated by the Government-run Port Authority (ENAP). The most suitable for commercial shipping is the Port of Corinto located on the Pacific coast, 110 miles northwest of Managua. The Port of Corinto has a capacity of 1,516,900 tons annually. Puerto Sandino, also located on the Pacific coast, is primarily used for the import of petroleum. The remaining Pacific port of San Juan del Sur has limited capacity and uses barges to load and unload cargo. On the Atlantic coast, Nicaragua has three seaports (El Bluff, El Rama, and Puerto Cabezas). El Bluff and Puerto Cabezas are basically piers and handle limited cargo. El Rama is a roll-on, roll-off port and is located on the Rama River, 40 miles from the coast.
Airport: Managua International Airport has separate cargo facilities constructed in 1995. On average, there are six scheduled all-cargo flights per week to and from Managua, which carry trade primarily with the U.S. and Central America. Primary cargo carriers are Fine Airlines,based in Miami, and Nica Airlines, which leases aircraft from the U.S. company, Kalita. In addition, most passenger airlines, including American and Continental, maintain some cargo capacity. A 3,500 cubic foot cold storage facility was opened in 1996.
Highways: There are approximately 2,750 miles of paved highways and roads in Nicaragua, the majority located in the western part of the country. The Pan-American Highway runs north-south through Nicaragua on the Pacific side and carries the majority of overland cargo. There is no all-weather east-west road. A secondary highway runs from Managua to the interior port town of El Rama, from where there is river transport to Bluefields. The unpaved road which winds from Managua to the northern Atlantic Coast town of Puerto Cabezas is in adequate condition during the dry season (December-April). A $200 million, multi-year road improvement project (funded in part by the Inter-American Development Bank) is underway.
III. NICARAGUAN POLITICAL ENVIRONMENT
U.S. EMBASSY MANAGUA
Nature of Bilateral Relationship with the United States
Bilateral relations between the U.S. and Nicaragua are strong. Since 1990, the U.S. has provided more than 1 billion dollars in assistance and debt-rescheduling to Nicaragua. That money has funded such projects as balance of payments support for economic stabilization, primary education, health care reform, employment generation, food donations, and the strengthening of democratic institutions. The U.S. also provided assistance to support the electoral process during the national elections of 1996. U.S.-Nicaraguan commercial relations are strong. The U.S. is Nicaragua's largest trading partner. While U.S. exports have been expanding in recent years, the U.S. trade deficit with Nicaragua was $88 million in 1996.
Major Political Issues Affecting Business Climate
President Aleman, inaugurated on January 10, 1997, is publicly committed to improving the business climate and tackling some the thorny political questions which have dampened investor enthusiasm -- the property confiscation problem, security in the countryside, and the strengthening of law. Civil-military relations have improved substantially in the last few years and cooperation between the Army, Police, and local authorities has helped to reduce insecurity in many rural parts of the country. On May 30, 1997, the government signed a demobilization accord with many of he armed bands that have operated in remote rural areas. The failure to resolve past human rights abuses continues to cloud the military's transition to a fully professional, civilian-controlled institution.
Brief Synopsis of Political System, Schedule for Elections, and Orientation of Major Political Parties
Nicaragua's government is divided into four branches: a democratically elected president with broad executive powers; a 92-person National Assembly (with enhanced powers under the constitutional reforms of 1995); a judiciary (which is now making reforms to overcome its image as a politicized and inefficient institution); and the Supreme Electoral Council. Arnoldo Aleman won the 1996 Presidential election, with 52 percent of the vote. In addition, his Liberal Alliance,a coalition of several parties, won 42 seats in the National Assembly, while the Sandinista (FSLN) party won 36. The remaining seats were shared by six small parties. There are currently 34 registered political parties. Party politics are complex and fragmented in this nascent democracy.
IV. MARKETING U.S. PRODUCTS AND SERVICES
Distribution and Sales Channels
Distribution and sales of imported products are handled by local distributors and agents. The Nicaraguan retail market is small, and there are no truly large-scale department stores or other retail operations.
Use of Agents/Distributors, Finding a Partner
Until July 1998, the rights and obligations of agents and distributors will be subject to the conditions set forth in the Law of Agents, Representatives, and Distributors of Foreign Products (Decree 13 of January 5, 1980). This law provides considerable protection of the interests of local agents and distributors; termination of a relationship can prove costly. In May 1997, the National Assembly passed a new tax law which abrogates the Agent/Distributor Law effective July 1998 (although pre-existing relationships will continue to be protected under the old law).
Marketing U.S. Products and Services
Partnerships among U.S. and Nicaraguan business interests are common. There is no clearinghouse of information for finding a partner in Nicaragua. It is recommended that U.S. companies seeking agents, distributors, or partners either purchase the Agent Distributor Service (ADS) from their nearest U.S. Department of Commerce District Office, contact the Commercial Section of the U.S. Embassy in Managua, contact the Nicaraguan Government's Center for Export and Investment (CEI), or local business chambers. (See Appendix E for contact information.)
Franchising
Nicaragua has no specific law regulating franchises. Prospective franchisees must follow the general regulations concerning foreign investment and starting a business contained in the Commercial Code and Foreign Investment Law. The franchise market for Nicaragua is promising. Pizza Hut, Subway, American Donuts, Napa Auto Parts, Hertz, and Budget Rent-A-Car franchises, among others, operate in Nicaragua at present. Many Nicaraguans have lived several years outside of the country and have grown accustomed to fast food outlets and other services appropriate for franchising.
Direct Marketing
There is little direct marketing in Nicaragua at the present. No specific law or regulation governs the field. Obstacles for profitable direct marketing include an unreliable postal service, inconsistent treatment of goods at Customs, and lack of an efficient delivery system.
Joint Ventures/Licensing
All types of business organizations are governed by the Commercial Code. The code permits joint ventures, license arrangements, general and limited partnerships, and corporations. Foreign investors are generally accorded national treatment under the Commercial Code. Nonetheless, investors may wish to register under the Foreign Investment Law (see below).
Steps to Establishing an Office
There are various ways to constitute an operation in Nicaragua; the two most common are as a sole proprietorship or as a corporation. The three basic steps for organizing a business are as follows:
1. Register and incorporate the business at the Ministry of Finance. After paying the registration fees, a tax identification number must be acquired. (Note: If incorporating, a notarized letter from the corporation's board of directors authorizing incorporation in Nicaragua is required.)
2. Apply for an economic license at the Ministry of Economy and Development (MEDE).
3. Register with the office of the Mayor in the seat of government of the Department where the business is located. At this office, the new business may elect to pay a fixed tax quota on sales or contract an accountant to maintain detailed records. If the accountant option is chosen, the books must be registered with the Ministry of Finance Office of Fiscal Records.
In addition to these steps, additional permits/licenses may be required depending upon the business in question. We recommend the retention of an experienced commercial attorney for any investor interested in establishing an operation in-country.
Benefits of the Foreign Investment Law:
Foreign investors may, but are not required to, register investments and negotiate a Foreign Investment Agreement with the Ministry of Economy and Development. This guarantees the investor the following privileges under the Foreign Investment Law:
In addition to the benefits listed above, other tax benefits may be individually negotiated depending on the type of business incorporated.
Selling Factors/Techniques
Sales and marketing techniques in Nicaragua are still largely unsophisticated due to the lack of commercial activity during the Sandinista years. Most advertising takes place on the radio, in newspapers, or on billboards. Major, up-scale promotional activities are rare. As the Nicaraguan economy has liberalized and grown, more modern sales techniques including television advertising and direct marketing are being employed with greater frequency.
