Before a group of workers, entrepreneurs and businessmen from El Oro, the president William Lasso spoke of the main issues of the draft Organic Law for the Attraction of Investments, Strengthening of the Stock Market and Digital Transformation.
The event took place on the afternoon of Wednesday, February 23, at the Cartopel factory facilities in Machala. The president explained that the goal is to create new jobsthrough the attraction of capital.
To do this, said Lasso, it is proposed modernize the system of public-private partnerships (PPPs), for the development of infrastructure projects, energy, oil, mining. “Where the State puts its assets, the private puts the capital and the profits of a business are shared. That way we are going to create jobs and opportunities,” he described.
With three axes: public-private alliances, free zones and stock market, this afternoon the Investment Law is sent to the Assembly
Regarding the reforms to the capital market, the president mentioned that the purpose is that the people can invest their savings to finance entrepreneurs and businesses, “and share the benefits of that business.”
Another aspect of the project has to do with the shrimp companies operating on land granted by the State. The offer is that State sells the land to organizations, so that companies invest and become more technical.
Refering to creation of free zonesLasso expressed that the intention is attract major international brands and thus generate sources of employment.
According to the bill, these spaces will be chosen by private investors under State supervision.
Companies will enjoy tax incentives: elimination for ten years of income tax (IR) and, after that period, a reduction of 10% in the following years; ISD waiver for the import of capital goods, inputs and raw materials; exoneration of taxes on foreign trade (duty); and a fee of 0% VAT.
“That large companies come from abroad, to settle in Ecuador, in free zones, and from there export to the world. If they come to Ecuador, and from here they export to the world, they will have to hire Ecuadorians to work. Will they be tax-free zones? Yes of course. What we seek is to create employment; it is not more money for the Government, but for the families”, mentioned the president and pointed out that the goal is to capture $ 30,000 million.
“We want the world’s great investment to land in Ecuador”, summarized Lasso. In this sense, progress is also being made in the signing of trade agreements with several countries, he added.
During his presentation, the president referred to the analysis and discussion of the law in the Assembly. “I hope they don’t deny itbecause by denying it they are turning their backs on seven out of ten Ecuadorians who do not have a job”, he commented.
Executive sends to the Legislative urgent law for the attraction of investments, strengthening of the stock market and digital transformation
He warned that the Government will insist on the approval of its proposal, which has an urgent nature in economic matters, which sets a term of 30 days for the Legislature to rule.
“We are going to put all the democratic pressures so that the law is approved”, anticipated the president and expressed that “the fight between politicians is useless, it does not help at all”.
The Investment Attraction Law project was delivered to the National Assembly on February 22. The government considers create two million jobs until 2025. (I)
Source: Eluniverso
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