Ecuador and China Economic Ties
Ecuador’s Westward Expansion to the Far East
Ecuadorean Vice President, the honorable Jorge Glas, led a private and public sector delegation from Ecuador to Beijing, in an effort to further expand and enhance commercial relationships between Ecuador and China. Over 70 Chinese companies attended the most recent ceremony to inform Chinese business leaders of Ecuador’s ongoing and unprecedented growth. The central theme is that continued growth in the Ecuadorean economy, the burgeoning middle-class and the overall recent financial property, all combine to make Ecuador an increasingly attractive trade partner for China.
The focus of the Ecuador delegation was promoting increased cross-national business transactions in the steel, industrial metals, petrochemical and pharmaceutical industries. While other industries captivated Chinese interests, as well, the aforementioned represented the bulk of the Ecuadorean delegation’s commercial thrust. Clearly, the Ecuadorean delegation was inspired to present evidence of its growth and ability to sustain and grow an industrial base. The preceding is consistent with the President Correa mandate that more domestic production occur within Ecuador’s borders, in order to enhance national job creation.
It should be noted that other Chinese sectors well represented at the event included the investment and financial services sector, as well as utility companies, telecommunications firms and innovative energy source companies. Vice President Glas asserted, “We have come to China to present only viable and immediate projects.” Vice President Glas also went on to proudly discuss the strict Ecuadorean due-diligence system and established corporate law code, both serving as amongst the most qualitatively stringent, yet not restrictive, in the world.
Citing Ecuador’s bounty from natural resources, most notably oil, Vice President Glas assured Chinese leaders that Ecuador’s ongoing growth was sustainable long-term. However, Glas also pointed out that Ecuador has a long process ahead of it towards industrial modernization, where he readily admitted that Ecuador trailed China by decades in terms of economic progression. Glas saw this as an ideal opportunity to take advantage of the natural resources in order to fund the expedited Ecuadorean industrial revolution. He commented, “I am certain that these developments represent an opportunity for participation, investment and financing for Chinese corporate interests, while for Ecuador it remains a grand opportunity to evolve towards a newly structured economy, whereby the social progress already achieved will evolve into a more permanent success.”
The comments sounded two familiar themes for the current Ecuadorean leadership. The first, a resounding desire to expand trade and economic ties to the booming Asian economies, most notably the economic power that is China. Second, the belief that economic growth, development and capitalism can be tied to a more progressive view on evolving positive social mandates, which enhance the middle class. All this set against the broader thematic backdrop of living in exciting times, where many new regions of the world are consolidating their economic interests in the form of new found progress. The Ecuadorean delegation strongly encouraged enhancing economic ties with China, at this historic juncture, where Ecuador-China relations are at an all-time zenith. The Ecuadorean delegation further expressed a desire to see future economic cooperation take a prosperous approach, but one more deeply founded in mutual interests and friendship, not just commerce.
In following the progress of this well coordinated economic development campaign, one can see the commitment to capitalism, domestic job creation and desire for an aggressive economic expansion into the most vibrant regions of the world, which has defined the economic policies of the Correa Administration, as they truly evolve and not as somewhat distorted in the mainstream media. Ecuador’s economic policy, today, is a vibrant, ambitious and aggressive pursuit of modernization, for the betterment of the social welfare of the Ecuadorean populace. It is defined by an intensive need for the right kind of capital commitment, in order to further evolve the exceptional growth trends that have manifested themselves in Ecuador.
In short, it places Ecuador at the forefront of an exciting Foreign Direct Investment (FDI) opportunity, for capital interests with the wisdom of a long-term vision and perspective. Ecuador is, indeed, living in interesting times, but in this case, all for the better and with an eye to the continued economic progress seen in the last seven years. Our readership is encouraged to come and discover the opportunity. EscapeArtist Ecuador is always here to assist.