The visit of private entrepreneurs from Saudi Arabia to Ecuador to seek investment opportunities in production and strategic sectors is managed by the Ministry of Production, Foreign Trade, Investments and Fisheries, according to the press release.

The head of that state portfolio, Sonsoles García, met with Saudi Arabia’s investment minister, Khalid Al Falih, as part of the 54th annual meeting of the World Economic Forum in Davos, Switzerland. After the meeting, the ministers agreed on the promotion and deepening of relations between the two nations.

“More than 9.5 billion dollars of investment contracts in two and a half years, despite the difficulties”, emphasizes Daniel Legarda on the last day of the Government

During the meeting, according to the press release, the Minister explained the policies that the Government applies to attract foreign investment and create jobs, as well as the results of the implementation of the security strategy against transnational organized crime and confirmed that Ecuador has the conditions to welcome foreign capital that stimulates its economic growth.

“Saudi Arabia is already investing in other countries in the region (…), they look very favorably on everything that President (Daniel) Noboa is doing in terms of security, they look very favorably on the law that contemplates free zones as a point of attraction,” García said.

According to the minister, Saudi Arabia has two ways of investment that it wants to explore with Ecuador: public investment, through its investment agency, for energy and mining projects, and on the other hand, they are organizing a meeting to bring a delegation of private entrepreneurs from Saudi Arabia to Ecuador, for which they hope “as soon as possible, so that they can invest in energy and agribusiness projects”.

Likewise, Ecuador expressed interest in the development of fertilizer procurement from Saudi Arabia.

The Minister also met with Saudi Arabia’s Vice President for Investment and Development Abdulrahman T. Bakir.