Ecuador looks to India for investments

Ecuador has joined several other Latin American countries in seeking investments form Inida.

A delegation of Ecuadorian government and business officials toured India last week in an attempt to lure investors. The delegation proposed more than 20 projects in the tourism, telecommunications, infrastructure, water and petrochemical fields. The delegation, headed by Vice President Jorge Glas, also hopes to convince Indian companies to set up shop in Ecuador.

“We have achieved significant milestones in terms of development in recent years and are now focusing on improving the investment climate in the country,” he added. Glas said Ecuador is willing to offer foreign investors signficant tax breaks.

Economy grows at 4% in 2013, statistics show

Ecuador’s economy has grown at 4 percent in 2013 while inflation has remained below 3 percent, according to a government report. In announcing the statistics, President Rafael Correa said he expects GDP to expand by 5 percent in 2014.

“The year 2013 has been a good one for the economy,” Correa told reporters Thursday in Guayaquil.

The year’s expected growth is slightly lower than the 2012 figure of 5 percent. Ecuador’s currency has been the U.S. dollar since 2000.

The smallest member of OPEC has spurred growth in recent years through aggressive public investment in infrastructure and social programs, giving Correa strong political support and helping him win a landslide re-election earlier this year.