Ecuador - India's Gateway to Latin America

MUMBAI, INDIA - An interactive meeting on ‘Doing Business with Ecuador – The Gateway to Latin America’ was held in honour of Mr. Mentor Villagomez, Ambassador, Embassy of Ecuador in India at the World Trade Centre (WTC) Mumbai on December 19, 2016. He said, “Ecuador is a promising destination for Indian investors and can be a gateway to Latin America. The present level of bilateral trade between India and Ecuador is insignificant at USD 716.97 million. However, I am sure we would find opportunity to strengthen bilateral trade and investment between both countries. Government of Ecuador is diversifying its economy from commodities to information technology, minerals and metals, shipyard, petrochemicals and so on. I welcome Indian investors to invest in these sectors and I assure them a stable regulatory regime, fiscal incentives, easy availability of credit and a stable political atmosphere”. The meeting was organized jointly by WTC Mumbai, All India Association of Industries (AIAI) and the Ministry of Foreign Trade, Government of the Republic of Ecuador.

Recently, Ecuador signed a free trade agreement with European Union and hence prospective Indian companies can benefit from it. In the last seven years, Ecuador has invested heavily in education, healthcare and infrastructure as part of its broader diversification strategy. Ecuador is transforming into a knowledge-based economy with considerable investment in education, Mr. Villagomez added. Ecuador has competitive edge in the export of flowers, panama hat, wood, aquaculture (especially shrimp and tuna), coffee, coco beans, palm hearts and processed foods, he pointed out.

Mr. Hector Cueva Jacome, Consul General, Consulate General of Ecuador in Mumbai said Ecuador stands to benefit from transfer of knowledge and technical know-how from India. India has advanced technologies in agriculture, information and communication technology among others.

Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai remarked, ”WTC Mumbai would set up a special cell to promote bilateral trade and investment among Ecuador, Peru, Columbia and India. The Indian government’s Make in India campaign, along and other initiatives offer tremendous opportunity for collaboration between both countries. Latin America has emerged as India’s focus country for doing business. I suggest all the Ambassadors of the Latin American countries to have a joint conclave to discuss trade and investment co-operation with India”.

Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai while proposing the vote of thanks said, “Ecuador is the first country to implement legislation on ‘Right to Nature’. Quito, the capital of Ecuador is a planned city with heritage value. There is lot of opportunity for collaboration in film, music and other entertainment sector. We are committed to support the initiatives of your embassy to promote bilateral trade and investment”.

In Photo (L to R): Mr. Hector Cueva Jacome, H. E. Mr. Mentor Villagomez and Mr. Vijay Kalantri.

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