Opportunities for Doing Business in Ecuador

Jose Luis Cabascango Santillan

Trade Commissioner of Ecuador in Chicago

Several Master Degrees carried out in Ecuadorian and foreign universities in international relations, business administration, SME management, territorial planning and regional development. Managerial experience in public and private institutions related to social matters, planning, promotion of commercial competitiveness and exports.

Participation in projects with the Inter-American Development Bank, IDB, and the Spanish Agency for International Development Cooperation, AECID, on topics related to productive development and integral development plans with a commercial emphasis.

In the private sector, since a very young age, he has worked as an independent entrepreneur, managing commercial relationships with US and European countries.

During 2012 and July of this year, he served as the Trade Commissioner of the Trade Office of Ecuador in Spain known as Pro Ecuador, achieving in this period to diversify the presence of Ecuadorian products, substantially increasing the level of imports, as well as, improving the level of investments of Spanish companies towards Ecuador. As of August 1st, he accepted the position of Ecuador’s Trade Commissioner in Chicago

Located in the middle of the Andes, Ecuador stands out globally as an attractive destination for commercial opportunities. The petroleum-rich nation borders Colombia in the north and Peru in the east and south. Ecuador is diverse and has coastal areas, the highlands, the Galápagos islands amongst other areas. The region’s climate has created the perfect conditions for agricultural production, and with the rise of globalization, Ecuador has turned into an exporting powerhouse. Ecuador is a leading manufacturer and exporter of raw materials and finished products around the world.
In fact, Ecuador total exports went over USD$21 billion in 2018. Additionally, the economic growth rate has shown a stable upward trend since the 2000's. In 2018, the Gross Domestic Product (GDP) in Ecuador was worth USD$108.4 billion, an annual growth of 1.4%.
In 2000, Ecuador made the decision to adopt the US dollar as the national currency. Since then, the region has seen an increase in economic stability, and it has become one of the most stable economies in Latin America. As a consequence, Ecuador avoids all complications that arise from exchange rate fluctuations and conversion costs when international banking transactions are involved. * Statistical data has been updated with official numbers of Ecuador Central Bank.
This session will cover:
  • Overview of the economy of Ecuador
  • Why Ecuador is an attractive investment destination
  • The general framework for investments in Ecuador
  • Areas of economic growth

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