During the first year of management, 228 investment contracts were signed, since 2021, which allowed the injection of 5,000 million US dollars; So mentioned and, President of the Republic Guillermo Lassoin the event Open for Business: Let’s Meet Investorswhich was held at the UEES Samborondón Convention Center.
Through a panel discussion entitled “Investment Experience in Ecuador and Future Challenges”, the President clarified the opportunities offered by the country to achieve business while achieving greater national development. He stated that measures have been taken to enhance the competitiveness of the private sector, for example, through tax incentives. “We started in the first month of the administration by reducing tariffs in about 667 items, which means saving 180 million USD; We lowered the dividend exit tax (ISD) from 5% to 4.5%,” commented.
In addition, the Minister of Production, Foreign Trade, Investment and Fisheries Giulio Prado, stated that the competitiveness and productivity agenda is being promoted through three pillars: Ecuador’s productivity, to lay the foundations for competitiveness and reduce production costs; Ecuador deserves it, to expand investment opportunities with more trade agreements; Ecuador is creating a space that adds value through innovation and collaboration. The government is working on consolidating trade agreements with the world’s major strategic countries. Prado is now referring to it Five treaties were negotiated with Mexico, Costa Rica, South Korea, China, and the Dominican Republic. While the roadmap is being prepared with Canada and the United States.
These actions have resulted in the realization of 5,000 million US dollars; Requests were received for investment contracts for an additional amount of approximately $1,300 million. Additional $334 million in additions to the investment were also approved. These numbers exceed those achieved by previous governments, since from 2012 to 2020, only 230 contracts were signed.
President Lasso noted that investments have a multiplier effect on job creation, explaining that according to World Bank data, creating a job requires 15,000 US dollars of investment, so the amount of 5,000 million US dollars will significantly increase job opportunities for Ecuadorians.
Attracting investments is a state policy promoted by the Ecuador Open Business Forum; Six investment promotion events in China, Argentina, Uruguay, Portugal, Israel and Chile; Promotion of the investment portfolio within the framework of the Association between the public and private sectors (APP); Implementation of the Country Investment Single Window (VUI), which aims to reduce the time, costs and number of procedures for establishing private investment.