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In a bid to confront the escalating migration crisis, Guatemala’s recently inaugurated President Bernardo Arevalo is actively courting billions of dollars in investment from the United States. This strategic move comes in the wake of significant support from Washington. It aided Arevalo in defeating a formidable alliance of “hostile actors” intent on obstructing his rise to power.
President Arevalo, who assumed office in January, asserts that the influx of investment is crucial to stem the tide of migration, which has emerged as a focal issue in the ongoing US presidential election. In a recent interview conducted at the national palace in Guatemala City, Arevalo disclosed ongoing discussions with US Vice President Kamala Harris to expedite investment commitments from major American corporations. Notable entities such as Walmart Inc., Target Corp., Gap Inc., and Visa Inc. have already pledged to enhance their investments. These commitments are focused on Central America’s largest economy.
“President Arevalo’s push for US investment aims to address migration, pivotal amid the US election,” according to Barron’s Subscription.
Arevalo outlines a multifaceted strategy aimed at making Guatemala more attractive to foreign investors. This plan includes the enactment of legislation to streamline business operations and bolstering infrastructure development with increased investments in ports and highways. Additionally, it directs resources towards rural areas, which serve as the primary source of migration waves. Recent statistics reveal that nearly a quarter-million Guatemalans were apprehended at the US border over the past fiscal year. This underscores the urgency of addressing root causes of migration.
Guatemala’s debt levels, standing at less than 30% of gross domestic product, offer leeway for substantial projects with support from multilateral lenders. President Bernardo Arevalo administration is currently in talks with the World Bank, aiming to secure financing for the construction of a metro system in the capital city, Guatemala City.
The international community, particularly the United States under President Joe Biden’s administration and the European Union, has thrown its weight behind Arevalo. This support comes amid persistent challenges to his legitimacy by prosecutors. These legal hurdles stem from his landslide victory in the August 20 election on an anti-corruption platform. They threaten to overshadow his presidency spanning 2024-2028. However, Arevalo remains resolute in his commitment to combat corruption. He has instituted measures such as the creation of a national anti-corruption committee. Additionally, he has removed hundreds of government positions suspected of malfeasance.
As discussions continue with lawmakers to enact new legislation targeting monopolistic practices and cartels, Arevalo remains optimistic. He believes these reforms will foster a more competitive business environment. Ultimately, they will contribute to alleviating the root causes of migration. With international support, Guatemala’s new leadership aims to navigate the country towards a more prosperous future. They have a clear vision for reform, seeking stability along the way.
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