Advertising and Trade Promotions
Most business advertising and trade promotion in Nicaragua is conducted through the print media. Below are the most commonly utilized publications:
Daily Newspapers:
EL NUEVO DIARIO
Km. 4 Carretera Norte Managua, Nicaragua
Tel: (505) 249-0651, 249-2221 Fax: (505) 249-0651
Circulation: 25,000 - 35,000
LA PRENSA
Km. 4 Carretera Norte, Managua, Nicaragua
Tel: (505) 249-8396/97/98, Fax: (505) 249-8399
Circulation: 18,000 - 26,000
http://www.laprensa.com.ni, E-Mail: info@laprensa.com.ni
LA TRIBUNA
Detras del Banco Mercantil, Plaza Espa¤a, Managua, Nicaragua
Tel: (505) 266-7583/4, 266-9280, Fax: (505) 249-1051
Circulation: 8,000 - 12,000
E-Mail : tribuna@ns.nicanet.com.ni
BARRICADA Detras del Bolerama, Managua, Nicaragua
Tel: (505) 267-1591, Fax: (505) 267-3941
Circulation: 5,000 - 8,000
Business Journals:
CONFIDENCIAL
Rontonda Plaza Espana, 3c. al lago, Managua, Nicaragua
Tel: (505) 266-3431, Fax: (505) 266-0129
E-Mail: revista@confidencial.com.ni
http://www.confidencial.com.ni
MUNDO FINANCIERO
Plaza El Carmen Del Canal 2, 1 c. al oeste Managua, Nicaragua
Tel: (505) 266-9976, Fax: (505) 268-2134
E-mail: ibw@ibw.com.ni
BOLSA DE NOTICIAS
Colonia Centroamerica L-852
Managua, Nicaragua
Tel: 278-6326
Telefax: 277-4931
EL SEMANARIO Km. 3 1/2 Ctra. Sur Managua, Nicaragua
Tel: 268-1972, Telefax: 268-1973
EL OBSERVADOR ECONOMICO
Del Hospital El Retiro 2 c. al lago Managua, Nicaragua
Tel: (505) 266-8869, 266-8708/9, Fax: (505) 266-8711
VISTAZO ECONOMICO
De la Vicky 6-1/2 c. al lago No. 390, , Managua, Nicaragua
Apdo Postal 282
Tel: (505) 277-2067, Telefax: (505) 278-0810
There are few regularly scheduled trade shows in Nicaragua. Trade events are usually held at the Olof Palme Convention Center in Managua. This modern facility has numerous meeting rooms,the largest seating 2000. (See Appendix G, Trade Events, for more detail.) For information contact:
Olof Palme Convention Center
General Manager Carolina Lola Garcia
Tel: (505) 228-1037; Fax: (505) 222-5423
In addition, smaller events are frequently held at the two following
hotels:
Camino Real Hotel, Tel: 505-263-1381; Fax: 505-2563-1690 Intercontinental Hotel, Tel: 505-228-3530; Fax: 505-228-3087
Pricing Products
There are no price controls in Nicaragua with the exception of pharmaceutical sales margins,sugar, domestically produced soft drinks, national cigarettes and some petroleum derivatives.
Sales Service/Customer Support
Most local businesses place little emphasis on sales service and customer support. U.S. and foreign businesses which have made customer service a priority have been well received.
Selling to the Government
Government procurement is governed by the Law of Administrative Contracting by the State, Decentralized/Autonomous Agencies, and Municipalities (August 28, 1981) and its implementing regulations (November 8, 1981). Under the law, the government can procure goods and services without a tender if they are worth less than 300,000 (approximately $33,000)and can procure through closed bidding for items worth between 300,000 and 1.5 million cordobas (approximately $33,000-$166,000). Items worth over 1.5 million cordobas must be procured through a public tender, in theory managed by the Ministry of Finance's General Directorate of Procurement. In practice, many government agencies and parastatals engage in direct purchasing outside of the legal framework. In addition, whenever a project is financed, even partially, with external funds (e.g., from International Financial Institutions), bids are conducted according to the procedures of the financing organization. Approximately 45 percent of government projects are financed through bilateral assistance, which is often tied to procurement from companies in donor countries.
Protecting Your Product From IPR Infringement
Patents: Patent applications must be filed with the Ministry of Economy (Seccion de Registro de la Propiedad Industrial). Fees total $230 and, on average, there is a 2-3 month delay for issuance. Protection is granted for 10 years, renewable for an additional 10 years.
Copyrights: Copyright applications must be filed with the Ministry of Education (Seccion de Registro de Obras Literarias, Cientificas, y Artisticas). Fees total $350 and, on average, there is a 3-month delay for issuance. The protection granted is for the lifetime of the author and lifetime of his/her heirs.
Trademarks: Trademark applications must be filed with the Ministry of Economy (Seccion de Registro de la Propriedad Industrial). Fees total $330 and, on average, there is a 7-9 month delay for issuance.
Intellectual property rights protection in Nicaragua does not meet international standards. See "Protection of Property Rights" under Chapter VII, Investment Climate, for more information.
Need for Local Attorney
Local attorneys are recommended for all business activities. There are numerous law firms in Managua with experience in international business and with English-speaking attorneys on staff. Contact the U.S. Embassy in Managua for more information.
Automobile Parts and Service Equipment (APS): Many U.S. vehicles are imported into Nicaragua from Miami, Florida. There is considerable demand for servicing and parts for these vehicles as well as for new U.S. automobiles. Most spare parts are now brought in by family or friends from the U.S. At present, there is a NAPA auto parts store, a GM distributor in Managua which sells Chevrolet vehicles including Cavalier, Chevy S-10, and Blazer. There is a Ford distributorship offering Escort, Ranger, Explorer, Ford F-150, and taking individual orders for other Ford makes. There is a particular need for heavy and light U.S. trucks and sport utility vehicles, as well as tires for all motor vehicles.
Food Processing and Packaging Equipment (FPP): Food and beverage industries account for 30 percent of Nicaragua's manufacturing output. The industry is in great need of processing and packaging equipment, especially as it becomes more export-oriented and adjusts to international standards. The best prospects are: fruit extraction machinery, milk processing machinery, and peanut processing equipment. There is no local production in this sector.
Construction Equipment (CON): Construction contributed $82 million to Nicaragua's 1996 GDP (approximately 10 percent of the total). As the economy expands, this sector is becoming one of the fastest growing. The greatest need is for equipment for road construction and housing. Major competition for U.S. firms includes firms from Italy, Spain, and Japan. There is no local production.
Franchising (FRA): U.S. franchises in Nicaragua include one pizza chain, two sandwich fast-food restaurants, a donut shop, an auto part store, and two rental car companies. There is limited competition from third-country sources. As the Nicaraguan economy grows, we expect increasing demand for franchise services across-the-board. For the immediate future, fast food outlets and business service operations are in greatest demand. General legal requirements concerning franchises are contained in the Commercial Code and Foreign Investment Law. There is no specific regulatory framework.
Tourism: Nicaragua's third most important source of foreign exchange in 1996 was tourism, representing a $59 million market. Tourist arrivals and expenditures are expected to grow by over 15 percent a year for the foreseeable future. Construction is due to start this year on three new first-class hotels in Managua and on a major expansion of the nation's sole first-class beach resort (at Montelimar). Best prospects for investment exist in accommodations outside of Managua (for example, on the Pacific coast and in eco-tourism areas) and for tourism services in Managua once the new hotels are completed in 1998.
Best Prospects for Agricultural Sectors
Agricultural production accounts for 26 percent of Nicaragua's GDP. The sector grew 15.4 percent in 1996, making agriculture one of the nation's most dynamic sectors. The Government of Nicaragua, as well as the international donor community, is placing great emphasis on agricultural reactivation.
Agro-Chemicals: Nicaragua imported $30.5 million worth of agro-chemicals in 1996. As the agricultural sector expands, that figure will likely increase. The most significant imports are urea, fungicides, herbicides, and compound formula fertilizers. Third-country competition comes mainly from the European Union and from other Central American countries.
Wheat: In 1996, U.S. exports of wheat to Nicaragua totaled $9.5 million, equivalent to 40,290 metric tons of wheat. Total Nicaraguan wheat imports in 1997 are projected to be 80,000 MT, of which 65,000 MT are expected to come from commercial sales and 15,000 MT donated by the U.S. PL-480 program. Three private mills import wheat into Nicaragua from the U.S. Nicaragua imports primarily spring wheat, but also imports small quantities of soft wheat (and on occasion, hard red).
Rice: U.S. milled rice exports to Nicaragua in 1996 totaled $18.1 million, a 19 percent increase over 1995. Two private rice importers make most large imports and the Nicaraguan Government's ENABAS makes emergency purchases as needed. U.S. exports of milled rice (10 and 20 percent broken) are usually in 50 kg bags (which are repackaged locally into smaller bags of 2.2 kg), but small quantities of retail-size rice are also exported directly. Nicaragua is expected to continue to import 40,000-45,000 MT of rice annually over the next few years.
Tallow: In 1996, U.S. exports of animal fats to Nicaragua totaled $6.9 million or 13,143 MT. From 1993 through 1995, the U.S. supplied almost all of Nicaragua's tallow imports, largely through PL-480 Title III program donations. No donations are expected in 1997 and Nicaragua is expected to fill its demand through commercial purchases. Nicaragua produces only about 3,000 MT of tallow a year and normally consumes about 20,000 MT.
High-Value, Consumer-Oriented Products: In 1996, U.S. exports of consumer food products reached about $5.3 million. These included snacks, breakfast cereals, red meats (fresh/chilled/frozen), juices, processed fruits and vegetables, wine and beer, etc. Nicaraguan imports of consumer products are likely to experience a 15-20 percent growth in 1997.
Vegetable Oils: In 1996, U.S. exports of vegetable oil to Nicaragua totaled $3.2 million. Nicaragua imported about 8,000 MT of vegetable oils from the U.S. with lesser quantities of soybean oil from Argentina, palm oil from Malaysia, and soy oil from Costa Rica. Imports of vegetable oil in 1997 are projected to be 30-35,000 MT. In 1997, the industry expects to meet its demand from the U.S., if satisfactory price and credit terms are obtained.
