May 2008
Issue: 2008 - 3
Nica - Newsletter
Dear readers,
The rainy season is near to refresh the land. We will see how everything goes from a golden dryness to all kinds of green in the blink of an eye. It is a wonderful ability the Nicaraguan soil has to do this magic!
In this new edition, you will find a selection of different press articles, news on our project in Belize as well as on Nicaragua’s economy. The country is preparing the campaign to elect municipal authorities in November this year, and we hope all is for the best of the country.
Important companies have been opening their facilities taking advantage of the one-of-a-kind opportunities this country gives to investors.
We hope you enjoy this issue and keep in touch,
Fabricia Sánchez
Executive Assistant to the President
www.granpacifica.com
Table of Contents
- Tourism
- Business and Economy
- Nicaragua sees foreign direct investment up 18 pct
- International Textile Group’s Cone Denim Celebrates Nicaragua Opening
- Nicaragua more pro-oil than Florida and California
- Nicaragua factory rolls cigar of the year
- Ortega’s Friendship Help U.S. Relations
- Ortega Praises US Millennium Program!
- Top 5 Latin American Real Estate Markets
- Humanitarian Works
- Belize Update
Tourism
Tourists Discover Peaceful Nicaragua
The historic colonial city of Granada is a well preserved cultural oasis
Silvana Saccomani, Canwest News Service
If Granada invokes the heady smell of orange blossoms, the lavish Moorish-styled Alhambra or the rhythms of flamenco guitar, you've traveled too far. On this side of the Atlantic Ocean, the Nicaraguan city of Granada is squeezed between the hulking Mombacho volcano and Lago Cocibolca, 20th largest lake in the world. Craig Baskett and Eva Logan have just returned from there.
As Nicaragua celebrates its second decade of peace, tourists are discovering Granada as one of the most attractive historic centres in Central America.
"Over the years we've spent a fair bit of time in Mexico and Guatemala, and have always enjoyed the culture and food of this region," says Baskett, who adds they became curious about Nicaragua after hearing and reading about the country's safety record, charming architecture and great value.
Must see, must do
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Good and bad of travel changes
A smart traveler takes the time to review the big developments in travel, because these larger trends can inform your own vacation decisions. Some are awfully obvious, and yet deserve renewed attention:
- The dramatic decline of the U.S. dollar. This affects not only a possible trip to Western Europe (whose euro and British pound have risen greatly in worth), but also trips to Canada, Australia, New Zealand and Japan, whose currencies also have risen dramatically. Your most obvious course is to substitute a trip to Central or South America, or to Asia (other than Japan), where the U.S. dollar remains relatively strong. Or else you must adopt radically different policies for arranging your lodgings (vacation homes or apartments, rooms in private homes, hostels) in travel to Western Europe.
- The ever-larger cruise ship. The cruise lines continue to build vessels for up to 4,000 passengers, and the only smaller new ships are those of "premium" lines, costing an arm and a leg. If you are to avoid the cruise-ship crowds, you must learn how to use the Web sites of the various cruise discounters, who occasionally -- very occasionally -- have bargains to offer on the smaller luxury vessels.
- The emergence of the airfare "aggregators." Such names as Kayak.com, Sidestep.com, Farechase.com, Momondo.com and Mobissimo.com are becoming increasingly popular because they impartially list all the low-cost airfares available to you. They do not sell air tickets, but simply direct you to the relevant airlines.
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Business and Economy
Nicaragua sees foreign direct investment up 18 pct
MANAGUA, Mar 25 (Reuters) - Nicaragua's government said on Tuesday it expects to increase foreign direct investment by 18 percent this year, about the same rate as in 2007, with strong growth in textiles and agriculture.
Nicaragua reported foreign direct investment of $335 million last year.
Foreign firms are likely to invest in adding value to textile and agriculture goods exported by Nicaragua, government official Javier Chamorro told reporters.
International Textile Group’s Cone Denim Celebrates Nicaragua Opening
By International Textile Group
International Textile Group's ("ITG")(OTC Bulletin Board: ITXN) Cone Denim has announced the opening of its Nicaragua operation. Located outside Managua, Nicaragua in the Jorge Bolanos Abaunza Textile Park, the Cone Denim Nicaragua (CDN) facility held its Grand Opening Ceremony on April 22.
A fully vertical operation, CDN is equipped with the most modern manufacturing equipment to process raw cotton through finished denim fabric. The facility has a capacity of approximately 28 million yards per year and will employ about 850 people.
