Goal 5: Support a strategy for attracting and promoting FDI and making El Salvador a more attractive place for foreign investment. The measures described are aimed at streamlining the establishment of operations for potential investors and simultaneously focusing on scaling up efforts to promote and attract investments. Behind Schedule T he GOES, in collaboration with the USG, is committed to strengthening El Salvador’s export and investment promotion agency, PROESA, both in terms of management and operations, to make it more responsive to the government's current growth strategies. To this end, the USG hired consultants to design a project aimed at improving the Salvadoran business climate, with a specific focus on investment and export promotion. The GOES believes the results of the study will better define the operational and organizational structure of PROESA and ultimately lead to a more informed appointment of an executive director for the institution. The results of the consulting engagement will also contribute to the drafting of legislation currently in development to strengthen PROESA as an independent government agency. The GOES proposal submitted to the MCC fora possible second compact included measures to strengthen PROESA inline with the outcomes of the consulting engagement. In October, the Technical Secretary to the President launched The New Cycle for Development, Investment and Employment" as a strategy to address the low levels of private investment in the country. The GOES, in order to improve the business climate, eliminated the need for eight investment procedures across three institutions. The first indicator for this goal is foreign direct investment as a percentage of GDP, which in 2012 is estimated to reach 12%, representing a decrease compared to the 2011 level of 17% (Central Reserve
-9- Bank). The second indicator is El Salvador’s ranking in the FutureBrand "Country Brand Index" which for 2012-2013 was 107 out of a total of 118, an improvement over 2011-2012 when it was 109 out of 113.