The president of Ecuador, Lenín Moreno Garcés, during a meeting with about 300 businessmen, stressed that Ecuador and Spain are complementary countries and could be of great help for the development of the nations. He highlighted the enormous business opportunities in key sectors such as infrastructure, tourism, agri-food and transport, among many others.

Sectors of interest

The Ecuadorian Minister of Foreign Trade, Pablo Campana, highlighted the importance of the private sector for the development of projects in the area and to achieve a growing commercial opening in the country. He reported on the implementation of various projects of interest to Spanish companies, such as the Pacific Refinery, an aluminum smelting plant and the Río Santiago hydroelectric project, the Monteverde maritime project or the improvement of airports and roads.

He also reported the existence of tax incentives, such as the  “Production Code”, which provides for tax exemption for five years, and special development zones, in which companies can also enjoy important advantages.

EU-Ecuador trade agreement

The president of CEOE, Juan Rosell, stressed that Spanish companies can contribute to the achievement of many objectives of the Development Plan 2017-2021 and the Strategic Investment Catalog, in which special emphasis is placed on the development of social infrastructures, such as water education and sanitation, as well as the strengthening and diversification of the national economic structure.

Rosell recalled that the adhesion at the beginning of the year of Ecuador to the commercial agreement between the European Union, Peru and Colombia, was received with great satisfaction by the Spanish business community, since it represents a great step for the application of common and transparent rules. In this sense, he considered that this new framework of relations will not only advance the application of the terms of the Agreement, but also in the elimination of barriers to investment, such as the application of taxes on expatriation of dividends; or to trade, such as the non-automatic licensing concession. He also considered necessary to continue promoting development cooperation and, in particular, the Country Association Framework, signed between Spain and Ecuador, to promote sustainable production, training and interaction between education.

Bilateral relations

The Secretary of State for Trade, Marisa Poncela, highlighted the positive effects of the Trade Agreement between Ecuador and the EU, which has been applied provisionally for almost a year and that has greatly promoted mutual trade, and urged the companies of both countries to take advantage of all the potential that houses. In the Spanish case, exports are growing at rates of 60 per cent while imports from that country do so at rates of 20 per cent.

Extracted and Translated from Spanish

 Source: CEOE

Image: @David Mudarra