Ecuador- Business Opportunities
The Ambassador of Embassy of Ecuador Hector Cueva Jacome accepted the Honorary Membership of Global India Business forum, in the presence of Global President Dr. Jitendra Joshi and Global Coordinator Ms. Deepali Gadkari. Realizing Strengths of Global India Business Forum and Consulate of the Republic of Mali and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Ecuador, also officially known as the Republic of Ecuador, is a country situated in the northwest region of South America and shares its borders with countries like Colombia, Peru and the Pacific Ocean. The country also includes the Galapagos Islands located in the Pacific which is about 1000 kilometers west of the mainland. The city of Quito is the capital of Ecuador. It is the most populous city in the country and is also the second highest official capital city in the world at an elevation of 9,350 ft. from the sea level. The territories of the modern-day Ecuador were colonized by Spain in the 16th century and the territories also achieved independence in the year 1820 as a part of Gran Colombia, from which it became a sovereign state in the year 1830. The population of the country is highly diverse and its official language is Spanish. There are 13 other native languages that have been officially recognized such as Quechua and Shuar. Ecuador is a developing country and is highly dependent on commodities like agricultural products and petroleum. Ecuador is also one of the 17 megadiverse countries in the world due to its endemic plants and animals, such as those found on the Galapagos Islands. And to recognize this unique ecological heritage of the country, the Ecuadorian constitution became the first in the world in the year 2008 to recognize legally enforceable Rights of Nature or ecosystem rights. In Antarctica, the country has set up a peaceful station for conducting scientific research as a member nation of the Antarctica Treaty; this treaty regulates international relations with regards to the continent which is the only continent in the world to not have a native human population. Ecuador is also a member of the United Nations (UN) and is also a member of many regional groups like the Rio Group, the Latin American Economic System, etc.
Business Opportunities in Ecuador
Ecuador has a lot of business opportunities at its disposal which can help its economy immensely. The country has huge exports of crude oil and its related products, which can create a lot of business opportunities for countries interested to invest in the oil production of Ecuador. The country is also known for its seafood like fish and shrimp which can create a lot of business opportunities for other seafood-driven countries. Coffee and cocoa are another set of popular products of the country which can help create more business opportunities for Ecuador as these products have a high demand around the world.
Exports and Imports in Ecuador
The exports of Ecuador increased from $17,57,621 thousand in September 2020 to $17,99,976 thousand in October 2020. The imports of Ecuador also saw an increase from $14,25,947 thousand in September 2020 to $15,61,086 thousand in October 2020.
Top Exports of Ecuador
Crude oil and other related products account for almost 58% of the total exports of Ecuador. Other major exports of Ecuador are bananas, fish and shrimps and coffee and cocoa, which account for 9%, 11% and 4% of the total exports of the country respectively. The main export partners of Ecuador are the USA, Chile, Peru, Colombia, Venezuela and Russia.
Top Imports of Ecuador
The main imports of Ecuador are raw materials, which form 25% of the total imports of the country, capital goods, fuels and lubricants, consumption durables and transport equipment. The main import partners of Ecuador are the USA, China, Colombia, Panama, Peru, Japan and Chile.