Ecuador invites Spanish companies to collaborate in energy and infrastructure

The Diplomat The Minister of Production, Foreign Trade, Investments and Fisheries of Ecuador, Luis Alberto Jaramillo, invited Spain on Monday to collaborate in strategic sectors of the country, such as energy or infrastructure, two areas in which, he assured, his Government has launched several large-scale projects of interest to Spanish companies. During a meeting at the CEOE headquarters in Madrid, where the business and investment opportunities existing in the country and the possibilities of cooperation with Spanish companies were discussed, Jaramillo stated that the country offers very interesting opportunities in energy, infrastructure and mining. In this regard, Jaramillo highlighted various projects of interest in the field of infrastructure under the PPP regime (a form of private capital linkage), such as the Guayaquil Southern Viaduct project, in which four ports are involved. Other projects are the connection of several provinces through the Manta-Quevedo Corridor, the maintenance of the Montecristi, Jipijapa and La Cadena Road Corridor, the Pifo “Y” Road Corridor of Baeza, the Bahía-Cojimíes Road Corridor, the Ambato-Baños-Puyo Road Axis or the maintenance of the Multipurpose Terminal of the Commercial Port of Esmeraldas. In the field of energy, Jaramillo explained that Ecuador is highly dependent on hydroelectric energy, which provides 85% of its energy, and that the purpose of his government is to change the energy matrix so that it does not depend so much on either the hydraulic side or the center of the country. He also announced that a free trade agreement is being concluded with Canada, which is very interested in investing in this sector. He also assured that the purpose of Daniel Noboa's government is for Ecuador to be a leader in green energy after Chile. For this reason, he already mentioned some interesting projects that have been launched, such as the Ducal Membrillo Villonaco II wind project, the El Pimo wind project, the Flotante Mazar photovoltaic project, the Matala photovoltaic project, the Chachimbiro geothermal project, the Chontal Hydroelectric Plant or the Santiago Hydroelectric Plant, among other initiatives. “Ecuador has implemented policies to promote public[1]private partnerships, boost energy competitiveness and develop the tourism sector, trying to provide investors with a favorable environment for their businesses,” said CEOE Vice President Íñigo Fernández de Mesa during his speech at the opening of the Meeting. Isabel Rata, Deputy Director General of America of the State Secretariat for Trade, reiterated Spain's willingness to continue working with the Ecuadorian Government to strengthen trade and investment relations and highlighted the importance of Ecuador's Electricity Master Plan and its commitment to renewable energy. “Spain and its companies can support this energy transition, especially in wind, hydroelectric and photovoltaic technologies, where Spanish companies have extensive experience and global leadership,” she said. For his part, Jaime Montalvo, international director of the Spanish Chamber of Commerce, pointed out the important steps that the Ecuadorian government is taking to guarantee macroeconomic stability and advance towards a more diversified and competitive production model within the framework of the Development Plan for the New Ecuador 2024. Finally, the Ecuadorian ambassador to Spain, Wilma Andrade, recalled that Ecuador has a dollarized economy with low inflation, with a commercial opening to the world, interesting tax incentives, a great geographical and logistical advantage and a developed infrastructure.

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