President Guillermo Lasso opens Ecuador Open for Business, which seeks to capture interest for $ 30,000 million in investments among 51 countries

The inauguration announced the creation of a new Secretariat for public-private alliances, to facilitate the issue of investment.

The President of the Republic, Guillermo Lasso, inaugurated on Thursday, November 18, the international event Ecuador Open For Business, which brings together representatives from 51 countries of the world and whose purpose is to attract investments to Ecuador. The president confirmed that the current objective of the country is to attract private investment for around $ 30,000 million in four years.

"We have a portfolio with the goal of achieving $ 30,000 million investments in hydrocarbons, minerals, telecommunications, infrastructure and more sectors," he said.

In that event, the president said that Ecuador probably grows up to 3.5 % this year, that is, a higher goal than the Central Bank officer and that it is at 3.02 %.

Additionally, Lasso announced the creation of a new secretariat for public-private alliances that will be responsible, precisely, to facilitate the issue of investment.

In his inaugural speech, the president highlighted the macroeconomic strengths of the country, including the dollarization of which he said that "he is now safe in Ecuador."

He explained that the economy has been better organized and therefore at the moment there are international reserves for $ 8,200 million, when they assume their mandate were in the order of $ 5.9 billion.

He also reiterated that the country is open to business and that this Ecuador Open for Business is not just a slogan, but a reality.

The president described government economic milestones as the decrease in country risk from 1,200 to 700 points, although he stressed that this index is not yet satisfactory, but a sign of what could come. He highlighted the vaccination process and stressed that by the end of the year 85 % of the population will be immunized.

He also explained that the country's deficit has been reduced, but that in 2022 it could reach 2.5 %, especially with the possible approval of the tax reform. Additionally, he mentioned that inflation is in very manageable terms: 1.47 %, one of the best indices in the region and the lowest between dollarized economies.

In this sense, he invited investors to bet on Ecuador at this time, as it is the country of opportunities. He said there is space for investments in the hydrocarbon field, electric, of cleaner energies, in the financial, telecommunications and even social.

Lasso also highlighted his government's efforts to hold trade agreements with the main economic blocks. Thus he said that it seeks to specify the agreement with Mexico and be able to be part of the Pacific Alliance until the first quarter of 2022. Also the transpacific alliance, for which conversations with China have been advanced and even an agreement with Eurasia, for which it has held conversations with Russia.

The first master talk was in charge of the Minister of Production, Julio José Prado, who spoke about the need to create an ecosystem of companies. These must grow together and achieve industrialization. He explained that Ecuador seeks to consolidate several economic clusters such as cocoa, textile, assembly, among others. He is thinking of some new ones such as the cultural, gastronomic.

Who participates in Ecuador Open for Bussines?

• 800 investors.
• 51 countries represented.
• 2,000 participants in virtual platform.
• 500 and more scheduled business appointments.
• 50 exhibitors.
• 13 panels. (I)