The new Palmerola International Airport in central Honduras will be an “investment trigger” for the Central American nation, according to a leading official at the country’s investment promotion agency.
Inaugurated in October 2021, the facility located outside the city of Comayagua has a greater capacity than Toncontin International Airport located 80 kilometers away in capital city Tegucigalpa.
According to Jacqueline Foglia Sandoval, executive secretary of the Honduras National Investment Council (NIC), the new Comayagua airport benefits from its location in the central region of the country, which sits at the heart of Central America.
“It is strategically located in the center of the American continent, giving it a connectivity function (as a logistics hub) for the movement of people and merchandise,” she told local press.
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Foglia said that Palmerola International Airport will significantly reduce costs associated with international air travel and provide opportunities for more direct flights to key destinations in the region and beyond.
Toncontin International Airport is notorious for having a very short runway and being one of the most difficult to land in the world. The only regular direct international flights available from it go to Miami and Houston, as well as other Central American capital cities.
Palmerola International Airport, meanwhile, has a much larger runway. It will soon offer flights to those two US destinations, as well as Fort Lauderdale, Mexico City, and San Salvador, with the capacity to add significantly more flights and destinations.
Foglia said that the new Comayagua airport had already drawn greater investment into the local area and will incentivise investors to engage a diverse range of sectors, including agroindustry, logistics, construction, tourism, professional services, health, energy, and light manufacturing.
According to Foglia, the project fits into a broader scheme developing a logistical corridor in the central region of the country, which is expected to generate 96,000 jobs during its development, and 25,000 permanent jobs once completed.
Palmerola International Airport adds to attraction of investing in Honduras
The new Palmerola International Airport will add to Honduras’ attractiveness as an investment destination at a time when foreign direct investment (FDI) has seen significant growth, having leapt 60% in the first half of 2021.
While the Central American country is not the most fashionable investment destination in the region, the country has enjoyed consistent gross domestic product (GDP) growth over recent years.
Although, like in most countries, the COVID-19 pandemic caused disruption to the economy, the World Bank has predicted that GDP growth would bounce back to hit 4.7% by the end of 2021.
A number of factors combine to make Honduras particularly attractive for investors, including a host of untapped investment opportunities, a young and competitive labor pool, and an improving security situation.
Those add to considerable logistical advantages associated with both proximity to the United States, as well as the presence of facilities that include Central America’s only deep-water port, in Puerto Cortes.
With the inauguration of the Palmerola International Airport , the country has significantly improved those logistical advantages, which should boost the country’s large agriculture and manufacturing sectors.
Biz Latin Hub can assist you doing business in Honduras
At Biz Latin Hub, our multilingual team of corporate support experts is on hand to assist you entering and doing business in the Honduran market.
Our portfolio of back-office services includes company formation, accounting & taxation, hiring & PEO, visa processing, and legal services.
Meanwhile, with teams in place in 16 markets around Latin America and the Caribbean, we are ideally placed to support multi-jurisdiction market entry and operations.
With Palmerola International Airport increasing connectivity and business opportunities in the country, contact us today to find more about how we can support you doing business in Honduras.
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