Managua center and a generator of services for the majority of the nation. The city, with a population exceeding one million inhabitants, houses many large national and international businesses. It is home to many factories which produce diverse products. Multinational companies such as Wal-Mart, Telefonica, Union Fenosa, and Parmalat have offices and operations in Managua. The city's chief products include beer, coffee, pharmaceuticals, textiles, shoes, matches, construction products, etc. Her main trading products are beef, coffee, cotton, and other crops. Managua is also Nicaragua's main political, social, cultural, educational and economic hub. At the same time, the city is served by
American Capital of Culture the OAS's countries). It has three major objectives: The initiative was devised and is promoted by the American Capital of Culture Organization, a body set up in 1997, with the objective of promoting the American Capital of Culture and other, complementary cultural initiatives, which help to use culture as a key element in the development of the countries of the Americas. Any territory of the countries of the American continent that wish to develop the objectives of the American Capital of Culture may apply to be chosen as American Capital of Culture. "Territory" is deemed to be any physical area