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Nicaragua more pro-oil than Florida and California
Thomas Lifson
Even Daniel Ortega, the leftist president of Nicaragua, understands the importance of offshore oil exploration in the oil-rich Gulf of Mexico waters. The International Herald-Tribune reports:
Nicaragua has signed a contract with a unit of U.S.-owned MKJ Xploration to explore and develop oil and natural gas fields off its Caribbean coast, officials said Wednesday.
Under the six-year deal, a subsidiary of the Metairie, Louisiana-based company will search for oil about 60 miles (100 kilometers) from the shore in Caribbean waters. It will be granted a 30-year contract to produce oil and natural gas if it finds anything, a government news release said.
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Nicaragua factory rolls cigar of the year
By Blake Schmidt
Nica Times Staff bschmidt@ticotimes.net
The best-tasting cigar in the world last year was rolled in the Padrón factory in Esteli in northern Nicaragua, according to the most recent rankings from Cigar Aficionado magazine.
The magazine named the Padrón Serie 1926 No. 9 the best smoke in 2007 in its most recent top-25 cigar ranking.
The cigar is rolled under the supervision of José Orlando Padrón, who started making cigars for fellow Cuban émigrés in Miami after fleeing his native Cuba. The Miami stogie guru began growing tobacco in Nicaragua in the 1960s when he couldn't find the blend he was looking for in the United States, says Padrón spokesman Cesar Gadea.
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Ortega’s Friendship Help U.S. Relations
Ambassador Arturo Cruz says Washington considers Ortega a man of his word
By Tim Rogers
MANAGUA, Nicaragua
Despite historical and ideological differences, President Daniel Ortega has built a solid working relationship with the U.S. government based on personal trust and close friendships with several heavy hitters in the Bush administration, according to Nicaragua's Ambassador to the United States.
Ambassador Arturo Cruz Jr. says that a year after presenting his credentials in Washington, D.C., he is confident that the United States for the first time ever is working to normalize relations with the Sandinista government.
"We are in the process of building a relationship of more confidence," Cruz said in a private meeting of business leaders belonging to the Nicaraguan-American Chamber of Commerce (AMCHAM).
While the institutional foundation of the bilateral relationship is built on the Central American Free-Trade Agreement (CAFTA), the Millennium Challenge Account, private investment initiatives and even humanitarian efforts such as the Peace Corps, the relationship is also being held together by a new spirit of personal friendship with Ortega, Ambassador Cruz said.
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Ortega Praises US Millennium Program!
"We are thankful for this cooperation from the people of the United States and that we are going to unite efforts," as spoken in early February by President Ortega when he publicly lauded the US Millennium Challenge Account—a program designed by the US to revitalize the agricultural departments of Leon and Chinandega.
Ortega hosted the program’s President, John Danilovich, and together they traveled to these northwestern areas to assess the progress of the five year, $175 million program. Some of the specific goals of the Challenge Account include:
- Technical assistance and training for agricultural employees
- Infrastructure improvements, such as new roadways and irrigation systems
- Legalizing land titles for hundreds of Nicaraguan families
- Reduction of poverty, generation of employment opportunities
- Promotion of the export of agricultural products
Upon meeting with several leaders of small agricultural co-ops, it was readily apparent to Ortega and Danilovich that the program is producing the intended results. Some of the co-ops have doubled in size—and overall, the program has generated more than 2000 new jobs in Nicaragua between July, 2006, and December, 2007. Farmers have received needed assistance, materials and new roadways enabling them to get their products exported to destinations such as Honduras and El Salvador. Several hundred property titles have been cleared and during the week of Danilovich’s visit, more than 700 families were given secure claim to their property, according to the Nica Times .
The Millennium Challenge Account is yet another project that highlights US dedication to the economic development of Nicaragua. And it is this type of growth that contributes to the stabilization of Nicaragua’s economy, and boosts the attractiveness of Nicaragua as a tourist, investment and retirement destination.
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Top 5 Latin American Real Estate Markets
Although Nicaragua is known for its history of political instability and conflict, the previously war-torn nation is desperately trying to attract foreign investment. Government incentives have made Nicaragua real estate appealing to investors, as Nicaragua’s attractions continue to draw more tourists and expatriates.
Nicaragua could become an ideal retirement and vacation destination for millions.
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Humanitarian Works
Building the Second Fence: A slightly Different Experience
By Greta Schlender and Ligia Diaz
As part of the ongoing effort to improve life in Villa El Carmen, CHESS partnered with the Ormond Beach Rotary Club to install fences at as many schools as possible. In late August, the first fence was installed at Osneida Medrano School. Although the project had its share of ups and downs, Rotarian Chapter President, returned with several other members to continue their good works. The site of the second installation was the Calle Nueva School; this school employs 3 teachers who are responsible for educating 68 students in grades K through 5. Built in 2000, the school used to have a fence but it had stolen, bit by bit, over the years.
