Colombia and Ecuador will open joint commercial office in Israel focused on attracting innovation

It seeks to promote entrepreneurship, innovation and applied technology in the Israeli ecosystem.

In order to promote entrepreneurship and innovation, Colombia and Ecuador will implement a shared commercial office in Jerusalem (Israel).

This decision was made during the 10th Binational Cabinet held last week in Cartagena (Colombia) and was led by presidents Iván Duque and Guillermo Lasso, of Colombia and Ecuador, respectively.

Colombia is the fourth destination for Ecuadorian non-oil exports. From January to October 2021, shipments to that country reached $661 million, 1.5% more than in the same period of 2019, and it also stands out as an important supplier.

Meanwhile, for the implementation of the office, the Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, Julio José Prado, and the head of the Ministry of Commerce, Industry and Tourism of Colombia, Ximena Lombana Villalba, signed a memorandum of understanding.

“This will allow us to attract the best technologies and investments directly to both countries,” said Prado after signing the document.

For his part, Villalba highlighted the coordinated work of the two Governments so that both countries participate in Israel's entrepreneurship and innovation ecosystem.

The memorandum, the first of its kind in the country's history of cooperation, will have a duration of five extendable years and expresses the mutual interest in promoting entrepreneurship, innovation and applied technology in Israel's ecosystem, which will bring the best practices to the Ecuadorian industry and consolidate new opportunities.

Ecuador and Colombia, in order to comply with what is established, will coordinate joint strategies, and will also develop a framework for action and management of conflicts of interest and other related matters.