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Red tape blocks $107 million in El Salvador

Friday, July 22, 2011

\ Red tape and a lack of clear rules established by bureaucrats are threatening investment of $65 million in El Salvador by the Walmart supermarket chain.\ \ In addition, a further $42 million is being frozen by 16 foreign companies that aimed to invest in the country, says the American Chamber of Commerce. “We have 300 member companies of which 17 have projects that have been unable to realize because of bureaucracy and legal uncertainty. These project would have created 4,500 jobs,” said the chamber president.\ \ Original source (in Spanish): Elsalvador.com\ \ \ \