Washington, DC – Thousands of Honduran jobs are threatened by the latest attack on nearly $100 million in U.S. investment in the special economic zone known as Próspera ZEDE. Businesses operating in Próspera comprise one of the largest sources of employment on the Island of Roatán.
Yesterday and again today, a measure to ratify the repeal of the underlying constitutional authority for Próspera ZEDE was brought before the Honduran National Congress. The proposed measure does not acknowledge that international and constitutional law requires the Honduran government to honor a 50-year legal stability guarantee for U.S. investors in Próspera ZEDE. Even though the measure should have no lawful effect on U.S. ZEDE investments, it nevertheless creates confusion; and it encourages interference with businesses operating in Próspera, which was recently threatened by a municipal authority on the Island of Roatán.
Thousands of good-paying Honduran jobs are threatened by the repeal measure. The measure also enhances the Honduran government’s exposure to billions of dollars of damages in Honduras Próspera Inc.’s pending international arbitration case (led by the world-class international arbitration firm of White & Case LLP). The measure is counterproductive from any vantage point. It evidences that the pendulum is swinging too far, too fast toward extremism in Honduras.
The current political climate hurts Honduras’ ability to create jobs and attract international investment. This is resulting in an uncertain future for the people of Roatán and greater Honduras. For the sake of job creation, investment, and economic growth in Honduras, all levels of the Honduran government, both national and local, should choose moderation over radicalism.
Honduras Próspera Inc. is the U.S.-based promoter and organizer of Próspera ZEDE, which is an inalienable part of Honduras that enables job creation and economic growth through best practices public policy innovation.
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