The Diplomat
Ecuador’s exports to Spain rose to $732 million (€673 million) in 2021, an increase of 36.9% over the previous year, according to data released by Ecuador’s Minister of Production, Trade, Foreign Trade, Investment and Fisheries, Julio José Prado.
During a meeting with the Official Spanish Chamber of Commerce and Industry of Quito, Prado presented to the companies attending the meeting the Government’s plans in commercial and economic matters, especially with regard to foreign trade.
On this point, he highlighted Spain’s important role in the Latin American country’s investment strategy, as it represents the “gateway to Europe for Ecuador”. Ecuadorian non-oil exports to Spain amounted to 732 million dollars in 2021, after growing by 36.9%. In this way, it is already the country’s fifth largest trading partner, reports Europa Press.
Prado also outlined the opportunities and challenges facing the country after the rejection of the investment law by the Ecuadorian Assembly. In this regard, he highlighted the work done so far to increase the country’s attractiveness to foreign investors, giving as an example the tariff reform carried out or the trade agreements reached under the administration of Guillermo Lasso.
The president of the Chamber, Carmen Sánchez-Laulhé, closed the event by remarking that companies that bet on the Latin American country need “agile and transparent” processes, as well as legal certainty.
