For the embassy of Ecuador, boosting trade and investment with Canada is a key goal.
On the trade side, the potential to increase bilateral commerce is accentuated by our interestingly diverse products. Ecuador exports oil, bananas, shrimp, fish, flowers, tropical fruits, cacao, coffee and industrialized products such as textiles, car parts, software and canned tuna. Recently, Ecuador has also begun to export gold, silver and copper. In 2011, Ecuador exported to Canada a total of $86.5 million with gold, roses, shrimp and hearts of palm among the most significant products.
Trade between Ecuador and Canada is complementary. Canada sells industrialized products related to innovation, science and technology, as well as wheat. Canada’s exports to Ecuador also include newsprint, aluminum wire, radio navigational aid apparatus, roasted and unroasted malt for beer and fertilizers for agriculture. In 2011, Ecuador purchased $246.4 million worth of Canadian products.
Ecuador believes that Canadians are serious investors, who respect their economic commitments and the environment, and are concerned with the welfare of local communities. For this reason, one of our main goals is to attract Canadian investors to Ecuador. In mining, several large Canadian companies are negotiating large-scale mining contracts with the state of Ecuador. Kinross is in the final stage of the negotiation process and Iamgold, International Minerals and other companies are already having preliminary conversations. Ecuador also has large and significant proven reserves of oil and many areas where oil and gas exploration is needed.
Several large infrastructure projects are underway, including hydroelectric power plants, a new oil refinery and the Quito International Airport, under construction by the Canadian company AECON. The new airport is scheduled to begin operating in October. Canadian investors are developing several seaside real estate projects.
The climate of Ecuador draws enthusiasts to its beaches and mountains for relaxation and adventure. And eco-tourism, as elsewhere around the world, is increasingly popular. Ecuador also boasts a huge area of Amazon jungle that is worth visiting if you wish to enjoy a natural and exuberant environment.
With a small territory (half the size of Manitoba), Ecuador is listed among the countries with the greatest biodiversity in the world. Important deep sea ports on the Pacific Ocean and airports in a number of cities connect Ecuador with the rest of the world. A network of first-class modern highways criss-crosses the whole country. The Galápagos Islands, located 1,000 kilometres (620 miles) off the mainland, are a tourist destination that most Canadians are unaware of and which we are keen to promote and develop.
All this potential will result in an increased demand from passengers and cargo that will require the establishment of direct air routes to facilitate exchanges between Canada and Ecuador. We are in preliminary negotiations for an air services agreement.
In the hopes of facilitating and promoting trade between both countries, Ecuador presented Canada with a draft trade agreement for development, compatible with GATT rules, based on the principles of special and differentiated treatment for less-developed economies, protection of sensitive sectors, respect for the environment and human rights, as well as cooperation to promote trade.
Ecuador has national legislation related to the organization and registration of companies, protection of investments, transfer of profits abroad and special tax incentives for foreign investors.
Ecuador has offices in Ottawa, Toronto, Montreal and Vancouver. All are willing and able to provide assistance and information. We are in the process of opening more offices in other provinces. Our embassy in Ottawa, with its commercial and consular section, will gladly assist companies and business people interested in doing business with our country.
Andrés Terán-Parral is ambassador of Ecuador. Reach him at embassy@embassyecuador.ca or 613-563-8206 / 613-563-4286.
