We are a company committed to long-term sustainable development, so our business strategy constantly seeks to innovate and generate a positive impact in the countries in which we operate. In 2023, we successfully closed the fifth cohort of the Strategic Supplier Incubation Program, which began in 2019, providing significant benefits to 28 strategic suppliers, creating a total of 579 jobs since its inception.
The main objective of our Incubation Program is to generate economic growth in the region while strengthening our value chain. Our program guides strategic suppliers, who are selected along with the purchasing team, so they can analyze and solidify their business model to make it successful, innovative, and sustainable. This comprehensive approach not only strengthens our relationships with suppliers but also improves the quality of our products and drives economic and social development in the communities where we operate.
In collaboration with Pomona Impact, a consulting firm specialized in creating entrepreneurship ecosystems in Central America, our program offers specialized training in business management, as well as mentoring and personalized consultancy to enhance the business skills of our suppliers. Practical workshops focus on developing behaviors, steps, processes, and tools essential for the sustainable growth of companies and the well-being of their employees.
During the program, participating companies receive personalized training to improve their processes and business strategies. Companies develop their strategic plan and initiate its execution– defining short, medium, and long-term growth goals, and strengthening their business skills. The most recent cohort achieved a 10% growth in sales and the creation of 18 new jobs, thus projecting an 88% increase in employment generated in the next 5 years. These achievements are proof of the effectiveness of our responsible development and growth-focused approach.
Since the inception of the program in 2019, we have focused our efforts in Guatemala, especially in the south coast region. Now, we are beginning to expand the program to suppliers in Nicaragua, seeking to replicate this positive impact in more regions. This expansion not only meets the growing demand for operational standards and sustainability from our clients but also strengthens the resilience of our supply chain. Investing in the capabilities of our suppliers not only creates solid and valuable long-term partnerships, but it also contributes to our global responsible development strategies. By strengthening the operations and business knowledge of our suppliers, we not only improve our internal operational efficiency, but we also make progress towards our broader sustainability goals and empower our value chain. We are committed to leading initiatives that benefit not only our company but also the communities and regions where we operate.