Before the EU, Ecuador proposed to reach a GDP rate of 5% by 2022 and sign investment projects for $ 30,000 million in the next four years

Ecuador has proposed to achieve a gross domestic product (GDP) rate of 5%, generate around 2 million new jobs, sign new investment projects for around $ 30 billion in the next four years, and sign trade agreements, among others. goals.

This was pointed out this Tuesday Julio José Prado, Minister of Production, Foreign Trade, Investments and Fisheries, during his speech at the opening event of the virtual fair ExpoEuropa 2021, organized by the European Union and the European Chambers.

“We work to facilitate an environment that improves the conditions for investment in Ecuador. During the Ecuador Open for Business Forum, which will be in November, we will make available to international investors the different strategic projects that our country has, ”added Prado, who last Saturday signed six new investment contracts for about $ 436 million.

More than $ 430 million in six new investment contracts

This multisectoral forum, which will be open until this Friday the 22nd, plans to receive at least 200 exhibitors and 10,000 visitors, among Ecuadorian and European trade and economic actors: government and private entities, agribusiness companies, food, machinery, mining, energy, consulting, finance, services, technology and digitalization 4.0.

During the opening ceremony, there was also Charles Michel Geurts, ambassador of the EU in Ecuador; Wilfried Meinlschmidt, president of AHK Ecuador; Inmaculada Montero, EU trade counselor; Alfredo Borrero Vice President of the Republic; and Rupert Schlegelmilch, Acting Deputy Director General of the European Commission’s Directorate-General for Trade.

On this first day, it was emphasized that the countries of the European Union represent an important ally for economic reactivation on a global scale.

In this framework, the European Commission (EC) estimated that economic growth for the U and the Eurozone will resume an upward path in 2021, with an increase of 4.8% in gross domestic product (GDP) in both areas.

The Strategic Committee approved new investment contracts for $ 119 million

For Latin America, the Economic Commission for Latin America and the Caribbean (ECLAC) forecasts an economic growth of 5.2%. At the local level, the figures for bilateral trade with the EU are encouraging. Comparing the first semester of 2020 with that of 2021, Ecuador’s exports to the EU grew 6.96%, while EU exports to Ecuador increased 23.87%, almost recovering the low growth of 2020 due to the pandemic.

It is important to note that 80% of imports from the EU to the country are mostly capital goods and technology, which directly stimulate the Ecuadorian productive sector. (I)