The April 26, during the eighth session of the Strategic Committee for the Promotion and Attraction of Investments (Cepai), chaired by the Minister of Production, Foreign Trade, Investments and Fisheries, Julio José Prado, 45 investment contracts were approved for $894 million, which will generate 3,754 new jobs in Ecuador. With this latest approval, investment commitments for $2.83 billion in the first 4 months of 2022 alone.
Previously, since May 24, 2021, contracts for $ 1,169 million were signed, With which, during the government of President Guillermo Lasso, the approval of investment contracts for $4,999 million has been reached, the ministry reported.
To date add 228 investment contracts approved during this administration, which are expected to generate more than 24,000 jobsratifying that the investment attraction policy promoted by the National Government, through the ministry, has a positive echo in the economic reactivation on a national scale, said that State portfolio.
In addition, so far in 2022, $284 million have been approved in addenda for requests for increased investment in previous contracts, a clear sign of confidence of the productive sectors in the policies implemented by the National Government.
The figure of $5,000 million in eleven months of Government, is relevant if it is compared with the approvals in previous years and confirms that Ecuador is experiencing a shock both domestic and foreign investment, the ministry said in its statement. In 2017, seven contracts were approved for $77 million; in 2018, 23 for $996 million; in 2019, 53 for $1,166 million; in 2020, 50 investment contracts were registered for $603 million; From 2021 to May, contracts for 989 million were signed. Thus, prior to the current government, in more than four years, $3,311 million were approved.
The main sectors in which approvals have been signed in the last year are: mining, manufacturing, tourism, energy, agribusiness, logistics, forestry and agriculture.
The companies, whose investment contracts were approved, will take advantage of the advantages granted by the Organic Law for Productive Promotion, Investment Attraction, Employment Generation and Fiscal Stability, which establishese The exoneration of the foreign exchange outflow tax (ISD), provides tax incentives for investors such as the exemption of income tax, among others.
Source: Eluniverso
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