Yellow Corn: U.S. exports to Nicaragua were 14,500 MT in 1996, valued at $2.9 million. Yellow corn imports are projected to be 12,000 MT for 1997 and will be filled through normal commercial purchases (no donation under the PL-480 program is expected). The Nicaraguan government's ENABAS makes emergency purchases of white corn as needed.
Poultry and Livestock Genetics: In 1996, U.S. exports of hatching eggs to Nicaragua reached $2.8 million. The U.S. also exported baby breeding chicks for broilers valued at $105,000. The growing Nicaraguan poultry meat industry, high quality U.S. genetics, and adequate incubator space have led to increased poultry genetics imports, mostly from the U.S. During 1996, the country imported from the U.S. $65,000 in livestock genetics and $185,000 in live animals. Future livestock imports from the U.S. will depend on price and credit terms, especially for live cattle. Since 1993, Nicaraguan cattlemen have benefited from livestock training supported under the U.S. Department of Agriculture's Emerging Markets Program.
Planting Seeds: U.S. exports to Nicaragua were valued at $365,000 in 1996. Nicaragua primarily imports vegetable seed, plus corn, sorghum, cotton, and soybean seeds. Nicaragua is trying to increase planted area of various non-traditional fruits and vegetable (e.g., melons, okra, squash, and onions).
Agricultural Machinery: In general, Nicaraguan agricultural machinery is outdated and in poor repair. There has been little significant investment in Western technology since the mid-70's. Europe and Brazil offer limited competition in this sector. There is no local production.
Nicaragua maintains a tariff (DAI) on virtually all imports that ranges from 5 to 20 percent of CIF value. An additional Temporary Protection Tariff (ATP) of 5 to 10 percent of CIF value is levied on some 900 imported items, largely goods also produced in Nicaragua. Some 750 other products (whether imported or locally produced) are assessed a Specific Consumption Tax (IEC), generally limited to 10 percent of CIF value. A stamp tax of 5 percent (ITF) is levied on all imports. The country's 15 percent sales tax (IGV) is charged (in a cascading fashion) on entry of all imported goods that are not categorized as basic food basket items. Overall import taxation levels on so-called "fiscal" goods (e.g., tobacco, soft drinks, and alcoholic beverages) are particularly high. Importers of many types of consumer items confront a total import tax burden of 15 to 45 percent. The maximum rate on(DAI + ATP + ITF) dropped from 37 to 32 percent since January 1, 1997. Nevertheless, the Government calculates its average tariff rate for these three tariffs at only 14.5 percent, which is scheduled to be reduced to 10.1 percent by the year 2000.
The Aleman Administration passed a major overhaul of the nation's tax code (Tax and Commercial Justice Act) on May 15, 1997. The law:
Customs Valuations
Tariffs and import taxes for most used goods are not assessed on a CIF/bill of lading basis, but rather on a "reference price" determined by Customs. This reference price can be significantly higher than the actual amount paid by importers.
Import Licenses
Most foreign trade has been liberalized. In 1991, President Chamorro signed a decree mandating pro forma licensing of private export and import transactions. In most cases, the issuance of these licenses is little more than a formality. Permits are required only for the importation of sugar. Special permission must be sought from the Ministry of Government for the importation of firearms and explosives. U.S. exporters of food products should check with the Ministry of Agriculture concerning phytosanitary requirements.
Export Controls
Few export controls remain in place. GON regulations currently prohibit the export of uncut timber, reproductive-phase lobsters, larval shrimp, and wildlife/ wildlife products. The export of capital goods as scrap requires the permission of the Ministry of Economy. Gold exports may require special permission of the Central Bank.
Import/Export Documentation
Imports require the following documentation:
All export documentation can be processed at the government's
one-stop export center, CETREX: Centro de Tramites de las Exportaciones,
Plaza El Sol, 1 1/2 al Sur,
telephone: 278-2065, 277-2336 and 277-2326, Fax 277-3320.
Temporary Entry
Manufacturers of export goods may import inputs using a drawback system that allows them to recover the tariffs paid. Certain items like machinery, raw materials, and packaging materials may enter duty free. Firms located in any of the nation's government-approved free zones can import unfinished products for processing and re-export on a duty-free, in-bond basis. This same treatment is accorded to their subcontractors. Registered foreign investors are allowed to re-export equipment and machinery as well as to repatriate capital.
Labeling/Marking Requirements
The Consumer Protection Law, enacted in 1995, introduces product labeling standards and consumer rights to Nicaragua. While most U.S. products will likely meet Nicaraguan regulations by following U.S. guidelines, the following should be noted: a label must list product origin, contents, price, weight, production date, and expiration date. Proper use and risk information also should be provided. All information must be in Spanish.
Prohibited Imports
Few restrictions exist. The Ministry of Natural Resources and the Ministry of Agriculture do regulate the use and import of agricultural chemicals. Military weapons may only be imported by the Armed Forces; import shipments of civilian weapons must be accompanied by a license issued by the Ministry of Government. The duties/taxes on a few items (e.g., chicken parts with import charges of over 250 percent) are so high that sales here may not be feasible.
Standards
No standards are in place for manufactured and processed products. However, standards issued by the Central American Institute of Industrial Research and Technology are often used as a guide.
Free Trade Zones/Warehouses
The state-owned Las Mercedes Industrial Free Zone is located near Managua's international airport. Seventeen firms (Nicaraguan, U.S., Asian, and European) are currently operating there (primarily manufacturing clothing). Use of the Zone has expanded dramatically over the past three years. One private free zone opened in 1996 and four others have been authorized. Exports generated by the free zones rose to $124 million in 1996. In the Las Mercedes zone, employment rose from 7,500 in 1995 to 10,300 in 1996.
Special Import Provisions
Importers of pharmaceutical products must provide considerable documentation to the Ministry of Health. Importers of fresh produce, livestock, and food products should check with the Ministry of Agriculture for the latest phytosanitary regulations.
Membership in Free Trade Arrangements
Nicaragua is a member of the Central American Common Market. As such, the majority of goods produced in these nations are imported duty free. The country also enjoys duty-free access to the Mexican and Venezuelan markets on a limited number of exports. Free trade talks between Mexico and Nicaragua are ongoing. Nicaragua is a Caribbean Basin Initiative beneficiary; the country is not a beneficiary of the Generalized System of Preferences.
VII. INVESTMENT CLIMATE
Openness to Foreign Investment/Trade
Since 1991, Nicaragua has made significant progress in opening to foreign investment. President Arnoldo Aleman, who took office in January 1997, has shown a personal interest in welcoming new foreign investment and his government has a decidedly pro-foreign investment attitude. In May 1997, the National Assembly passed a new tax code which, in addition to broadening the tax base, eliminates Nicaragua's restrictive Agent/Distributor Law (effective July 1998).
The Foreign Investment Law guarantees foreign investors the right to remit 100 percent of profits through the official exchange market and, 3 years after the initial investment, repatriation of original capital. The law also allows 100 percent foreign ownership in all sectors of the economy. To enjoy the full guarantees of the law, investments must be approved by a Foreign Investment Committee of the Ministry of Economy and Development. However, most foreign investors do not seek Ministry approval because banks freely repatriate profits. The Embassy knows of no recent instances in which profit repatriation has been a problem. Foreign investors receive national treatment with respect to export/import policies and privatization proceedings. There are no onerous visa, residence, or work permit requirements which inhibit foreign investment.
Water and sewage systems, and power transmission remain the exclusive preserves of the state. However, Nicaragua is beginning to open up to private investment in other traditionally state-run sectors. Although the national telecommunications grid is run exclusively by the state telephone company ENITEL, there is private investment in cellular telephones, beepers, and public phone booths. The government plans to partially privatize ENITEL, although privatization has been postponed, probably until 1998. Nicaragua's first private power plant began operations in early 1997. The government has expressed interest in attracting additional private investment in energy generation to meet the demand for electricity. The government has eliminated its import monopoly in the petroleum sector. In 1995, it freed up prices on high octane gasoline, lubricants and jet fuel, although price controls remain on diesel, regular octane gasoline, kerosene, and liquid gas.
Right to Private Ownership and Establishment
Both foreign and domestic private entities may establish and own business enterprises and profit-making activities. Local law grants the right to freely establish, acquire, and dispose of virtually any type of business interest or property, with the exception of those sectors where government monopoly is established by law. The Embassy is aware of no instances where private enterprises were not treated on an equal footing with public enterprises with respect to access to markets, credit, and other business operations.
Protection of Property Rights
Protection of rights to both tangible and intangible (intellectual) property is inadequate in Nicaragua.
Tangible Property
Lack of clear title to property, both urban and rural, continues to be a major impediment to investment. The properties in question were confiscated during the Sandinista years and redistributed to individuals and cooperatives. The Aleman Government has made progress in this area a priority, but the process to either return confiscated properties to their original owners or provide compensation in the form of government bonds has been slow.