On Thursday, October 25th, Mr. Slick and his group of fellow Rotarians, began their mission. The Rotarians that came with Mr Slick were quite a mixed group, all joined together by the desire to have this unique life experience and make a difference in the lives of children. For two men of the group, this trip to Nicaragua was their first visit to a foreign country. One, Mr. Slick joked, "is the pickiest eater he had ever met" and yet, the man happily ate all the food prepared by local mothers. Another is an executive of a large real estate company, while a third runs an oil and gas company. Two of the men drive race cars professionally.
The team installing the first fence in August 2007 at Osneyda Medrano School was faced with many unexpected challenges. This time, the weather cooperated and the supplies arrived on time. A larger group of workers allowed the project to be completed in just two days.
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Poyner & Spruill Health Care Attorney Ken Burgess Receives 2007 Volunteer Of The Year Award
Raleigh, NC -- Poyner & Spruill Partner Ken Burgess has been selected as 2007 national Volunteer of the Year by the Jessie F. Richardson Foundation. The Foundation, located in Clackamus, Oregon, supports projects in the U.S. and around the world designed to promote health care and related services to seniors. The award is based on Ken’s efforts to raise money for the renovation and expansion of a shelter for homeless seniors in Jinotepe, Nicaragua which will be not only a home for its residents, but a center of health care for the entire community.
The center is the first of its kind in Nicaragua, and one of the few in Central America, but it’s likely to become a model for similar programs in that part of the world, according to Burgess. In addition to renovating and expanding the center itself, the money raised by Burgess and Poyner & Spruill is helping with a number of related projects designed to ensure the center’s long-term financial stability, bring medical care to the residents, and help train some of the 500,000 abandoned street children of Nicaragua in services they can provide to seniors at the center or elsewhere, helping them learn trades that also keep them off the streets and away from lives of sexual abuse, drug addiction and poverty.
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WOW: Week of unusual learning is "incredible"
Trinity Episcopal students' experiences include Nicaragua trip
STEVE LYTTLE
Dozens of students from Charlotte's Trinity Episcopal School recently spent several days engaged in a variety of unusual educational activities.
It was part of the school's annual Without Walls Week (WOW Week), which took place Feb. 19-22 for students in grades 5 through 8. WOW Week is designed to allow the school's older students a chance to participate in outside-the-box learning experiences.
One group of students traveled to Nicaragua. Another group spent the four days at the U.S. National Whitewater Center. Yet another activity, "Project Runway," allowed students to experience the fashion world.
There also was "Searching for Balance," a class devoted to finding strength and peace through activities such as kickboxing and yoga.
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Belize Update
ECI planning condominium in Belize
Company also eyes Argentina, Panama, Costa Rica
Pittsburgh Business Times - by Tim Schooley
ECI Development Ltd., a Pittsburgh-rooted resort development firm with two facilities in Central America, is launching a new project in Belize.
After launching an ambitious plan to develop a 2500-acre resort community on the west coast of Nicaragua and acquiring an oceanfront swath of property in Costa Rica two years ago, the company is now pursuing a $20 million-plus condominium community called Grand Bayman in English-speaking Belize.
"Belize is very strategic," said Michael Cobb, CEO of ECI and a native of Butler County. "If I can provide what the consumers want, then I don't have to sell anybody anything."
ECI has more than 60 investors, many of which are based in the Pittsburgh area.
For the Grand Bayman project, Cobb and his former Allegheny College roommate, Sewickley-based lawyer Joel Nagel, are combining the 1-acre beachfront property they already own with a 5.5-acre property behind it.
The initial 1-acre tract was merged into the 5.5-acre parcel, which already includes a swimming pool and private club facilities.
ECI acquired 71 percent of the combined property in what was largely a private stock trade for real estate with an estimated value of $4.5 million.
ECI is working to develop more than 200 condominiums on the property, which is located close to the resort town of San Pedro. The development includes a new 60-unit condominium hotel on the beachfront parcel that will replace the 22-unit condominium development there now.
As with Gran Pacifica, the company's Nicaraguan development, the Grand Bayman project is being designed by Urban Design Associates, based in Downtown Pittsburgh, which has been planning the resort development as a new urbanist community expected to tuck commercial and public space into a residential framework.
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