A.M. Guatemala
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U.N.: Country should beef up governance
Special to A.M.Guatemala

(May 4, 2011) The United Nations body that promotes the integration of developing countries into the world economy has advised Guatemala to strengthen governance and improve the performance of it public institutions to attract more foreign direct investment.

An investment policy review of Guatemala by the U.N. Conference on Trade and Development, released in Geneva, noted that although the country has modern laws relating to its investment regulatory framework, critical policies essential for the proper functioning and management of markets are yet to be implemented.
It cites the lack of a competition policy and the absence of a national agency to regulate competition as a case in point. Important government institutions are often too weak and poorly resourced to effectively fulfil their mandates, according to the review unveiled during the week-long meeting of the conference’.

Supachai Panitchpakdi, conference secretary general, said Guatemala’s open policies, protracted political and macroeconomic stability, and sizeable domestic market, in addition to its favourable geographic position and the quality of the labour force, point to a significant potential for attracting foreign investment.

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