LAC Flavors 2013 Reaches US$14 Million in Business Transactions

    WASHINGTON, DC, August 16, 2013 /24-7PressRelease/ -- Over US$14 million were negotiated among buyers and providers during the 2013 LAC Flavors event, held in Granada, Nicaragua in late July. This figure marks a record in business transactions among the five editions of this annual event, representing a 263 percent increase compared to the US$4 million achieved during the 2012 edition. Moreover, the event achieved US$42.6 million in terms of future negotiations, representing a 241 percent increase versus US$12.5 million reached in 2012.

"It makes us very proud to have obtained the highest results in the history of LAC Flavors. This demonstrates the commitment of the Government of Nicaragua to promote business opportunities in the country, as well as the commitment of the private sector in accomplishing the requirements of international markets," expressed Javier Chamorro, Executive Director of PRONicaragua, the official investment and export promotion agency of Nicaragua.

During the event, a total of 1,625 meetings were held between 52 international buyers and 180 suppliers of fresh and processed foods from the region, of which 78 were Nicaraguan.

Among the world-renowned companies that participated in the event were Walmart, HEB Grocery, Gerber Ingredients, PepsiCo Colombia, Sobeys and Latin Produce Importers, which total more than US$450 billion in annual sales. For the first time in the history of the event, Walmart met with 55 companies and was able to do business with producers in the region.

The main interests of buyers were fresh fruit (17%), vegetables (14%), grains and seeds (13%), roots and tubers (10%), honey (6%), among others (40%).

Additionally, various presentations were held regarding topics such as the new FDA Act and its impact on the food sector; ConnectAmericas, a platform aimed at connecting SMEs with international markets; and how to sell to large supermarket chains such as Walmart. Also, Javier Chamorro conducted a country presentation in order to promote Nicaragua's food processing sector.

"Through LAC Flavors, businesses receive technical training that prepares them to meet the demands of international markets in the food sector, while also having the opportunity to connect with a large number of international buyers at the same time and place. This allows them to increase and diversify their exporting experience," explained Fabrizio Opertti, Chief of the IDB Trade and Investment Unit.

The event was co-organized by PRONicaragua in coordination with the IDB and the support of the Nicaraguan Superior Council of Private Enterprise (COSEP, for its acronym in Spanish).

PRONicaragua is the Nicaraguan Investment and Export 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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