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President of Spain says his country will invest more in Ecuador

Published on August 29, 2022

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The Minister of Production, Julio José Prado, foresees that the commercial exchange between Ecuador and Spain will exceed $1.5 billion in 2022.

The President of Spain, Pedro Sánchez, ratified the commitment of Spanish companies in Ecuador and opted to increase these investments given the confidence that exists in this country.

“You invest where you trust,” said Sánchez, who emphasized the legal security framework that Ecuador has created to allow foreign investment.

The statement was made in a forum with businessmen, during his official visit to Ecuador, on August 25, 2022.

Sánchez highlighted the commitment of more than 120 Spanish companies in Ecuador, which represent 20,000 direct jobs in this country, and highlighted the show of trust that this presence implies.

The forum was also attended by the Minister of Industry, Commerce and Tourism of Spain, Reyes Maroto, who highlighted the commercial links between the two countries, underlining that they still have great potential in many areas.

Lasso reiterates legal certainty

President Guillermo Lasso invited Spanish companies to increase their presence in Ecuador and invest with confidence in the face of legal certainty, which will be reinforced during his administration, he said.

In this context, he recalled that Ecuador returned to the International Center for Settlement of Disputes (ICSID) of the World Bank, headquarters of international arbitrations.

“I invite you to invest in an Ecuador that generates trust, that has excellent indicators, peace and true democracy,” Lasso insisted.

Liquidity in the economy

The President of Ecuador mentioned that the international monetary reserve is the highest in the country’s history. Currently, it exceeds 9 percentage points of the Gross Domestic Product (GDP).

“The liquidity indicators allow us to meet the needs without experiencing the emergencies or fears that were experienced in the past. Our country opens the big door to investments and the Ecuadorian people will receive them with open arms,” said Lasso.

And he added that more bananas and shrimp and flowers from Ecuador in the world means more employment in Ecuador.

Lasso highlighted that Ecuadorian non-oil exports to Spain grew 15% in the first half of 2022 compared to the same period in 2021.

The Minister of Production, Julio José Prado, affirmed that the forecast for 2022 is that the commercial exchange between the two countries exceeds $1.5 billion, “much higher than what we had before the pandemic.”

Influential Latin America

For Sánchez, Spanish companies have been “ambitious and brave” in taking the step of going abroad. He cited the case of Acciona, which participated in the construction of the Quito metro, an “emblematic” project.

“Spanish companies are the best ambassadors of the country. They look at Latin America with humility, commitment and good faith,” he insisted.

Sánchez stressed that Spain and Ecuador are linked by very solid ties, such as those that he said also link his country with Latin America.

In his opinion, the region is increasingly influential and “you cannot understand Spain or Europe without that look towards and through Latin America.”

In this context, he recalled that in the second half of 2023, Spain, during its presidency of the EU, would host a summit of European, Latin American and Caribbean leaders.

A summit that he said “does not make sense” that it has not been convened since 2015 in the case of two such important trading blocks.

“It will be a crucial forum that should serve to strengthen ties and shared values,” said Sánchez.

The President of Spain also referred to Russia’s invasion of Ukraine. He thanked Ecuador for positioning itself “on the right side,” along with the majority of the international community when expressing its rejection.

Sánchez and Lasso continued to analyze trade relations between Spain and Ecuador at the meeting they held on August 25, 2022, at the Palacio de Carondelet.

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