12th October 2015, New Delhi: PRO Ecuador, Institute for Export and Investment Promotion, today in the capital city of New Delhi, showcased the countries products and the upcoming investment opportunities for companies across India. India has emerged as an upcoming source of Foreign Direct Investment (FDI) for Ecuador.
Marking inroads towards new business avenues, Mr. Borys Mejia – Special Advisor to the Minister of Foreign Trade, Mr. Mentor Villagomez, Ambassador of Ecuador and Mr. Hector Cueva, Consul General and Trade Commissioner of the Consulate of Ecuador in India participated in the conclave of the Confederation of Indian Industries (CII) held for the Latin America and Caribbean (LAC) countries for enhancement of economic engagement between India and the LAC regions. During this conclave, they emphasized on the benefits of bilateral trade and investing in Ecuador. Some of the sectors where there is a great scope for trade and investment are pharmaceuticals, food and drink, wood and IT services. The strong investment portfolio of Ecuador is established by the stable rating of B, given to the country by Standard and Poor (S&P).
Mr. Mentor Villagomez, Ambassador of Ecuador in India said, “India and Ecuador share a highly collaborative relationship, fuelling the prosperity of both countries and we greatly value our association and look forward to a long-standing relationship with India. The fact that in 2014-15 Indian companies were seeking to invest in Ecuador is a tremendous testimony to the strength of our ties, while we also noticed bilateral trade interest between the two countries, proving a two-way relationship. As India is an interesting market for our exportable offer, we will explore various avenues to maximize our resources and the service sector in Ecuador.”
Mr. Hector Cueva, Trade Commissioner of the Commercial office of Ecuador, said “At a time when global FDI flows have fallen, investors from India understand that Ecuador is welcoming, diverse and open for business. We will create great opportunities for India and help in increasing the bilateral relationship between India and Ecuador.
Previously, India and the Central Bank of Ecuador noticed an exponential growth in the imports of Ecuadorian cocoa in 2014. During that period India imported Ecuadorian cocoa worth USD 12.39 million. ”
Over the years, Indian industries have looked at strengthening their portfolio through various benefits offered to investors in Ecuador. Investment regulations in Ecuador have been expanded in an effort to attract foreign investments. The numerous and smoothly implanted ways for investing have established the country as one of most convenient locations for overseas investment.
The visit concluded with the signing of the JETCO agreement (Joint Economic and Trade Committee). The Ambassador of Ecuador to India, H.E. Mr. Mentor Villagomez met Ms. Rita Teotia, Commerce Secretary, Government of India on 9th October, 2015 and discussed measures to enhance bilateral trade and investment relations between both the countries. During the year 2014-15, the bilateral trade between the two countries stood at US $ 1290.77 million.
The objective of the JETCO is to create a mechanism in order to discuss initiatives to improve economic relations between the two countries including the facilitation of trade and investments. The two governments will meet regularly with the aim of further improving, deepening and strengthening the existing trade relationship between India and Ecuador. The first meeting of the JETCO is proposed to be held in February 2016, in India.
PRO Ecuador will continue to explore the Indian investment markets and look at building the countries ties and increase the scope of trade. PRO Ecuador considers the globe as its potential market and is working towards creating a strong threshold in the Indian markets.
About PRO ECUADOR:
PRO ECUADOR is the Institute for the Promotion of Trade and Investment, part of the Ministry of Foreign Trade, responsible for promoting exports, investments and tourism of the country. It has 30 offices worldwide, in the US, China, Germany, India, UAE and several other leading markets, who focus on investigation, negotiation and the opening of markets. PRO ECUADOR seeks to position Ecuador as a provider of products and services of high quality and added value, with an emphasis on the diversification of products, markets and the attraction of foreign investment.
For more information, please visit – http://www.proecuador.gob.ec/en/