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Country Guide > Central America > Guatemala | |
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Business Profile Economy Coffee is the leading export in this largely agricultural economy, accounting for about one-third of foreign earnings. Other major crops are sugar cane, bananas, cardamom and cotton. In the fishing industry, shrimps are a significant export earner. Guatemala boasts the largest manufacturing sector in Central America, accounting for 20 per cent of GDP, and produces processed foods, textiles, paper, pharmaceuticals and rubber goods. Oil deposits, first discovered in the mid-1970s, are being exploited by French and American concerns but the country remains a marginal producer and continues to rely heavily on imported oil. There is a small mining industry producing marble, copper, lead, zinc and other metals. Although Guatemala has received solid support from the USA and international institutions such as the Inter-American Development Bank and the IMF, its economic development in the last 25 years has been undermined by chronic internal conflict, exacerbated by several major natural disasters and low prices for Guatemala’s main export commodities. Nonetheless, the economy has grown steadily in the last few years and is currently 4 per cent. The USA is substantially Guatemala’s largest trading partner, followed by El Salvador, Honduras, Mexico and some EU countries, notably Germany and Italy. Guatemala is a member of the Central American Common Market. Business Guatemalan businesspeople tend to be rather formal and conservative. Normal courtesies should be observed and appointments should be made. Punctuality is appreciated and calling cards can be useful. Office hours: Mon-Fri 0800-1800, Sat 0800-1200. Commercial Information The following organisation can offer advice: Cámara de Comercio de Guatemala (Chamber of Commerce), 10A Calle 3-80, Zona 1, Guatemala City (tel: 253 5353; fax: 220 9393; e-mail: info@camaradecomercio.org.gt; website: www.negociosenguatemala.com); or Cámara de Industria (Chamber of Industry), Ruta 6 9-21, Zona 4, Edificio Cámara de Industria, 01004 Guatemala City (tel: 334 0850; fax: 334 1090; e-mail: cig@industriaguate.com; website: www.industriaguate.com). Conferences/Conventions Guatemala has the facilities and hotel infrastructure for conventions, conferences and business meetings. The Centro Cultural Miguel Angel Asturias and other modern conference centres are available for such events, often quite close, or accessible to Guatemala’s beauty spots. For further information regarding conference facilities, contact Guatemala Tourist Commission (see Contact Addresses section). |