Intellectual Property
Patents: Nicaragua's Patent Law is antiquated and in need of revision to include protection for computer programs, bio-patents (living organisms), films, and music. Patent protection is limited by short patent terms (10 years). In February 1996, the Nicaraguan National Assembly ratified the Paris Convention for the Protection of Industrial Property. In April 1997, Nicaragua approved the technical part of the Central American Convention on Industrial Property (Inventions and Industrial Designs). New patent legislation has been submitted to the National Assembly, but is not under active consideration.
Copyrights
Copyright protection dates from the 1904 Civil Code and is deficient in many respects, including failure to protect sound recordings, computer programs and databases. Video piracy is common and not controlled. The National Assembly is currently reviewing a copyright law. Nicaragua is a signatory to the following copyright conventions:
Trademarks
Trademark infringement remains a potential problem area for Nicaragua. Although few instances of infringement involving U.S. companies have been reported, current Nicaraguan procedures allow individuals to register a trademark without restriction, at a low fee, for a period of 15 years. Nicaragua is a signatory to the Central American Convention for the Protection of Industrial Property and to its Protocol of Modification (Trademarks and Distinctive Signs). However, the Convention does not take effect until other Central American countries sign and ratify it.
Trade Secrets
There is no trade secret protection.
Bilateral Agreements
Nicaragua and the U.S. are currently negotiating a bilateral agreement on the protection of intellectual property rights.
Semi-conductor Chip Layout Design: There is no protection for these works.
Performance Requirements/Incentives
Investors are generally not required to export specific amounts, incorporate minimum percentages of local content, agree to transfer specific technologies, or meet other performance criteria. Nevertheless, each foreign investor who chooses to register under the Foreign Investment Law must negotiate an individual "investment contract" with the Foreign Investment Committee. These individual contracts might contain performance criteria when the investor receives special benefits allowed under relevant sectoral laws. In June 1997, new rules were announced requiring local value added for forestry exports.
Transparency of The Regulatory System
Despite significant streamlining during the past five years, Nicaragua's legal and regulatory framework remains cumbersome and an impediment to investment. The rules are not transparent, and much business is still conducted on a "who you know" basis. Lack of reliable dispute resolution mechanisms -- whether judicial or administrative -- complicates even relatively minor disputes with the authorities or Nicaraguan business contacts. The Labor Code contains many provisions concerning hiring/firing of the workforce and benefits. We recommend that potential investors consult the law prior to initiating business activities.
Corruption
Corruption continues to influence business practices in Nicaragua. The Government of Arnoldo Aleman took office in January 1997 promising to strengthen the rule of law in Nicaragua. Since then, a number of officials of the previous government have been indicted for alleged corruption during the early 1990s. The Comptroller General is responsible for investigating corruption. Bribery is illegal in Nicaragua, but remains pervasive in many sectors. Additionally, the concept of "conflict of interest" is not widely understood, with some government officials also maintaining private business interests that conflict with their official duties.
Labor
Nicaragua's labor force, estimated at 1.54 million workers, is largely unskilled. Some 37 percent of the economically active population is employed in the agricultural sector, 17 percent in the manufacturing sector, and 46 percent in the service sector. The Government estimates an unemployment rate of 16 percent and underemployment rate of 36 percent. Nicaragua has the lowest population density in Central America. There is a shortage of skilled technicians and managerial personnel, although this is improving as members of the business and professional classes return from exile.
The high unemployment and underemployment rates have eroded the strength of the trade union movement. Approximately one-half of the unionized labor force belongs to militant Sandinista unions. Workers freely exercise their right to strike. Under the new Labor Code, workers may strike only after they have exhausted other methods of dispute resolution, including mediation by the Ministry of Labor. Despite the new code's provisions for streamlining the mediation process, some unions ignore them when initiating a strike. The new Labor Code also requires employers to obtain approval from the Ministry of Labor before firing employees.
Efficient Capital Markets and Portfolio Investment
Of the thirteen commercial banks operating in Nicaragua, three are state-owned and ten private. With the exception of the smallest state bank, all have correspondent relations with banks in the U.S., Europe, and Canada. All banks accept deposits in dollars as well as cordobas. The private banking system is considered to be sound, however non-performing assets in state-owned banks often exceed 20 percent. There is no deposit insurance. The Superintendency of Banks was established in 1991 and functions as an independent regulatory entity. Management of the Superintendency has been professional and in accordance with international standards.
Nicaragua's capital base is small and the financial system has limited assets. Total assets for the Nicaraguan financial system as of February, 1997, reached $1.1 billion. Long-term financing is scarce; approximately 50 percent of the outstanding loan portfolio for the financial system consists of loans of one year or less. Interest rates are established by the market. At present, rates range from 16-25 percent for short-term loans and 14-20 percent for long-term loans with "maintenance of value" provisions. The Foreign Investment Law limits access by foreign investors to domestic financing to short-term working capital. Real estate mortgages are limited to 10-15 years, and chattel mortgages are generally unavailable without a guarantee issued by a foreign bank.
Conversion and Transfer Policies
Dollars are freely available through a legal parallel exchange market. The Central Bank monitors exchange house activity through a reporting requirement, but in all other respects the exchange houses operate free from government controls. We are aware of no instances where an investor has been unable to obtain dollars or repatriate earnings or capital. Transactions at exchange houses are completed instantly in most instances. Transactions at the Central Bank for the purchase of official market dollars generally take 2 weeks to finalize. The Cordoba is presently on a monthly crawling-peg devaluation schedule at the rate of 1 percent per month. That rate of adjustment is anticipated to remain steady throughout 1997 but the government has stated that it intends to reduce the rate in 1998 (assuming that inflation can be held to single-digits).
The U.S. Embassy has local currency expenditures of approximately $2 million per annum. Local currency is purchased through the U.S. Government Regional Finance Center in Mexico City.
Expropriation and Compensation
More than 5,000 individuals and corporations (including some 700 U.S. citizens) filed property claims for confiscations which took place during the Sandinista era. A property compensation mechanism is in place, but it is slow and cumbersome. In those cases in which property cannot be returned to original owners, compensation is provided in the form of 15-year Government of Nicaragua bonds. There is a secondary market for sale of the bonds where they currently trade at around 33 percent of face value. About one thousand U.S. citizen claims are outstanding, over 1,400 have been resolved.
Dispute Settlement
The resolution of investment disputes in Nicaragua is unpredictable. There is a Commercial Code and Bankruptcy Law, but both need revision. Mortgages and secured property interests are recognized and are becoming more common as the private financial system grows. On the whole, the legal system is cumbersome, and enforcement of judicial determinations is uncertain and sometimes subject to non-judicial considerations. Nicaragua is a party to the Inter-American Convention on Arbitration and a member of the International Center for the Settlement of Investment Disputes (ICSID). Arbitration clauses are recommended as a means to avoid the uncertainty of the judicial system.
Political Violence
Political violence in Nicaragua has decreased in recent years. We are aware of no recent instances of political violence directly targeted at foreign business operations. The rural zones, particularly the mountainous corridor in north and central Nicaragua, continue to experience some violence. This has had an adverse economic impact on the cattle and coffee sectors. In general, most criminal acts (including murder and kidnapping) are committed by bandit groups and remnants of once-ideologically motivated para-military units that have degenerated to committing criminal acts. Fishing boats off the Atlantic Coast have been subject to acts of piracy, although this ceased in the last half of 1996, due to Nicaraguan Navy protection. Sandinista influence in labor unions remains strong. Incidents of labor protests have occurred during the past year, particularly in the transport and agricultural sectors. Isolated acts of violence have accompanied some of those protests.
Bilateral Investment Agreements
Nicaragua has signed bilateral investment agreements with the U.S., Spain, Taiwan, Denmark, the United Kingdom, and the Netherlands (the U.S. agreement has not yet been submitted to the Senate for ratification). The Government is currently discussing similar agreements with Mexico, Venezuela, Germany, Switzerland, Russia, Ecuador, Sweden, and South Korea.
OPIC and Other Investment Insurance Programs
The U.S. Overseas Private Investment Corporation offers financing for U.S. investments in Nicaragua. It also can provide political risk, expropriation, and inconvertibility insurance. Nicaragua is a member of the Multilateral Investment Guarantee Agency (MIGA).
Foreign Direct Investment Statistics
As best as can be estimated from incomplete data, the flow of foreign investment into Nicaragua grew 386 percent from 1993 to 1996 -- from $22 million to $85.1 million. Perhaps one third came from U.S. firms. Foreign sources accounted for little less than one third of the $281 million in new private investment in 1996. Overall new investment (public and private) in 1996 amounted to an estimated $573 million -- 30 percent of gross domestic product. Private investment flows have been for the acquisition of machinery, building new commercial and industrial premises, and the remodeling of gas stations, old commercial centers, factories, and the like.
