Ecuador Eyeing UAE Investment In Tourism, Mining Sectors

‘Connecting with Ecuador’ trade forum which aims to boost bilateral trade relations, attended by 160 business leaders from the UAE
Dubai – The South American nation of Ecuador has taken significant steps forward in attracting investments from the UAE towards its promising tourism and mining sectors.

With bilateral trade value between the two countries reached US$5.3 million in 2013. Ecuadori-an exports to the UAE also increased by eight per cent in the same year; meanwhile, it regis-tered 34% increase during the 1st quarter of in 2014.

PRO ECUADOR, the trade and Investment promotion organisation of Ecuador, has collaborated with the Department of Economic Development – Government of Dubai in organizing the ‘Con-necting with Ecuador’ trade forum.

In the presence of 160 business leaders from the UAE who attended the forum, His Excellency Juan Francisco Ballen Mancero, Vice Minister of Foreign Trade Policies and Services of the Ec-uadorian Ministry of International Trade commented that: “The UAE has been a growing trad-ing partner of Ecuador for the last years. With the vast potential presented by the tourism, fi-shery, agri-food industry and mining sectors in our country, we are hoping to stir keen interest from UAE businesses to explore the huge investment opportunities that these sectors present. In addition, with our aim of further strengthening the bonds between our two countries, we also encourage UAE residents to come and visit the unique attractions that Ecuador has to offer.”

His Excellency Sami Al Qamzi, Director General of DED, said in his opening remarks that “Dubai’s total trade reached AED 1,300 billion in 2013 with imports accounting for over AED 790 billion, which is an indication of the huge opportunities the city provides as a trade hub. With fast-emerging sectors like Islamic economy and clean technologies now, a high priority in Dubai’s economic diversification strategy and the city hosting the World Expo in 2020 there will be infinite new opportunities in Dubai. We invite investors and businesses in Ecuador to capitalise on this emerging picture of Dubai.”

As per PROECUADOR source, the mining sector of Ecuador have strategic mining projects, which are within the ranges of mining on a large scale with an investment value worth US$8 billion. It is backed by rich mineral reserves mostly composed of copper, molybdenum, gold, silver and other metals.

Meanwhile, Ecuador’s tourism sector is famous for its biodiversity and natural tourism attrac-tions, which includes the renowned Galápagos National Park – a World Heritage Site declared by UNESCO. This sector has also been a key driving force behind the country’s 4.9 per cent Gross Domestic Product (GDP) growth rate registered in the first quarter of this year.

Other topics discussed at the forum included sectors such as flowers and Ecuador’s advanced logistics infrastructure and specialization to transport these products. From the year 2007 up to 2013, Ecuador invested US$6.8 billion for ground, fluvial and aerial transport infrastructure. In addition, Ecuador’s diverse seaports provide excellent capabilities in moving large volumes of goods, bulk liquids, solids and gases, with a large use of what is called ‘economy of scale’.

With the GCC’s increasing demand for flowers and plants, the UAE is fast becoming a major hub for such botanical trading. According to experts, the UAE’s plant and flower market represents a sizable chunk of AED140 million out of the GCC’s flower market of AED970 million. At the same time, it is expected to achieve an annual growth of 20 per cent. Capitalising on this growing demand, the trade forum highlighted Ecuador’s expertise in the flower and plant industry.

The one-day forum gathered UAE business leaders from various industries with a common de-sire of investing in Ecuador. Among the speakers were His Excellency Sami Al Qamzi, Director General of the Department of Economic Development in Dubai (DED); His Excellency Juan Fran-cisco Ballen Mancero, Vice Minister of Foreign Trade Policies and Services, Ecuadorian Ministry of International Trade; and Antonio Ruales García, Executive Director of PRO ECUADOR.

Originally published on www.zawya.com/