According to the Economic Commission for Latin America and the Caribbean (ECLAC), Ecuador received, as foreign investment in 2020, $ 1,190 million.
A investment expectation by $ 3.3 billion in the public and private sectors is the initial result of the Ecuador Open for Business forum. The event took place last week.
“The greatest interest we had was above all in energy projects, followed by agribusiness projects. In energy, especially renewable, photovoltaic, wind energy. Much interest in hydroelectric: Cardenillo, Santiago and also in the agro-industrial potential that Ecuador has (…). We have had a lot of interest in mining projects. Certain changes are taking place in the regulations, but the most important thing is this new investment climate that the country is experiencing, which really makes the foreign investor feel that there is legal security and stability in the country, “said the vice minister Promotion of Exports and Investments of the Ministry of Production, Lorraine konanz.
When asked in what timeframe they could be specified, he replied that he would not dare to give an exact period. It argues that they are very big projects, that take time to implement, to get their permits, to put them out to tender.
In the investment forum Ecuador Open for Business the portfolio of Public-Private Partnerships (PPP) and delegated management that includes 50 projects, with the aspiration of attracting more than $ 30,000 million in foreign investments with contracts signed in four years. The sectors are hydrocarbons, energy, mining, infrastructure, health, environment, telecommunications, real estate, sports and culture, according to government information.
Sacha, Sopladora, refinery on the coast, among the large projects of the $ 30,833 million portfolio presented by the Ecuador Open for Business
For him economic analyst Pablo Dávalos, was a forum without strategyThe only thing he did was propose the auction of strategic sectors, public companies and public banks. “With the Constitution and existing laws, it is difficult for direct foreign investment to apply to these sectors,” he said.
Dávalos proposes to create hubs (spaces between entrepreneurship and investment) with decentralized autonomous governments, to attract specific investments in technologies, vehicle assembly.
At the discretion of Vicente Albornoz, Dean of the Faculty of Economic and Administrative Sciences from the University of the Americas (UDLA), there are sectors that are attractive, such as oil, tourism, mining, agribusiness, exports, or investing more in flowers, tuna, shrimp. For him it should better promote the country and a labor reform would be desirable, and that, for example, there are oil participation contracts and more trade agreements.
Raúl Diez Canseco: Ecuador should focus not only on producing for the local market, but for the world
The event announced the creation of a one-stop shop for investments. The official explained that it will be a digital platform where the investor will be able to carry out the paperwork you need: from obtaining a RUC, setting up a company and enrolling your employees to obtaining permits, authorizations, health registration.
In that way, he added, red tape is eliminated and bureaucratic processes, there is more transparency and agility for the investor.
Will start to run next year, as he expressed that it is necessary to work with around 35 State institutions so that they can digitize their procedures and be interconnected.
While the Secretariat for Partnerships Public-Private He will be the rector of the different ministries on the projects.
How to specify $ 30 billion in four years? Konanz responds: continue promoting the projects that the country has, work with the 24 commercial offices internationally to promote local products and attract investment. Also, through presidential trips.
It is a difficult goal to achieve in a country in which the maximum investment amount has not exceeded $ 1,400 million, and that before the pandemic.
According to a 2021 publication of the Economic Commission for Latin America and the Caribbean (ECLAC), Ecuador between 2005 and 2009 received, for foreign direct investment, $ 465 million.
In 2010, $ 166 million; in 2011, $ 646 million; in 2012, $ 567 million; in 2013, $ 727 million; in 2014, $ 772 million; in 2015, $ 1,323 million; in 2016, $ 756 million; in 2017, $ 625 million; in 2018, $ 1,388 million; in 2019, $ 974 million, and in 2020, $ 1,190 million.
In the first six months of management, between May and November, according to the Minister of Production, Julio José Prado, they have been achieved $ 1,650 million, which added to the $ 400 million from January to May would give a total of $ 2,050 million. The government goal for 2021, he added, was $ 2 billion in new investments. (I)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
