The Think HUGE Business and Investment Council, a collaborative effort between Honduras, the U.S., Guatemala, and El Salvador, has gained momentum in promoting investment and job creation across the Northern Triangle of Central America and the United States. During the 3rd Annual Meeting held in 2024, the council reviewed progress, discussed achievements, and outlined plans for 2025, aiming to build a more robust economy for the region through private investments, technology development, and sustainability efforts.
U.S. Commitment to the Region’s Economic Growth
The U.S. has played a significant role in supporting economic initiatives in the Northern Triangle. José Fernández, the U.S. The Under Secretary for Economic Growth, Energy, and the Environment emphasized the region’s potential and capacity for growth, particularly with U.S. support as a driving force. The U.S. has committed to strengthening trade relations, economic ties, and infrastructure development, ensuring that these efforts create opportunities for job growth, enhanced competitiveness, and sustainable development.
At the event, discussions on ‘America at the Center: Strategy for the Northern Triangle of the IDB’ took place at Washington’s Inter-American Development Bank (IDB) headquarters. Camilo Atala, CEO of Grupo Ficohsa, highlighted the synergies between the U.S., Guatemala, Honduras, and El Salvador in driving employment growth and improving regional social benefits. Atala further outlined the ambitious goals of the Think HUGE Initiative, which aims to mobilize $10 billion in private investment to create 500,000 direct jobs and 1.5 million indirect jobs, with key sectors such as technology and light manufacturing playing a central role.
The Strategic Importance of Job Creation and Private Investment
The Northern Triangle has faced long-standing economic challenges, such as high unemployment rates, poverty, and insufficient infrastructure. However, through programs like Think HUGE, the region is now positioning itself as an attractive destination for private investment. By addressing the root causes of economic stagnation, the council prioritizes job creation in critical industries that promise growth and long-term sustainability.
Light manufacturing, a mainstay in the region, continues to grow. Additionally, investments in technology, a critical sector for the future, are accelerating. With the help of private investors and international partnerships, the Northern Triangle can offer a more diversified economy with expanded job opportunities in sectors ranging from clean energy to aviation maintenance.
Infrastructure and Technological Advancement
HUGE’s focus on modernizing the region through infrastructure development is crucial in attracting global investors. At the meeting, Camilo Atala discussed significant projects already underway that are reshaping the region’s industrial landscape, including four state-of-the-art free zone industrial parks, four new spinning mills, three clean energy generation projects, a world-class private sector highway, a technology park, and the most extensive aircraft maintenance, repair, and overhaul (MRO) facility in the Western Hemisphere.
The creation of such infrastructure is a game changer for the Northern Triangle. With increased transportation and logistics capacity, the region can improve its competitiveness on the international stage, facilitating smoother trade routes and quicker supply chain processes. Nearshoring has become an attractive option for international companies looking to relocate production closer to the U.S. market, and the improved infrastructure of the Northern Triangle is poised to support this shift.
Promoting Sustainability
The promotion of sustainability has been central to HUGE’s agenda. Think HUGE’s founders are making significant strides in implementing environmentally sustainable practices through their investment projects. At the meeting, the steps taken by Think HUGE to become a signatory of the United Nations Global Compact were highlighted, demonstrating a commitment to global standards in corporate sustainability.
HUGE’s sustainability-driven projects include clean energy generation and eco-friendly industrial facilities, which align with global efforts to reduce carbon footprints and transition to renewable energy sources. By focusing on sustainability, the Northern Triangle attracts environmentally conscious investors and ensures that economic growth is in harmony with environmental stewardship.
Juan José Daboub, former Managing Director of the World Bank and President of Think HUGE, underscored the importance of sustainability in today’s rapidly changing world. “The private sector is adapting to new realities, investing in innovative technologies and sustainability practices. The plans outlined by the Think HUGE founders demonstrate a forward-looking approach that will propel the region into a new era of growth and environmental responsibility.”
Building a Strong Technology Ecosystem
At the event, the panel ‘Why Technology is a Game Changer’ featured representatives from Nokia and BID Lab, moderated by Stefano Martinotti, a partner at McKinsey & Co. The discussion focused on the critical investments needed to foster a robust technological ecosystem in the Northern Triangle. With technological advancements, the region can address gaps in digital infrastructure, improving productivity, innovation, and connectivity.
El Salvador is already taking steps to take charge of technological development. The inauguration of DataTrust, the first Tier III-certified data center in El Salvador, marks a milestone in the country’s technological progress. The facility, a commercial data center, is a vital addition to El Salvador’s technological infrastructure and will have transformative effects on data management and storage in the region. This development is essential for ensuring the region’s ability to support a rapidly growing digital economy.
Government Support for Investment Opportunities
At the meeting, senior government officials from the Northern Triangle, including Miguel Kattán, Secretary of Commerce and Investments of El Salvador, Miguel Medina, Minister of Investments of Honduras, and Hugo Beteta, Guatemala’s Ambassador to the U.S., discussed the investment opportunities available in their respective countries. They outlined how their governments are fostering a favorable business environment to attract private sector investment, particularly in sectors like technology and infrastructure.
Miguel Kattán emphasized that El Salvador is “investing in infrastructure to boost the private sector’s competitiveness” and has introduced legislation to accelerate approval processes for new companies. These reforms are crucial for facilitating smoother business operations and reducing bureaucratic delays, especially for international companies looking to establish themselves in the Northern Triangle.
The Americas Act: Future Prospects
The ‘Americas Act,’ a legislative initiative co-sponsored by U.S. Senator Bill Cassidy and other U.S. officials, was another topic discussed during the Think HUGE meeting. Ramón Escobar, formerly of the White House National Security Council, and Joel Hirst, senior foreign policy advisor in the U.S., discussed the prospects for the Act’s approval and how the private sector can support its successful implementation.
The Americas Act aims to deepen U.S. engagement with the Western Hemisphere, mainly focusing on economic growth, infrastructure development, and regional cooperation. If passed, the Act would enhance existing partnerships between the U.S. and the Northern Triangle, providing a legal framework to support investment initiatives like those spearheaded by HUGE.
Workforce Development as a Key Driver for Growth
One of the recurring themes of the event was workforce development, which is seen as a critical enabler for economic growth. By training and upskilling the local workforce, the region can meet the demands of new industries such as technology, clean energy, and advanced manufacturing. Workforce development programs supported by the private sector, governments, and international organizations are crucial to ensuring that job creation efforts lead to meaningful, sustainable employment opportunities for local populations.
Conclusion
The Think HUGE Business and Investment Council transforms the Northern Triangle by leveraging international partnerships, private investment, and technological advancements to foster economic growth. With plans to mobilize billions of dollars in investment, create millions of jobs, and establish the region as a hub for sustainability and innovation, HUGE is laying the foundation for a more prosperous and competitive Northern Triangle, positioning it as a critical player in the global economy.