Major Foreign Investors
VIII. TRADE AND PROJECT FINANCING
Brief Description of the Banking System
Of the thirteen commercial banks operating in Nicaragua, three are state-owned and ten private. With the exception of the smallest state bank, all have correspondent relations with banks in the U.S., Europe, and Canada. All banks accept deposits in dollars as well as cordobas. The Superintendency of Banks was established in 1991 with assistance from the U.S. Agency for International Development and functions as an independent regulatory entity. Management of the Superintendency has been professional and in accordance with international standards.
Foreign Exchange Controls Affecting Trading
Foreign exchange controls were lifted in 1996. A legal parallel exchange market operates free from government restrictions and is growing. In 1996 the market engaged in purchases and sales valued at $4.4 billion, a 220 percent increase over 1995. Remittance of profits generated through foreign investments, as well as original capital three years following investment, is guaranteed for those investments registered under the Foreign Investment Law. Investors who do not register their capital may still make remittances through the parallel market, although these transactions are not guaranteed by law. Embassy is aware of no investor who has encountered remittance difficulties since inception of the Foreign Investment Law in 1991.
Financing Availability
Nicaragua's capital base is small and the financial system has limited assets. Total assets for the Nicaraguan financial system as of February, 1997, reached $1.1 billion. Long-term financing is scarce; approximately 50 percent of the outstanding loan portfolio for the financial system consists of loans of one year or less. Interest rates are established by the market. At present, rates range from 16-25 percent for short-term loans and 14-20 percent for long-term loans with "maintenance of value" provisions. The Foreign Investment Law limits access by foreign investors to domestic financing to short-term working capital. Real estate mortgages are limited to 3-5 years, and chattel mortgages are generally unavailable without a guarantee issued by a
How to Finance Exports/Methods of Payment
Exports are financed through existing resources of the banking system or through funds of second-tier institutions, primarily the National Investment Finance Company (FNI) or the Central American Bank for Economic Integration (CABEI). Export financing through the local banks is mostly short-term and carries higher interest rates than funds obtained through FNI or CABEI.
Various methods of payment are utilized for export financing, the most common being on-sight and on-delivery. Virtually all Nicaraguan banks have correspondent relationships with U.S.banks (see "List of Banks with Correspondent U.S. Banking" below).
Types of Available Export Financing and Insurance
The U.S. Overseas Private Investment Corporation (OPIC) provides financing and insurance for investments with U.S. investor participation. OPIC offers loans and loan guarantees for projects with a minimum 25 percent U.S. investor beneficial interest and political risk insurance covering currency inconvertibility, expropriation, and political violence. It also provides specialized coverage for leasing, oil and gas exploration, natural resources, and contractors.
The Export-Import Bank of the U.S. provides coverage for sales to the Nicaraguan private sector. Nicaragua participates in the U.S. Department of Agriculture's GSM-102 program providing credit guarantees for the importation of selected U.S.-origin agricultural products.
Project Financing Available
Some project financing is available through FNI and CABEI. FNI manages a series of funds from international donors, including projects for non-traditional exports, small business support, renovation of coffee plantations, and assistance to the livestock sector. CABEI manages project funds for a variety of purposes, including agroindustry, manufacturing, tourism, and export industries.
Private sector financing is also provided by the Inter-American Development Bank (through its Multilateral Investment Fund and Inter-American Investment Corporation) and the World Bank (through its International Finance Corporation).
List of Banks with Correspondent U.S. Banking
Private Nicaraguan banks have the following correspondent U.S. banks:
Banco de America Central (BAC)
Popular Bank of Florida, Miami, FL
Nationsbank of Florida, Miami, FL
Banco de Credito Centroamericano (BANCENTRO)
Barnett Bank of South Florida, Miami, FL
Citibank of New York, New York, NY
Dresner Bank Lateinamerica AG, Miami, FL
First Union Bank of Florida, Miami, FL
Hamilton Bank, N.A., Miami, FL
Nationsbank International, Miami, FL
Executive National Bank, Miami, FL
Popular Bank of Florida, Miami, FL
Barclays Bank, Miami, FL
Banco de Exportacion, S.A. (BANEXPO)
Bankamerica International, Miami, FL
Pacific Bay Bank, San Pablo, CA
American Express Bank International, Miami, FL
Hamilton Bank, NA, Miami, FL
Amtrade International Bank, Miami, FL
Banco Mercantil (BAMER)
Republic National Bank, Miami, FL
Hamilton Bank, N.A, Miami, FL
Dresner Bank Lateinamerica AG, Miami, FL
Nationsbank NA, Miami, FL
Popular Bank of Florida, Miami, FL
Executive National Bank, Miami, FL
Capital Bank, Miami, FL
Chase Manhattan Bank, New York, NY
Banco de la Produccion, S.A. (BANPRO)
Nationsbank International, Miami, FL
Banco Internacional de Costa Rica, Miami, FL
Bankamerica Internacional, Miami, FL
Popular Bank of Florida, Miami, FL
Barclays Bank, PLC, Miami, FL
Hamilton Bank, N.A., Miami, Fl
Banco de Finanzas, S.A. (BANFIN)
Nationsbank International, Miami, FL
Banco Atl ntico, Miami, FL
Banco Intercontinental, S.A. (Interbank)
Nationsbank of Florida, Miami, FL
Banco Internacional de Costa Rica, Miami, FL
Banco Caley Dagnall
Terra Bank, Miami, FL
Republic National Bank, Miami, FL
Tower Financial Corporation, Miami, FL
Bankamerica Internacional, Miami, FL
Banco del Campo (BANCAMPO)
Citibank, New York, NY
Popular Bank, Miami, FL
Banco del Caf‚ (BANCAFE)
First Union National Bank of Florida, Miami, FL
Pacific National Bank, Miami, FL
Bankamerica Internacional, Miami, FL
State-owned Nicaraguan banks have the following correspondent U.S. banks:
Banco Nacional de Desarrollo (BANADES)
Nationsbank N.A, South, Miami, FL
First Union National Bank, Miami, FL
Citibank, New York, NY
Nationsbank of North Carolina, N.A., Charlotte, NC
Chase Manhattan Bank of New Yor, New York, NY
Banco Nicaraguense de Industria y Comercio (BANIC)
Popular Bank of Florida, Miami, FL
Intercredit Bank, N.A., Miami, FL
Bank of America International, Miami, FL
Chemical Bank, New York, NY
Banco de Credito Popular (BCP)
BCP has no correspondent relationships with U.S. banks, but
can conduct international operations with U.S. institutions through
BANIC, BANPRO and BANCENTRO.
IX. BUSINESS TRAVEL
Business Customs
Business customs are informal. However, the use of coats and ties or business suits is increasingly frequent. Delays are common in the start of scheduled appointments, and flexibility in business travel is recommended. Business lunches are lengthy, and most Nicaraguan executives are unavailable between noon and 2:00 p.m. However, many executives and senior government officials work late into the afternoon.
Travel Advisory and Visas
No Department of State travel advisory is in effect for Nicaragua. However, travelers are encouraged to check with their travel agent or contact the Department of State at (202) 647-6575 prior to initiating travel to obtain the latest consular information sheet concerning Nicaragua. U.S. citizens do not need to obtain a visa for visits of less than 30 days. Tourists cards are required and may be obtained upon entry for $5.00. Visas are required for stays of 30 days or greater and individuals wishing to establish themselves in the country must request a resident visa from the Office of Immigration. There is a departure tax of $18.00.
Holidays
The following holidays are observed in Nicaragua:
| New Year's Day: | January 1 |
| Holy Thursday: | Variable (1998: April 2) |
| Good Friday: | Variable (1998: April 3) |
| Labor Day: | May 1 |
| Sandinista Revolution Day: | July 19 |
| Festival of Santo Domingo: | August 1 |
| Battle of San Jacinto: | September 14 |
| Independence Day : | September 15 |
| Immaculate Conception Day: | December 8 |
Business Infrastructure
Transportation: Nicaragua has a highway network consisting of 1,068 miles of paved highways, 1,336 miles of paved roads, 3,108 miles of all season unpaved roads and 5,143 miles of dry season unpaved roads. Many highways lack adequate maintenance.
Nicaragua has a total of six seaports, all of which are operated by the Government-run Port Authority (ENAP). The most suitable for commercial shipping is the Port of Corinto located on the Pacific Coast, 110 miles northwest of Managua. The Port of Corinto has a capacity of 1,516,900 tons annually and is presently upgrading its facilities, Puerto Sandino, also located on the Pacific Coast, is primarily used for the import of crude petroleum. The remaining Pacific port of San Juan del Sur has limited capacity and uses barges to load and unload cargo. On the Atlantic Coast, Nicaragua has three seaports (El Bluff, El Rama and Puerto Cabezas). El Bluff and Puerto Cabezas are basically piers and handle limited cargo. El Rama is a roll-on, roll-off port and is located on the Rama River, 40 miles from the coast. Most containerized sea cargo and fresh fruit are shipped by highway to Puerto Limon in Costa Rica or Puerto Cortes in Honduras.
