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Lasso affirms that Ecuador has the mining potential of Chile and Peru

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The president of Ecuador, Guillermo Lasso, said this Thursday in a meeting with investors in Madrid that his country has the mining potential of the South American giants of the sector, Chile and Peru.

On the first of the three days of his visit to Spain, Lasso was received by King Felipe VI and participated in a meeting with businessmen, before meeting in the afternoon with the President of the Government, Pedro Sánchez.

“The mining potential of Ecuador in the long term is similar to the current mining potential of Chile and Peru,” he said at the meeting at the Spanish Chamber of Commerce, in which he explained the benefits of investing in his country.

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“Ecuador exported 900 million dollars in minerals in 2020, in the pandemic, the first year of this volume. This year we expect to reach US $ 1,700 million, “he said, using figures that are still far from the exports of Chile (US $ 42,500 million) and Peru (26,000 million) in that period, according to official national figures.

In addition, Lasso stated his intention to “double oil production in a horizon of 5 to 7 years, going from 500,000 barrels a day to one million.”

The president assured that his country needs foreign investment to create jobs, and set himself to attract US $ 30,000 million in the next four years to create two million jobs.

“The Government does not have resources, nor does it have a great debt capacity, therefore, our development model relies heavily on the private sector,” he argued.

According to the Ecuadorian Central Bank, in 2020 foreign direct investment reached US $ 980 million in the country, and Spain was the first investor with about 305 million.


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