The economy is doing very well in Nicaragua. One of the reasons is because of the relationship Nicaragua has with Venezuela relative to oil and that is making a lot of money for everybody. It makes more businesses grow and it opens more job opportunities.
I don’t know what’s happening with Venezuela because I don’t understand that, but I know that Venezuela has oil and oil is coming to Nicaragua.
In addition to the oil, other sectors of the economy are growing in Nicaragua as well. Oil one of the most important sectors but tourism is also increasing. Nicaragua was named as one of the safest and one of the best places to live. This was advertised in several magazines, which helped tourism in Nicaragua to grow. There are now a lot of investments in hotels and restaurants and that is helping the economy a lot. Everything that is related to agriculture, such as peanuts, sesame oil, and all these items that are now more important in the world, most especially coffee, also helps the economy to grow. It is a combination of everything.
A lot of people are moving to Nicaragua and a lot more people are doing business here than before. As a result, we now have several new brands in Nicaragua. For example, 10 years ago, we didn’t have any Friday’s or Burger King, but now we have all that and there is more to come. More people are investing in the capital, Managua. There is now a Hilton Hotel, a Holiday Inn, and there is a Windham Hotel that is about to open so businessmen are eyeing Nicaragua as a good place to make money.
If you want to invest in tourism, Nicaragua has a special law that will return your taxes and that makes it very attractive for businessmen. You can come here and invest in a hotel or a restaurant and you don’t have to pay taxes. It is something that Costa Rica has had for a long time and Nicaragua has now also implemented it.
(Nicaraguan coffee traded for Venezuela's crude oil, pictured.)