Managua's Cesar Augusto Sandino International Airport is located 7 miles from the capital city and handles all international passenger and cargo to and from Nicaragua.
Language: The official language of Nicaragua is Spanish, but English is spoken by some in business and government circles, as well as on the Atlantic coast.
Telephone Communications: Nicaragua's communication system (telephone, telex, telefax, etc.) is presently being updated with the installation of fiber optic technology. Telephone density is 2.9 telephones per 100 inhabitants. Public phones are just beginning to operate all over the country. Cellular phones are now available with coverage over the entire Pacific Coast region. Approximate cost per minute is USD 0.55 cents. Communications with the U.S. are readily available; AT&T, Sprint, and MCI maintain direct line service to the U.S.
Housing and Hotels: The following Managua hotels cater to the international business traveler. Cost for a single room ranges from $60 to $180 per night (excluding 15 percent tax). They are listed in approximate order of price, starting with the most expensive:
Hotel Intercontinental, Tel:(505) 228-6991, Fax:(505) 228-3087 (Downtown)
Hotel Camino Real, Tel:(505) 263-1412, Fax:(505) 263-1690 (Near Airport) website: www.caminoreal.com.ni
Hotel Mansion Teolinda, Tel: (505) 228-7974, Fax: (505) 228-3692 (Downtown) website:www.sgc.com.ni/mansionteodolinda
Hotel Las Mercedes, Tel: (505) 263-1081, Fax: (505) 263-1082 (Near Airport) website:www.sgc.com.ni/mercedes
Hotel Ticomo, Tel: (505) 265-0210, Fax:(505) 265-1529 (South Highway)
Apartohotel Los Robles, Telefax (505) 278-6334 or 6377 (Los Robles)
Hotel Estrella, Tel: (505) 289-7010 or 7013, Fax:(505) 289-7104 (Bello Horizonte)
There are no first-class apartment buildings in Nicaragua. There is an ample supply of houses for rent. Rental costs range from $750 to $1,500 per month for a 3-bedroom house in safe neighborhoods.
Food: Numerous restaurants in Managua offer first-class international and continental cuisine. Outside of the capital, the local diet consists of chicken, beef, fish, rice, beans, plantains and potatoes.
Health: Health conditions in Nicaragua are improving, although it remains a tropical country with the presence of such diseases as malaria and dengue fever. It is recommended that sanitary practices be carefully followed, particularly outside of Managua. Typhoid, polio, tetanus, diphtheria and gamma globulin (or Hepatitis A) are recommended vaccinations prior to leaving the U.S., particularly for an extended stay.
Local hospitals are adequate for basic care. However, they fall short of U.S. standards and are not recommended for serious conditions. There are few U.S.-trained physicians. There are many pharmacies with adequate supplies of most commonly used medications.
X. APPENDICES
APPENDIX A - COUNTRY DATA: 1995, 1996, AND 1997 (PROJ.)
| 1995 | 1996 | 1997 | |
| Population (millions) | 4.36 | 4.49 | 4.61 |
| Population Growth Rate (%) | 2.94 | 2.94 | 2.94 |
| Religions | 73% Catholic, 16% Protestant, | ||
| 8% no preference, 2% other | |||
| Government System | Democratic | ||
| Languages | Spanish, English on Atlantic Coast | ||
| Work Week | By law, 6 days (48 hours) |
APPENDIX B.
ECONOMY: 1995, 1996, AND 1997 (PROJ.)
| .IN USD MILLIONS | 1995 | 1996 | 1997 |
| GDP | 1919 | 2,029 | 2,161 |
| GDP Growth Rate (%) | 4.5 | 5.5 | 6.5 |
| GDP Per Capita | 440 | 452 | 469 |
| Government Spending as % of GDP | 41.0 | 29.7 | 27.7 |
| Inflation (%) | 11.1 | 12.1 | 10.0 |
| Unemployment (%) | 18.2 | 16.0 | 14.2 |
| Foreign Exchange Reserves | 172 | 208 | 224 |
| Average Exchange Rate for $1.00 | 7.5 | 8.5 | 9.5 |
| Debt Service Ratio (Ratio of Principal and Interest Payments on Debt to Foreign Income) | 48.1 | 32.1 | 34.4 |
APPENDIX C - TRADE: 1995, 1996, AND 1997 (PROJ.) IN USD MILLIONS
| IN USD MILLIONS | 1995 | 1996 | 1997 |
| Total Country Exports (fob) | 526 | 671 | 814 |
| Total Country Imports (cif) | 962 | 1,135 | 1,250 |
| U.S. Exports to Nicaragua | 250 | 262 | 284 |
| U.S. Imports from Nicaragua | 238 | 350 | 350 |
APPENDIX D -- INVESTMENT
As best as can be estimated from incomplete data, the flow of foreign investment into Nicaragua grew 386 percent from 1993 to 1996 -- from $22 million to $85.1 million. Perhaps one third came from U.S. firms. Foreign sources accounted for little less than one third of the $281 million in new private investment in 1996. Overall new investment (public and private) in 1996 amounted to an estimate $573 million -- 30 percent of gross domestic product. Private investment flows have been destined to acquire machinery, build new commercial and industrial premises, and to remodel gas stations, old commercial centers, factories, and alike.
APPENDIX E -- U.S. AND COUNTRY CONTACTS
U.S. EMBASSY TRADE PERSONNEL
Department of State
Chief, Economic/Commercial Section, Sandra Dembski
Economic Officer John Naland
Economic/Commercial Officer Scott Ticknor
U.S. Embassy Managua
Unit 2703 Box 2
APO AA 34021
TEL: (505) 266-2291,266-6010, ext. 226; FAX: (505) 266-9056
Email Address: amembmga@tmx.com.ni
Commercial Assistant Javier Torres
U.S. Embassy Managua
Unit 2703 Box 2
APO AA 34021
TEL: (505) 266-6010, ext. 225; FAX: (505) 266-9056
Email Address: amembmga@tmx.com.ni
Department of Agriculture
Regional Agricultural Attache Mr. Charles Bertsch U.S. Embassy
San Jose
APO AA 34020
TEL: (506) 220-3939; FAX: (506) 232-7709
Internet Address: AGCOSTARICA@usda1.sprint.com
Agricultural Assistant Silvio Castellon
U.S. Embassy Managua
Unit 2703 Box 2
APO AA 34021
TEL: (505) 266-6010, ext. 343; FAX: (505) 266-7006
Department of Commerce
Partnership Post Commercial Attache Frank Foster
U.S. Embassy San Jose
APO AA 34020
TEL: (506) 220-2454; FAX: (506) 220-4783
WASHINGTON-BASED USG COUNTRY CONTACTS
Department of State
Nicaragua Country Desk Economic Officer Debra L. Hevia ARA/CEN,
Room 4915, Main State
Washington, D.C. 20520
TEL: (202) 647-3727; FAX: (202) 647-2597
Nicaragua Country Desk Political Officer David Alarid ARA/CEN
Room 4915 Main State
Washington, D.C. 20520
TEL: (202) 647-1510; FAX: (202) 647-2597
Department of Commerce
Nicaragua Country Desk Officer Mark Siegelmann
Office of Latin America/Caribbean Basin Division
Room 3021 - 14th & Constitution Avenue NW Washington, D.C.
20230
TEL: (202) 482-5680; FAX: (202) 482-4726
USDOC Inter-American Development Bank Office
Commercial Liaison Officer Eric Weaver
Office of the U.S. Executive Director 1300 New York Ave., N.W.
