Spencer Mahony: The idea is to give visibility to Ecuadorian companies in the United Kingdom

Spencer Mahony: The idea is to give visibility to Ecuadorian companies in the United Kingdom

Spencer Mahony, Deputy Commercial Commissioner of His British Majesty for Latin America and the Caribbean, was visiting Ecuador to fulfill his role as promoter of the strengthening of bilateral relations of the countries of the region with the United Kingdom (England, Scotland, Wales and Ireland from North). One of his objectives, as he commented, is to make Ecuador, its projects and companies, more visible in the United Kingdom. There are several projects for it.

After its separation from the European Union, Ecuador signed a trade agreement with the United Kingdom. Can you make an assessment of the results of the agreement so far?

This agreement was very important, because without it we would have had difficulties in our businesses, for example due to tariffs on our products. With this agreement we can facilitate more business and we can negotiate and discuss new options to collaborate between the parties. Before, with the Agreement with the European Union, it was a little more difficult, because the decisions depended on all the countries.

Have you been able to talk during the visit to Ecuador with the Ecuadorian authorities in order to expand the agreement? What new Ecuadorian products could enter the United Kingdom or vice versa?

There are many opportunities for our countries. For example, there is a company in England that belongs to an Ecuadorian who has studied in London, called Ichthion, and whose objective is to clean rivers of plastics. There is a 40% risk that plastics from the rivers reach Galapagos. They brought technology from England. There are other projects in technology, cybersecurity, health, climate change, cars like Land Rovers and mainly the whiskey. This last product is the largest export from the United Kingdom to Ecuador.

But what has been the behavior of the trade balance?

The trade balance is favorable for Ecuador, as UK sales reach 85 million pounds sterling in one year (from the third quarter of 2020 to the third quarter of 2021), while Ecuador sells 250 million pounds sterling to the United Kingdom. Many of these products are shrimp and tuna and we want many more of your products. We also see an opportunity for our companies in infrastructure projects. Right now we are working in Peru on the construction of hospitals, schools, we have companies that help with the water system, technologies for financing. There are opportunities, but we must work to connect businesses.

How do you see the climate for investment today, since the Government had planned the investment law, but it was denied by the Assembly? Does this generate noise?

We have spoken with the Undersecretary for Investment Promotion. The government plan is to adjust the law that already exists from 2015 through regulations. We will be waiting to see what adjustments are made in order to invite other companies to participate in Ecuador.

You had the opportunity to meet with Minister Julio José Prado, what issues did you discuss?

It was a very interesting meeting, he understands that there is an opportunity to collaborate with our country. Seek to support business. The idea is to give visibility in the United Kingdom to Ecuadorian companies. Ecuador will seek to make an effort between various government portfolios to present a comprehensive portfolio, both from the public and private sectors, of projects in the United Kingdom, in the second half of the year. Among them, projects in strategic sectors such as renewable energy, mining.

Could there be a variation in tariffs in the future, perhaps an improvement?

Not for tariffs, because the agreement has good conditions. Right now we are working on certain details of the agreement for the entry of genetic material from the United Kingdom to improve cattle production in Ecuador. That there are tools to improve local agricultural production. Yes, I can mention that we are also negotiating an agreement to avoid double taxation.

How do you see the investment opportunities in the region in general?

I honestly think we need to work much harder in the region. The UK is the sixth largest economy in the world, but it doesn’t have much of a presence here. Ecuador is a good place to do business, with very nice cities, very friendly people, with very good food, just like in many Latin American countries. My job is to change the perception in the UK about Latin America.

Are you going to replicate these visibility efforts in other countries as well?

Exactly, we have programs in each country to explain the services that our country can provide and in our country we organize events to explain how we can collaborate in Latin America and the Caribbean. For example we have discussed the option of doing an event in London to explain the investment options here. We recently had a road show. Every year we have road show, We traveled to several cities to explain the business opportunities in Latin America, and at least 500 companies that want to come to better understand this market attend. During covid we had about 100 virtual meetings.

At the moment there seems to be a reactivation, but what perspectives do you have on the economy considering Russia’s war with Ukraine and the ups and downs of covid?

The UK is very grateful to your Government for their collaboration in stopping this illegal Russian war. This is not fair to the people of Ukraine, which was an independent country. We hope it stops. Ecuador has made a great effort, Ecuador was going to sign an agreement with Russia, but made the decision not to do so, in pursuit of respect for human rights and democracy. What they have asked us for is support to diversify trade partners. What can we do so that Ecuador can reach other markets with its products. As a British Government we see ourselves very aligned with the values ​​and position of the Ecuadorian Government.

Do you think we will return to normality, or will we be plagued by the problems of war and covid?

I hope we get back to normal very soon. Many countries had very efficient vaccination programs. Of course there is a risk, but I hope this happens and we move on. (I)

Source: Eluniverso

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