Ecuador

• Basic Information
• Overview of the Market
• Business with India
• Trade and Industry Contacts

website of Indian Embassy in Bogota which deals with Ecuador

http://www.embajadaindia.org/

 

Basic Information

• Map: http://worldatlas.com/webimage/countrys/samerica/ec.htm
• Capital: Quito
• International Airports : Quito , Guayaquil
• Seaports : Esmeraldas, Guayaquil, La Libertad, Manta, Puerto Bolívar, San Lorenzo
• Free Trade Zones : Cuenca , Manabi, Esmeraldas
• Language : Spanish
• Electric Current : 110 Voltage
• Main Cities : Guayaquil , Cuenca and Machala
• Major Banks : Banco Central del Ecuador www.bce.fin.ecBanco Amazonas, Previsora, Banco del Azuay, Pacifico, Copracion , Financiera , Banco del Pichincha , Filanbanco, Citibank, Banco del Tingurahua, Banco La Previsora

 

 

Overview of the Market

• population - 14 million
• GDP - 55 billion dollars in 2009
• exports in 2009- 14 bn $. Imports -15 bn $

 

• Ecuador is an oil-rich country. It used to be a member of OPEC. Export of oil is the main source of foreign exchange. exports about 400,000 barrels per day

• The economy has been dollarised since 2000.

• Ecuador is one of the largest producers and exporters of bananas.

• Coco and coffee are other main export crops

• One of the leading exporter of shrimps in the world. Also exports tuna and other fish.

• Ecuador is the largest tropical wood and timber exporter in the world.

• tourism is a significant foreign exchange earner. Over 600,000 tourists visit every year.

• Annual Remittances from Ecuadorians abroad are 1.6 billion US $

• Ecuador has 11 Free Trade Zones for export processing industries.

• Commercial forestry is an attractive area for investment.The rate of growth of trees in Ecuador is ten times more than in Canada and six times faster than in Finland.

 

 

Business with India

Bilateral Trade (US $ million)

	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009
Exports from India	6	12	18	16.37	21	33	50	62	110	89
Imports by India	1.9	1	0.7	0.9	22	36	50	103	11	10

 

• Principal items of India ’s exports: - Vehicles and accessories, organic chemicals, auto tyres, misc. chemical products, plastic products, iron/steel products, pharmaceuticals products.
• Tata and Bajaj have supplied vehicles

• Principal items of India ’s imports Crude oil, tropical wood, newsprint.

• ONGC Videsh Ltd. is interested in investment in the oil sector of Ecuador and has signed a MOU with PetroEcuador

India has sold 7 helicopters to Ecuador Airforce in March 2009

five of these have laready been delivered in march and the remaining 2 will be sent soon. The helicopter called as Dhruv is made by the Indian company HAL.

TCS gets 140 million dollar contract from Ecuador bank

TCS has signed an agreement in 2006 with Banco Pichincha, Ecuador's largest private bank, to provide a comprehensive outsourcing solution valued at over $140 million over a period of five years.

The General Manager of the bank, Fernando Pozo said, "We chose TCS as our strategic partner on the strengths of its end to end technology capabilities, reputation in providing certainty of results, deep domain expertise in banking & committed scale of operations in this region."

TCS has set up a new company in Ecuador, employing 1300 local staff.

Ecuador abolishes visa for entry of foreigners including Indians into the country for stay upto 90 days

This is a revolutionary step by the Ecuadorian government to welcome foreigners to visit their country. Indian businessmen can now visit Ecuador without visa wef October 2008

 

 

 

Trade and Industry Contacts

Trade www.ecuador-commerce.com

Quito Chamber of Commerce www.ccq.org.ec

National Chamber of Commerce www.ecuachamber.com