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Investment agreement between Ecuador and Qatar goes under review after closing negotiations

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The negotiations of an Agreement for the Promotion and Protection of Investments between Ecuador and Qatar ended this Wednesday, September 28, 2022 and the draft text enters the analysis of the Executive for its signature.

The Ecuadorian ambassador Pascual del Cioppo received this final draft of the agreement proposal in the last meeting held with the Vice Minister of Commerce and Industry, Sultan bin Rashid Al-Khater, and the director of Agreements and Joint Commissions, Khalid Ghanim Al Thani.

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The agreement is intended for ten years and will be applicable to all investments in both territories, respecting the constitutions, laws, regulations and environmental standards applicable in each nation, indicated the Embassy of Ecuador in Qatar.

Del Cioppo maintained that “the proposal will be reviewed as a priority by President Guillermo Lasso, Foreign Minister Juan Carlos Holguín and the team of the Undersecretary for Economic Affairs and International Cooperation of the Ecuadorian Foreign Ministry, led by Ambassador Juan Carlos Castrillón, in order to to proceed with your subscription. He thus refers to it in an official statement.

This is the Ecuadorian embassy in Qatar, which works with four people to serve 900 nationals

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No details are given of the content of this document that seeks to strengthen the relationship with the current headquarters of the World Cup, an event that has further developed the commercial link. In March there was an approach with the Qatar Investment and Promotion Agency for the opening of a storage warehouse for Ecuadorian agricultural products, so that they can later be distributed in the region.

The Ecuadorian ambassador in Qatar, Pascual del Cioppo (i), and directors of the Lulu supermarket chain inaugurated the campaign to promote Ecuadorian hats. Photo: Courtesy Embassy of Ecuador in Qatar

In 2019 there was already an approach with a view to the World Cup. At that time, government authorities met with Saud Hassan al Thawadi, secretary general of the Supreme Committee and the Legacy (SC), and showed interest in the country meeting the excess demand for products from that market during this sporting event.

If the World Cup were a commercial exchange, Ecuador would beat the Netherlands, beat Qatar and lose to Senegal

Although Qatar has a little over 2.5 million inhabitants, the same population as Guayaquil, its gross domestic product (GDP) is twice that of Ecuador, resulting in a population with a real purchasing power of close to $ 130,000 per year per inhabitant. Non-oil exports from Ecuador to Qatar reached $15 million in 2021. The main export products to that market are flowers, bananas and plantains, plants, white goods and fruit.

Precisely in bananas, progress was made in marketing with a new supermarket of the Lulu chain in Doha. Agrícola Cañas sent the first container of Ecuadorian Cavendish bananas on April 25 to supply that point of sale to the consumer.

Toquilla straw hats from Ecuador are sold on hangers in Qatar

In that same supermarket chain, toquilla straw hats made in Ecuador have been on a shelf since last July as part of the program to introduce Ecuadorian products in that market. The first shipment was 600 hats and in the second it will be 2,500 with suppliers such as Taytta Hats and Veka Design. (YO)

Source: Eluniverso

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