Mail Stop E 0209
Washington, D.C. 20577
TEL: (202) 623-3821; FAX: (202) 623-2039
USDOC Latin American/Caribbean Business Development Center
Agribusiness Development Officer Thomas E. Wilde Jr. Department
of Commerce, Room H3203
Washington, D.C. 20230
TEL: (202) 377-0703; FAX: (202) 377-2218
TPCC Trade Information Center, 1-800-USA-TRADE
Department of the Treasury
Nicaragua Country Desk Officer
15th & Pennsylvania Avenue Room 5413
Washington, D.C. 20220
TEL: (202) 622-1218; FAX: (202) 622-1273
Overseas Private Investment Corporation (OPIC)
1100 New York Avenue NW
Washington, D.C. 20527
OPIC Finance Office TEL: (202) 336-8481
OPIC Insurance Office TEL: (202) 336-8525
Export-Import Bank of the U.S. (EX-IM)
Intl. Business Development Officer Robert. S. Haight
811 Vermont Ave., N.W.
Washington, D.C. 20571
TEL: (202) 565-3919; FAX: (202) 565-3931
U.S. Customs Service
Attache for Central America/Caribbean Ed Mederos
Assistant Attache Ken Torres
10800 Sunset Drive, Suite 380
Miami, FL 33173
TEL: (305) 596-6405; FAX: (305) 596-1973
Department of Agriculture
Margaret Thursland
Trade Assistance and Promotions Office
Foreign Agricultural Service
TEL: (202) 690-0159
Willis Collie U.S. Agricultural Trade Office, Caribbean Basin
909 SE 1st Ave., Suite 720
Miami, Fl 33131
TEL: (305) 536-5300, FAX: (305) 536-7577
E-mail: cbato@ibm.net
AMCHAM AND/OR BILATERAL BUSINESS COUNCILS
Nicaraguan American Chamber of Commerce in Miami
President Armando Molina
444 Brickell Avenue, Suite 51-168
Miami, FL 33131
TEL: (305) 448-2495; FAX: (305) 375-0362
Assoc. of American Chambers of Commerce in Latin America President
David Ivy
1615 H Street NW
Washington, DC 20062-2000
TEL: (202) 463-5485; FAX: (202) 463-3126
Camara de Comercio Americana de Nicaragua
(Nicaraguan/American Chamber of Commerce)
Executive Director: Desiree Pereira
Transfer UNAN 500 mts. al sur, Managua
TEL: (505) 267-3099, 267-3633; FAX: (505) 267-3098
Apartado Postal: 2720 Managua, Nicaragua
Email Address: amcham@ns.tmx.com.ni
NICARAGUAN GOVERNMENT AGENCIES
Ministerio de Agricultura y Ganaderia (MAG)
(Ministry of Agriculture)
Minister Dr. Mario de Franco
Km 8-1/2 Carretera a Masaya, Managua
TEL: (505) 276-0233, 276-0235; FAX: (505) 276-0943
Ministerio de Construccion y Transporte (MCT)
(Ministry of Construction and Transportation)
Minister Ing. Edgar Quintana
Frente al Estadio Nacional, Managua
TEL: (505) 228-2061, 228-3698; FAX: (505) 228-2060
Ministerio de Cooperacion Externa
(Ministry of Foreign Cooperation)
Minister Ing. David Robleto Lang
Casa Ricardo Morales Aviles, Managua
TEL: (505) 228-1285, 228-1171; FAX: (505) 228-2693
Ministerio de Economia y Desarrollo (MEDE) (Ministry of Economy
and Development)
Minister Dr. Noel Sacasa
Frente al Centro Comercial Camino de Oriente, Managua
TEL: (505) 267-0002, 267-0009; FAX: (505) 267-0041
Ministerio de Finanzas (MIFIN)
(Ministry of Finance)
Minister Ing. Esteban Duque Astrid
Frente a la Asamblea Nacional, Managua
TEL: (505) 228-7061, 228-5043; FAX: (505) 222-3033
Ministerio de Salud
(Ministry of Health)
Minister Dr. Lombardo Martinez Cabezas
Complejo de Salud "Concepcion Palacios", Managua
TEL: (505) 289-4165, 289-7164; FAX: (505) 289-7483
Banco Central de Nicaragua
(Central Bank of Nicaragua)
Minister-President Dr. Noel Ramirez
Edificio Banco Central, Managua
TEL: (505) 265-0460, 265-1843; FAX: (505-2) 265-2272
Ministerio de Turismo (INTURISMO)
(Ministry of Tourism)
Minister Lic. Pedro Joaquin Chamorro
Antojitos 1 c. abajo y 1 c. al sur, Managua
TEL: (505) 228-1238, 228-1337; FAX: (505) 228-1187
Ministerio de Recursos Naturales (MARENA)
(Ministry of Natural Resources)
Minister Ing. Roberto Stadthagen
Km. 12-1/2 Carretera Norte, Managua
TEL: (505) 263-1273,263-1271; FAX: (505) 263-1274
ENITEL (Telephone Company)
Presidente Ejecutivo de ENITEL Ing. Pablo Ayon
TELCOR Villa Fontana
TEL: (505) 278-4444 EXT 2100; FAX: (505) 278-1818
Director de TELCOR Ing. Mario Montenegro
Entrada a Portezuelo, Managua
TEL: (505) 263-2171, ext. 400
Compania Nicaraguense de Energia (ENEL)
(Nicaraguan Energy Company)
Ministro-Director Ing. Raul Solorzano
INE Central, Managua
TEL: (505) 267-4103, 267-2688; FAX: (505) 267-4377
Instituto Nicaraguense de Energia (INE
) (Nicaraguan Energy Institute)
Director Ing. Octavio Salinas
INE Central, Managua
TEL: (505) 228-2057/58; FAX: (505) 222-7052
NICARAGUAN COMMERCIAL BANKS
Banco de la Produccion (BANPRO)
Gerente General Lic. Arturo Arana U.
Plaza Libertad, Contiguo a Metrocentro
Apartado 2309, Managua
TEL: (505) 278-2508; FAX: (505) 278-4113, 277-3996
Banco Nicaraguense de Industria y Comercio (BANIC
) Gerente General Lic. Alfonso Llanes
Centro Financiero BANIC, Managua
TEL: (505) 267-2730; FAX: (505) 267-2127
Banco Nacional de Desarrollo (BANADES)
Presidente Lic. Rodolfo Delgado C.
Apartado 328-1447, Managua
TEL: (505) 277-1771/9, 277-5310/9; FAX: (505) 267-4222
Banco de Credito Centroamericano (BANCENTRO)
Gerente General Lic. Eduardo Montealegre R.
Edificio BANCENTRO
Km. 4-1/2 Carretera Masaya, Managua
TEL: (505) 278-2777; FAX: (505) 278-6001
Banco de Exportacion (BANEXPO)
Gerente General Ing. Adolfo Arguello
Centro Comercial Metrocentro, Managua
TEL: (505) 278-7171; FAX: (505) 277-3154
Banco de America Central (BAC)
Gerente General Lic.Carlos Matus Tapia
Apartado 2304, Managua TEL: (505) 267-0220/3; FAX: (505) 267-0224
Banco Popular
Presidente Ejecutivo Ing. Gustavo Narvaez
Centro Comercial Nejapa, Managua
TEL: (505) 265-0331; FAX: (505) 265-1337
Banco Mercantil Gerente General Lic. Oscar Martin Aguado A.
Plaza Banco Mercantil, Managua
TEL: (505) 266-8228/31; FAX: (505-2) 266-8024
Banco Intercontinental (Interbank)
Gerente General Lic. Jose Felix Padilla
Apartado 3107, Managua
TEL: (505) 278-5959; FAX: (505) 278-3535-278-3537
Banco de Finanzas (BANFIN)
Gerente General Lic. Silvio Lanuza
Esquina Opuesta Hotel Intercontinental, Managua
TEL: (505) 222-2444; FAX: (505) 228-3056/7
Banco del Campo
Gerente General ing. Edgar Pereira
Edificio Interplaza
Pista La Resistencia, Managua
TEL: (505) 278-1236/39; FAX: (505) 278-1242
Banco de Cafe de Nicaragua (BANCAFENIC)
Gerente General Lic. Jose Antonio Arias
Plaza de Compras, Colonia Centroamerica, Managua
TEL: (505) 278-4478, 278-4442; FAX: (505) 278-3461
Caley Dagnall Bank
Gerente General Ing. Mauricio Pierson
Km. 3 Carretera Sur, Managua
TEL: (505) 268-0068; FAX: (505) 268-0069
NICARAGUAN MARKET RESEARCH FIRMS
Grupo Empresarial Nicaraguense, S.A.
Director General Nelson Estrada Solorzano
Costado Sur Iglesia Las Sierritas de Sto. Domingo
Apdo 102-A, Managua
TEL: (505) 278-5013-14, 276-0556; FAX: (505) 276-0583
CID/GALLUP
Gerente para Nicaragua y el Salvador Sr. Federico Denton
Del Cartel, 2 c. abajo, Carretera a Masaya, Managua
TEL: (505) 278-3132; FAX: (505) 278-1066
CONSULTA, S.A.
