Lasso presents investment portfolio to Chinese entrepreneurs

Lasso presents investment portfolio to Chinese entrepreneurs

The President met with representatives of companies such as Alibaba, Sinovac, Xiaomu and BYD Co. Ltd. to whom he offered a $30 billion portfolio.

BEIJING. President William Lasso presented this Friday (February 4, 2022) various possibilities of investment to representatives of more than 20 Chinese companies, reported the Communication Secretariat of the Ecuadorian Presidency.

The presentation It was carried out within the framework of the Government’s policy of opening the economy to the world with strategic commercial partners, such as China.

lassowhich is making an official visit to the ‘Asian giant’, participated in an event organized in conjunction with the Ministry of Foreign Affairs of the Asian country, which was attended by more than 20 important leaders and businessmen, reads a statement from the Presidency.

It details that among the attendees were representatives of Asian industries “with high international impact such as Alibaba, Sinovac, Xiaomi, Baidu Company, BYD Co. Ltd.”

The head of state reiterated that one of the main objectives of this visit is to set the tone for signing a free trade agreement with China and push more investments.

“We want to see in the world and in the Chinese people the great opportunity to develop the Ecuadorian economy,” he said.

For this reason, at the meeting a broad briefcase of all investment projects in sectors such as health, energy and infrastructure, among others, which add up to approximately 30,000 million dollars.

Public-private partnerships

To specify the investments in these sectors, lasso highlighted the importance of public-private partnerships as mechanisms not only to inject capital, but to enhance the country’s efficiency in various sectors.

The technical secretary of Public-Private Associations and Delegated Management, Roberto Salas, agreed on this, who argued that the private sector should be a co-star in the development of infrastructure and public services in Ecuador.

For this reason, the National Government is working to support these alliances with parameters that encompass institutionality, transparency and anti-corruption practices, competitiveness and legal certainty for actors and financiers, among other aspects, indicates the Presidency.

the attraction of investments, especially from the Asian nation, is key for Ecuador. Thus, lasso informed businessmen of the submission in the coming weeks of a draft Investment Law to the Legislature that will deal with the public-private partnerships.

This shows that the Government is working “to create the pillars of a new development model based on private investment and in normative stability; in such a way that foreign companies find an environment for growth in the country”, explained the Minister of Production, Foreign Trade, Investments and Fisheries, Julio José Prado during the dialogue.

He explained that one of the main aspirations of the country is the realization of at least 10 trade agreements in the next four years.

“We believe in commercial openness, especially with the Chinabecause our economies are complementary”, he assured.

And for this reason he announced that, as part of this visit, the signing of a memorandum of understanding with the ‘Asian giant’ is expected, which will mark the first step towards a free trade agreement.

Regarding legal certainty, Prado explained to the businessmen that Ecuador established an investment protection mechanism to ensure the stability of capital injection in the face of regulatory changes.

And, in addition to this guarantee of legal certainty, he said that companies are offered tax benefits, the generation of innovation ecosystems and, with the proposed law to attract investmentsthe creation of free zones.

For the Minister of Economy and Finance, Simón Cueva, the responsible management of Ecuador’s public finances has allowed the fiscal deficit to be reduced in 2021 to 3.5% of the Gross Domestic Product (GDP) and it is expected that for this year there will be a further decrease in this figure by about 2% of GDP.

lasso He will meet tomorrow with Chinese President Xi Jinping. EFE

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