In an effort to stop migration by focusing on economic development, private corporations have pledged to invest $4.2 billion in northern Central America, according to a statement released by the White House yesterday.
The most recent statistics, which are an increase from the $3.2 billion revealed in June 2022, come from promises made by 47 businesses and organizations, including Target (TGT.N) and Columbia Sportswear (COLM.O).
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Target promised to increase its expenditure in El Salvador, Guatemala, and Honduras by $300 million this year, while Columbia said it will spend $200 million on items in the area, resulting in the creation of more than 6,900 jobs over a five-year period.
In March 2021, Harris was appointed by U.S. President Joe Biden to head initiatives to lessen migration at the U.S.-Mexico border because crossings started to rise at the start of his term and eventually reached record highs. Biden will make the State of the Union address on Tuesday.
In order to address these issues, particularly the lack of economic opportunity, Harris has concentrated her work on the three nations collectively known as the Northern Triangle.
Harris claimed that migrants come to the US to escape danger or because they are unable to satisfy their fundamental necessities economically.
“People generally do not want to leave home,” she claimed.
Harris revealed a new phase of the initiative dubbed Central America Forward before a meeting with government officials and business leaders. This phase would concentrate on wider economic growth, corruption, and labor rights.
The Harris initiative has been hindered by corruption and governance issues in the three countries, which has resulted in the cancellation or suspension of projects with a potential value of millions of dollars.
Following a large increase in 2021 after Biden assumed office, arrivals from northern Central America have slowly decreased.
A COVID-19-related order known as Title 42 has resulted in the deportation of hundreds of thousands of migrants from the area back to Mexico during that period without giving them the option to apply for asylum in the United States.
