Industrial Boom Powers Steady Growth

Long-term priorities for Honduras include improvements in health and education

In recent years, Honduras has proven itself to be one of the most resourceful and stable countries in Central America. Steady economic growth, based on a thriving maquiladoras (textiles) sector, and diversification into non-traditional agriculture, IT, electronics and tourism, has placed it at the forefront of the CAFTA group.

Much of the credit goes to President Ricardo Maduro who has worked tirelessly over the last two years to improve social conditions and promote development. Long-term priorities include poverty alleviation, health, and education. Here, a number of quick wins have been realized, including raising nutrition rates among school children. Job creation is also critical. “We cannot afford to lose one single job,” he says.

RICARDO MADURO President of Honduras

The recent strength of the economy – evidenced by the turnaround in fortunes of the maquiladoras sector in the last two years – shows how far the country has come. Investment has brought employment, foreign capital, and new skills. Honduran manufacturers now produce sophisticated hardware for American car giants. The agricultural base has widened to include exotic vegetables, shrimps, and other export crops. The tourism industry is also booming.

President Maduro believes Honduras must maximize its competitive advantages, including its proximity to the U.S., to stay ahead of the pack. There are ongoing improvements to the nation’s transport infrastructure to facilitate trade. He believes Honduras remains one of the region’s best-kept secrets. “We need to let ourselves be known.”