Ecuador Open for Business, showcase to offer a business portfolio for $ 30,000 million

It is November 18 and 19, the international event Ecuador Open for Business will be held in Quito, that seeks to promote to the world an investment portfolio of $ 30,000 million. A few minutes ago, the Minister of Production and Foreign Trade, Julio José Prado, explained that this meeting, which will be held at the Swissôtel, and which will be inaugurated by President Guillermo Lasso, will be attended by large international, multilateral companies, Ecuadorian businessmen, among others.

According to Minister Prado, at the moment there are already some 450 participants registered for the face-to-face modality, a figure that could increase in the following week, and it is hoped to have about 2,000 virtual participants. Among the confirmed companies are Black Rock, Grupo América, Solgold, Morgan Stanley, Banco Santander, Lundin Gold, Deloitte, Roche, Gloria, BHP and América Móvil. International organizations such as the Inter-American Development Bank, the World Bank and the Development Bank of Latin America (CAF) have also confirmed their presence.

For his part, the Vice Minister of Promotion of Exports and Investments, Lorena Konanz, explained that the portfolio of possible investments will be given on the day of the event, but he announced that these are divided into different sectors such as mining, hydrocarbons, renewable energy, electricity, housing, among others. And as specific projects, he mentioned, for example, the Santiago, Cardenillo hydroelectric plants, the Guayaquil viaduct, highways and various housing plans.

Minister Prado recalled that in recent days the Government has sought to talk in various scenarios with potential investors. So they have held meetings in Mexico, Peru, Glasgow, New York, Madrid and Miami. In this sense, attendees from 30 countries are expected, including Spain, the United Kingdom, Norway, Italy, China, Japan, and others. The minister considered that a better business climate is taking place with a government that believes in private enterprise. He expressed that there are several issues that help, such as the fact that our economy is dollarized; having returned to ICSID, among others.

He also considered that the new tax reform, which seeks to raise about $ 1.8 billion in two years and which is being analyzed in the Assembly, It is the sign that the Government wants to order its finances so as not to have to go out in a messy or desperate way to look for expensive and short-term financing. In other words, it makes it more sustainable and serious in the international gaze. The same law establishes certain incentives for investment such as the low IR by 3 points (from 25% to 22%) for new investments and even better conditions for those who sign investment contracts.

On the logistics issue, officials indicated that the two-day event will have 13 panels that will address telecommunications, mining, agri-food trends, among others. The keynote talks will be given by Minister Prado and Juan Verde, an international expert.

The minister assured that the interest of the countries in Ecuador is already beginning to be seen. Thus, in these first months of government, the signing of investment contracts for $ 1,100 million. This figure represents double what was achieved in 2019, the year before the pandemic, and four times more than what was registered in 2020. He also assured that he is working on opening Ecuador to the world with the signing of more trade agreements.

Meanwhile, the Ministry indicated that anyone who wants to know the benefits of the new Ecuadorian investment climate and discover the potential and business opportunities is invited to participate. You can enter and register for the virtual event at https://artsolution.bizz-dome.com/registry/foro/register. (I)