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Business / Qatar Business

Ecuador seeks to boost foreign investment

Published: 20 Feb 2018 - 01:09 am | Last Updated: 01 Nov 2021 - 01:59 pm
Ivonne A Baki, Resident Ambassador of the Republic of Ecuador to Qatar speaking to the media. pic: Baher Amin/The Peninsula

Ivonne A Baki, Resident Ambassador of the Republic of Ecuador to Qatar speaking to the media. pic: Baher Amin/The Peninsula

By Satish Kanady / The Peninsula

DOHA: The oil-driven South American country of Ecuador is looking to boost its two-way partnership with Qatar by increasing mutual trade and bolstering investment ties. The over $100bn economy is set to attract investments from Qatar; and also in discussion with various Qatari entities to reinforce its presence in Qatari market.
Infrastructure, refineries, minerals and hospitality are the keys sectors to which Ecuador is looking to attract foreign investments. The country is in discussion with Qatari entities to find markets for its globally popular seafood and agro products, Ivonne A Baki, Resident Ambassador of the Republic of Ecuador to Qatar, who also represents Ecuador in six other countries in the region, told the media.
Next week, a group of Ecuadorian government officials and business stakeholders will travel to Doha to seeking to revive the bilateral trade, tourism sector and investment in Ecuador. The delegation will be led by Foreign Trade and Investment Minister Pablo Campansa Saenz. The minister’s visit is a precursor to Ecuador’s newly-elected President Lenin Moreno’s scheduled visit to Doha in the coming months.
“Our bilateral relations are good. But trade volumes should be much better. We don’t have enough trade. But now I think because of the blockade it is an opening and that it’s the moment for Qatar to be able to bring globally popular Ecuadorian products that are missing in Qatar’s local market,” the ambassador said.” As of now, Ecuador’s foreign direct investment is more than $2bn. Compared to the country’s huge investment potential, this is nothing, especially when you compare with the neighbouring Columbia $12bn and Peru’s $14bn. “Ours is a stable dollarised economy with very low inflation. We offer incentives to all kinds of investments with value added tax free for 10 years”, the ambassador said.
Elaborating on the foreign investment security in Ecuador, Ivonne said the country guarantees a non-discriminatory treatment to foreign investors. There is freedom of production and commercialization of goods and services and free movement of capital.
“There is full guarantee of private property and development and freedom to access the stock market. The country has transparent contractual process and tenders and simplified structure for approval of investments through a committee attached to the Presidency of Republic of Ecuador. The country with a strong political, legal and tax stability guarantees a strong bilateral investment treaty,” she said.
Geographically positioned at the ‘centre of the world’, Ecuador is working to expand its global transportation connectivity network. The ambassador said the country is in discussion with Qatar Airways to facilitate a direct Qatar-Quito passenger flight. Currently, Qatar Airways cargo is bringing one million world class roses from Quito twice in every week. “We want Qatar Airways to operate a direct passenger flight”, she said, which according to her, will help boost the outbound and inbound tourism in both the countries.
During the scheduled two-day visit, the Ecuadorian Trade and Investment Minister will hold discussions with a series of Qatari entities including Qatar Investment Authority (QIA), Qatar Airways and various ministries. The business delegation will meet with officials of Qatar Chamber and Qatar Businessmen Association (QBA).