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MENAFN Press - 10/04/2014
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(MENAFN Press) Ecuador and the UAE are increasing business cooperation as the Latin country seeks to increase foreign direct investment (FDI) in key industrial sectors, according to a senior official from PRO ECUADOR during the Annual Investment Meeting (AIM) 2014

Speaking in a panel session at AIM, highlighting how to market Emerging and Frontier Markets for FDI, Carlos Lara Aguilar, Director of Investment, PRO ECUADOR, examined the importance of marketing a country through successful promotional campaigns to attract FDI in various sectors. As business ties between the UAE and Ecuador continue to grow across a number of core sectors, PRO ECUADOR is focusing on the petrochemical and logistics sectors this year

Other key FDI sectors for Ecuador include metal works; forestry “ resulting in manufactured products; tourism; fresh and processed food; renewable energy; biotechnology and applied software; and pharmaceuticals. These sectors aim to transform Ecuador's output matrix towards a newly structured economy with an expected GDP growth rate of 4.5 per cent to 5.0 per cent this year.

"The government of Ecuador has been promoting a safe climate for foreign investment as a vibrant dollarized economy complemented with highly skilled workforce, strategic location, logistics hub and mega diverse environment. All these elements highlight the different potentials of Ecuador's regions through successfully setting up various public investment projects. In 2013, Ecuador's foreign direct investment (FDI), grew by 41.4% from 2012, reaching US476.7 million (AED1.74 billion) ," said Aguilar

"The key developments that Ecuador is currently undergoing presents an opportunity for participation and investment from local companies in the UAE. Our PRO ECUADOR office in Dubai will continue to facilitate business between the UAE and Ecuador," he added

As a testament to the country's FDI efforts, PRO ECUADOR was awarded second place in the category 'Best FDI Project 2013 in South America' during the AIM Investment Awards. The investment project was made by Holcim, a Swiss company, for the construction of a new product line of clinker, a component used in the manufacturing of cement, in Guayaquil in Ecuador. The US300 million worth-project generated 2,500 jobs and US30 million worth of annual imports

"We are honoured to be recognised for our investment projects and we aim to continue to provide key projects that will generate foreign direct investment from the GCC region particularly in the UAE. With Ecuadorian government's vision to diversify and develop new investment projects in emerging investment locations, local companies in the UAE are given a diverse opportunity to expand their businesses in South America," said Hussam Hassan, Head of the Ecuadorian Commercial Office in Dubai

AIM's Silver Sponsor, PRO ECUADOR's booth showcased information on Ecuador investment opportunities and various ongoing projects in the country. The booth also highlighted Invest Manabi, headed by its CEO, Jorge Velez. Invest Manabi is the Investment Promotion Agency of the Province of Manabi, Ecuador, performing more than fifteen worldwide direct investment promotion missions for the province

PRO ECUADOR is the Trade and Investment promotion organisation of Ecuador, an agency of the Ecuadorian Ministry of International Trade. It is responsible for the business development of domestic exporters as well as the implementation of policies and rules to promote exports and investments into the country. PRO ECUADOR aims to foster strategic bilateral trade and penetrate existing and emerging markets across the world. PRO ECUADOR has seven regional offices responsible for supporting Ecuadorian producers and exporters. It also has 33 International commercial offices, in key markets including the UAE, to promote the export supply of goods and services of Ecuadorian companies abroad. PRO ECUADOR aims to open new markets for Ecuadorian products, identifying market opportunities, buyers, entry market requirements, and participation in trade promotion events such as fairs, trade missions and business conferences. For media requests and enquiries:Rose Manaog; Action UAE; rose.m@actionprgroup.com; 971 55 9010301For other requests:Hussam Hassan; PRO ECUADOR; haboa@proecuador.gob.ec; 971 55 7279900



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