• Live
    • Audio Only
  • google plus
  • facebook
  • twitter
  • Energy development projects and strategic sectors represent two-thirds of foreign investment in Ecuador.

    Energy development projects and strategic sectors represent two-thirds of foreign investment in Ecuador. | Photo: teleSUR

Published 5 June 2015

Cepal revealed that foreign investment in Ecuador increased by 6 percent, despite difficult external economic conditions. 

Despite the appreciation of the U.S. dollar and the low international price of oil, the amount of foreign investment into Ecuador has increased from 2013 to 2014. The Economic Commission for Latin America and the Caribbean (Cepal) has reported that foreign investment in Ecuador increased 6 percent in 2014, two-thirds of which has been directed to energy development projects.

On these trends, economist Jorge Salgado told teleSUR English, "There is a variety of projects that are also waiting to receive this foreign investment so that they can be completed, and this is due to the financial situation which exists in Ecuador and in the world as a whole. So this is good news to know that the macroeconomic conditions of our economy has still attracted foreign investment.”

The growth of foreign investment in Ecuador from 2013 to 2014 is significant, as in the rest of the region it fell by 16 percent.

Ecuador's state oil company Petroamazonas has signed various contracts with foreign companies, such as the Angolan Sonangol, and it is expected that in the next five years they will invest US$2.1 billion dollars.

Possibilities for investment in natural resources, the food industry, as well as agriculture are key draws for foreign investors looking to break into the national market.

"There are people that are investing in the agriculture export sector. I am referring to investment in agricultural goods. Ecuador's flowers are sought-after in Europe and in the United States. We have the world market captivated,” President of the School of Economists of Pichincha Victor Hugo Alban told teleSUR English.

He went on to say, “We believe that more investment in this sector will lead to greater redistribution. This means that we will increase that our exports, this is what the country is looking to do, so that there will be greater commercial balance.”

Ecuador has encouraged foreign investment in the country, as it is seen as being beneficial for completing national projects and ultimately diversifying the economy.

Tags

Ecuador
Comment
0
Comments
Post with no comments.