Bosque de Altamira, B-67
Apdo 2085, Managua
TEL: (505) 278-6289; FAX: (505-2) 278-3898
MULTILATERAL DEVELOPMENT BANKS
Inter-American Development Bank (IDB)
Resident Representative Martin Stabile
Km. 4-1/2 Carretera a Masaya
Apdo. 2412, Managua
TEL: (505-2) 267-0831/0832/0833; FAX: (505) 267-3469
International Monetary Fund (IMF)
Resident Representative Jose Gil-Diaz
Banco Central de Nicaragua
Km. 7 Carretera Sur, Managua
TEL: (505) 265-1843; FAX; (505) 265-1923
NICARAGUAN TRADE OR INDUSTRY ASSOCIATIONS IN KEY SECTORS
Centro de Exportaciones e Inversiones (CEI)
(Center for Exports and Investment)
Executive Director: Lic. Maria Hurtado de Vigil
Edificio Oscar Perez Casar , Managua
TEL: (505) 278-3075/78-3079; FAX: (505) 278-3087
Nica Box 285 Managua
P.O. Box 52-74444, Miami, FL, 33152-74444
Internet: http://www.cei.org.ni
Camara de Comercio de Nicaragua (CACONIC)
(Chamber of Commerce of Nicaragua)
General Manager: Lic. Manuel Bermudez
Frente al Edificio de la Loteria Nacional, Managua
TEL: (505) 267-1946, 267-0718, 278-2801, 278-6527
FAX: (505) 278-0820, 267-4713
Email: caconic@teledata,com.ni
Camara de Industrias de Nicaragua (CADIN)
(Chamber of Industries of Nicaragua)
President: Alberto Chamorro; Secretary: Dr. Gilberto Solis
De los semaforos de Plaza Espana 300 mts al sur Donde fue TURNICA,
Managua
TEL: (505) 266-8847-51; FAX: (505) 266-1891
Asociacion de Distribuidores de Productos de Consumo de Nicaragua
(Association of Consumer Product Distributors)
General Manager: Lic. America de Urtecho
Km 4-1/2 Carretera Norte, Modulo 12,
Oficentro Norte, Antiguo local SOVIPE, Managua
TEL: (505) 249-0045, 249-0095; FAX: (505) 249-0079
Camara de la Construccion de Nicaragua
(Nicaraguan Chamber of Construction)
President: Ing. Nestor Pereira
Colonia Mantica, Segundo Callejon No. 239, Managua
TEL: (505) 266-6525, 266-6528; FAX: (505) 266-2925
Camara de la Pesca de Nicaragua (CAPENIC)
(Fishing Chamber)
General Manager: Lic. Miguel Marenco
Camino de Oriente, Edificio B-2-6, Managua
TEL: (505) 278-7091, 277-0646; FAX: (505) 278-7054
Camara Minera de Nicaragua (CAMINIC)
(Mining Chamber)
Executive President: Frank Mena
Bo. Bolonia, de la Optica Nicaraguense 1c. abajo, Managua
Apatado Postal No. 1821, Managua, Nicaragua
Camara de Firmas Nicaraguenses de Contadores Publicos y Consultores
President: Lic. Noel Cruz P.
Costado Sur de Telcor, Las Palmas, Managua
TEL: (505) 266-0066 FAX: (505) 266-2347
Apartado Postal No. 2077, Managua, Nicaragua
Consejo Superior de la Empresa Privada (COSEP)
(High Council for Private Enterprise)
President Ing. Gerardo Salinas
Executive Director: Dr. Orestes Romero Rojas
TELCOR Zacar¡as Guerra 175 mts abajo, Managua
TEL: (505) 228-2030/40; FAX: (505) 228-2041
Apartado Postal No. 5430, Managua, Nicaragua
Comite Nacional de Productores de Azucar (CNPA)
(National Sugar Producers Committee)
General Manager: Lic. Noel Chamorro
Sandy's Carretera a Masaya 1 c. arriba 1 c. al sur, Casa #51
Colonial Las Robles, Managua
TEL: (505) 267-8202, 277-5447; FAX: (505) 267-0197
Apartado Postal No. A-223, Managua, Nicaragua
Union de Productores Agropecuarios de Nicaragua (UPANIC)
(National Union of Agricultural Producers)
Executive Secretary: Ing. Alejandro Raskowsky
Reparto San Juan No. 300, Detras del Ginmasio Hercules, Managua
TEL: (505) 278-3382-84; FAX: (505) 278-2587, 278-3291
Asociacion Nicaraguense de Productores y Exportadores de Productos
No Tradicionales (APENN)
(Association of Producers and Exporters of Non-Traditional Products)
General Manager: Lic. Mario Amador Rivas
Hotel Intercontinental 2 c. al sur 2 c. al oeste, Managua
TEL: (505) 222-7063, 222-7067/8, 266-5038; FAX: (505) 266- 5039
Camara Nacional de Turismo
(National Chamber of Tourism)
Executive Director: Dr. Mario Duarte
Contiguo al Ministerio de Turismo, Managua
TEL: (505) 266-5071; FAX: (505) 266-5071
Federacion de Asociaciones de Ganaderos de Nicaragua (FAGANIC)
(Cattle Association)
President: Dr. Oscar Aleman Cruz
Entrada Principal, Centro Comercial Managua
TEL: (505) 277-2976,277-2947; FAX: (505) 267-0084
Asociacion de Bancos Privados de Nicaragua (ASOBANP)
(Private Banking Association)
Executive Secretary: Dr. Francisco Ortega
Distribuidora Vicky 1 c. al sur 1 c. arriba, No. 235, Managua
TEL: (505) 278-3821; FAX: (505) 278-3820
Union Nicaraguense de Pequena y Mediana Empresas (UNIPYME) (Small
and Mid-Sized Business Association)
President: Lic. William Tefel
Ciudad Jardin L-16, Managua
TEL: (505) 249-7695; FAX: (505) 249-0662
Apartado Postal No. 115, Managua
Confederacion de Asociaciones Profesionales de Nicaragua, (CONAPRO)
(Confederation of Professional Associations)
President: Dr. Carlos Bayardo Romero
Canal 2 1 c. al sur 150 vrs. al oeste, Managua
TEL: (505) 266-4065, 266-2349, FAX: (505) 266-4650
Instituto Nicaraguense de Desarrollo (INDE)
(Nicaraguan Development Institute)
President: Ing. Gabriel Solorzano
Camas Lunas 1 c. al Oeste, Calle 27 de Mayo, Managua
TELEFAX: (505) 268-1900/1.
Apartado Postal No. 2598, Managua
Asociacion Nicaraguense de Ingenieros y Arquitectos (ANIA)
(Association of Architects and Engineers)
President: Arq. Donald Flores Soto
Managua, Nicaragua
TEL: (505) 249-8177/8
Apartado Postal No. 1408, Managua
Camara Nacional de la Mediana y Pequena Industria (CONAPI)
(Small and Mid-Sized Industries Chamber)
President: Antonio Chavez
Centro de Exposiciones la Pinata, Managua
TEL: (505) 278-4892, 277-5910
APPENDIX F -- MARKET RESEARCH
LIST OF AVAILABLE AND UPCOMING DOC/ISAS AND IMIS
IMI: Overview of Maquila Sector (Free Trade Zones), Managua 0108,
1/11/96
IMI: Nicaraguan Investment Trends, Managua 0787, 03/01/96 IMI:
Tourism in Nicaragua, Managua 0813, 03/04/96
IMI: Overview of Private Banks, Managua 1179, 04/01/96
ISA: The Automotive Parts Market in Nicaragua, Managua 1181, 04/01/96
IMI: Commercial Opportunities in Electricity Generation and Distribution
in Nicaragua, Managua 4377, 11/17/96
IMI: Commercial Opportunities in Nicaragua's Water and Sewage
Sector, Managua 4480, 12/10/96
IMI: Computer Equipment Market in Nicaragua, 4837, 01/17/97
Upcoming: IMI: Government Procurement Procedures
LIST OF USDA/FAS/COMMODITY REPORTS AND MARKET BRIEFS
Key agricultural commodity reports on Nicaragua by USDA/FAS:
-- Sugar Annual Situation, April 1996, NU6002
-- Record Sugar Production, April 1996, NU6003
-- Financing Nicaraguan Agriculture, May 1996, NU6004
-- Cotton Crop, July 1996, NU6007
-- Livestock Annual Report, August 1996, NU6008
-- Agricultural Annual Situation, September 1996, NU6010
-- Deciduous Fruits Imports, January 1997, NU6011
-- Grain and Feed, February 1997, NU7001
-- Sugar Annual Situation, April 1997, NU7002
-- Coffee Annual Report, May 1997, NU7003
APPENDIX G -- TRADE EVENT SCHEDULE
Firms should consult the Export Promotion Calendar on the National
Trade Data
Base (NTDB) or contact Embassy Managua for more information.
Feria de Unipyme (Small and Medium Industry). Twice a year in
Managua. 1997
dates are August and December 7.
Central American Livestock Exposition (EXPICA '97). Each year
in Managua at the Parque de Ferias IFAGAN. 1997 dates are July
18 to July 27. Contact: Ms. Maria Esperanza Cruz, Phone (505)
266-9634, Fax (505) 266-0479.
*International Copyright, United States Government, 1997 ( or other year of first publication.) All Rights under foreign copyright laws are reserved. All portions of this publication are protected against any type or form of reproduction, communications to the public and the preparation of adaptations, arrangement and alterations outside of the United States. United States copyright is not asserted under the United States Copyright Law, Title17, United States Code.
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