Nicaragua's Participation in MAGIC: Something to Look Forward To

    MANAGUA, NICARAGUA, August 18, 2012 /24-7PressRelease/ -- The highlight of Nicaragua's participation in this year's August edition of Sourcing at MAGIC will be a special, one-hour seminar titled "Nicaragua's Competitiveness as a Footwear Producer", which will showcase why Nicaragua has become an increasingly attractive footwear production platform in the region. The presentation will be at the Cultural Center on the show floor on Tuesday, August 21st from 3:30 - 4:30pm. The seminar will include presentations by Javier Chamorro, Executive Director of PRONicaragua, and Matt Priest, President of the Footwear Distributors and Retailers of America (FDRA).

In Nicaragua's booth (#66219 in the Americas Pavilion), participants will be able to obtain information on the country's apparel and footwear manufacturing sector, establish key contacts with companies in these industries operating in Nicaragua and witness the quality of garments and footwear manufactured in the country. Additionally, qualified companies from the footwear and apparel sector may participate in an iPad giveaway which will take place at the end of the seminar. To participate, visitors must provide their business card in Nicaragua's booth and be present during the seminar.

The FDRA, in its recently published 2012 Annual Footwear Sourcing Forecast, showcased Nicaragua as a "rising star" with great potential to increase its footwear exports to the U.S. In this forecast the U.S. is advised to restructure its sourcing strategies and options due to China's increasing prices, shortages in labor and increased compliance costs, and to "keep an eye on Cambodia, Bangladesh and Nicaragua".

Nicaragua's footwear manufacturing industry has shown substantial growth in recent years due to the start of operations of two prestigious Brazilian companies, Schmidt Irmaos and ANIGER, which represent the first major investments in industrial footwear production in the country. In 2011, Nicaragua exported US$35.2 million in footwear (both to the United States and the European Union), a significant increase compared to US$8.2 million in 2010.

The Government of Nicaragua recognizes the potential the footwear industry has in the country and is committed and dedicated in promoting the sector, a recent example of its commitment was the successful investment forum that took place this past June titled "Nicaragua, The Right Step!", and event organized by PRONicaragua and the FDRA, in Managua, Nicaragua. Footwear manufacturers, international footwear brands, industry associations, retailers and industry consultants attended the event, representing countries such as the U.S., Dominican Republic, Brazil, Venezuela, Central America and Japan.

PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or http://pronicaragua.org.

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