HUGE introduces proposals for the development of an Electric Mobility Working Group and manufacturing EV components or assembling EVs in Guatemala, Honduras, and El Salvador
Washington DC – Today, the HUGE Business and Investment Council participated in the CABEI Business Forum “Introducing Electric Mobility in Central America”, an event organized by the Central American bank, with the objective of introducing and promoting the transition to more sustainable and climate-friendly mobility solutions in the Central American and Caribbean markets. HUGE was represented by President and Founder Dr. Juan José Daboub, who delivered remarks to the afternoon audience, as well as participants from Inversiones La Paz and Grupo Larach.
The HUGE (Honduras, USA, Guatemala, and El Salvador) Business and Investment Council is a nonprofit business association that represents the first private sector-led regional effort to achieve massive job creation through key regional infrastructure and nearshoring investment. Founders and Sponsors associated with the organization are making large investments to provide abundant, clean, competitively-priced energy in this region. These private initiatives include the transfer of compressed natural gas from the United States to the region as an alternative to coal and heavy fuel oil power generation, as well as projects that utilize pump storage, solar and hydro technologies to generate, distribute and store electric power. “We are investing in clean energy in Honduras. Clean energy is the main input needed for electric mobility to become a reality. We welcome CABEI’s leadership and will continue to work as a HUGE Founder on making these initiatives a success,” said Adolfo Larach of the Larach Group.
The top priority of HUGE for the upcoming year is to support the implementation of Founders’ and Sponsors’ investment projects and to attract new investments to the region particularly through nearshoring and the infrastructure to support it. This effort will increasingly enhance the development of the Northern Triangle as a competitive platform for nearshoring by providing state-of-the-art industrial parks, clean energy, a qualified young adult workforce, efficient infrastructure and logistics, project finance, judicial security, and support for high ESG standards.
“Today I submit to you a proposal for the development of an Electric Mobility Working Group within HUGE to identify these opportunities, pull together potential investors, and recognize the obstacles that might impede such development, and in the near future we should explore the possibility of manufacturing EV components or assembling EVs in Central America”, said Dr. Juan José Daboub during his remarks. He added, “We will sponsor two roadshows to gather interested investors that support the development of our ongoing initiatives, which are very complementary to our focus here today.” Central America already has a robust automotive industry and is a significant producer of wire harnesses, airbags, and electrical parts including printed circuit boards for US companies. The CAFTA-DR free trade agreement offers an opportunity to build upon strong and largely tariff-free trade with the United States.
US manufacturers attending the event included Navistar, Blink Charging, Raglan, Tesla, GM, and CENNTRO Auto. The private sector of all three Northern Triangle countries was represented, as well as other countries in the Central American region.
In his opening remarks Dr. Dante Mossi, President of CABEI, stated his vision for electric mobility in Central America and concluded by saying, “We want to generate good jobs that are truly sustainable, that will create real prosperity in the region.” HUGE looks forward to its continued partnership with CABEI and other multilateral development agencies, as its Founders and Sponsors advocate for reforms that remove obstacles to project implementation, and a HUGE congratulations to CABEI for bringing a cleaner future one step closer to the people of Central America.