Tegucigalpa, Departamento de Francisco Morazan, Honduras

🇭🇳 Tegucigalpa, formally Tegucigalpa, Municipality of the Central District, and colloquially referred to as Tegus or Teguz, is the capital and largest city of Honduras along with its twin sister, Comayagüela. Tegucigalpa is located in the southern-central highland region known as the department of Francisco Morazán of which it is also the departmental capital. It is situated in a valley, surrounded by mountains. Tegucigalpa and Comayagüela, being sister cities, are physically separated by the Choluteca River. The Central District is the largest of the 28 municipalities in the Francisco Morazán department.

Tegucigalpa is Honduras' largest and most populous city as well as the nation's political and administrative centre. Tegucigalpa is host to 25 foreign embassies and 16 consulates. It is the home base of several state-owned entities such as ENEE and Hondutel, the national energy and telecommunications companies, respectively. The city is also home to the country's most important public university, the National Autonomous University of Honduras, as well as the national soccer team. The capital's international airport, Toncontín, is known for its extremely short runway and the unusual manoeuvres pilots must undertake upon landing or taking off to avoid the nearby mountains.

The Central District has an economy equal to 19.3 percent of country's GDP. The District's active labour force is 367,844 people of which 56,035 are employed in the public sector. There are 32,665 business establishments throughout the capital, the most of any city in the country. The size of these businesses is broken down as follows: micro-enterprises (73.2%), small businesses (9.63%), medium-sized businesses (7.47%), large companies (0.28%), and the remainder unreported (9.62%).

The city's major economic sources are commerce, construction, services, textiles, sugar, and tobacco. Economic activity is broken down as follows: commerce—including wholesale, retail, auto repair, household goods (42.86%); manufacturing industry (16.13%), hospitality—hotels and restaurants (14.43%), banking and real estate (10.12%), social and personal services (8.94%), health-related services (3.90%), and others (3.60%).

The industrial production taking place in the region includes textiles, clothing, sugar, cigarettes, lumber, plywood, paper, ceramics, cement, glass, metalwork, plastics, chemicals, tires, electrical appliances, and farm machinery. Maquiladora duty-free assembly plants have been established in an industrial park in the Amarateca valley, on the northern highway. Silver, lead and zinc are still mined in the outskirts of the city.

Banking Honduran banks based in Tegucigalpa include the Central Bank of Honduras, Banco Continental and Banco de Occidente. Tegucigalpa also has a number of International financial institutions, which include BAC Credomatic (formerly Banco Mercantil-BAMER), Citibank, Davivienda, the Inter-American Development Bank (IAB), the World Bank, and the Central American Bank for Economic Integration (BCIE), with its headquarters located in Colonia Miramontes on Boulevard Suyapa.

Foreign investment At least 6 Manufacturing assembly plants (maquiladoras) operate in the Central District. Tegucigalpa continues to be a focus city for the development of industrial parks. The presence of multinational corporations is evident in Tegucigalpa. Popular retail, restaurant, and hospitality American-branded franchises prevail throughout the Honduran capital; such as Walmart, McDonald's, and Marriott, among others. Companies from other countries such as Mexico, have also made their presence with arrivals like Cinépolis movie theatres, which opened in 2010 in Cascadas Mall. Foreign real estate and property developers operate in the capital District as well, such as Grupo Roble of the Multiplaza malls.

Tegucigalpa Time 
Tegucigalpa Time
Image: kristin klein

Tegucigalpa is rated Gamma by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Gamma level cities are cities that link smaller economic regions into the world economy.

Tegucigalpa is rated D by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. D cities are regional hub cities. Tegucigalpa was ranked #1219 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Tegucigalpa has a population of over 1,157,509 people. Tegucigalpa also forms the centre of the wider Tegucigalpa metropolitan area which has a population of over 1,403,000 people. It is estimated there are around 32,665 businesses in Tegucigalpa.

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Text Atribution: Wikipedia Text under CC-BY-SA license | GaWC | GUCR | Nomad

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