Doing Business With Ecuador - Tip, resources and articles

Doing business with Ecuador is an option for companies looking to expand to new markets. This is a country that is very rich in natural resources, agricultural products and has a strong tourism industry. It is also seen as a strategic location as one of the entry to South America.

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Ecuador is located in Latin America with shared borders with Colombia on the north and Peru on the east and south. It is considered the fourth smallest country in South America. Quito is the capital. The main language that is spoken is Spanish although some members of the business community will speak English. The official currency is the US dollar which is definitely a benefit to do Ecuador business.

Ecuador business is very well known for its strong banana and flower exports. Its main industry is petroleum, food processing, textiles, wood products and chemicals. Its main exports partners are the US, Peru, Chile, Russia and Colombia. Its main imports partners are the US, Colombia, China, Brazil and Japan.

Ecuador business also revolved around a tax free zone which is an important trade platform in the region called Manabi. This geographic area was created to encourage trade with its neighboring countries and make the economy more dynamic in general. It was also created to attract large amounts of investments that would create jobs. The benefits of doing Ecuador business include tax exoneration and tariff mortgages for the imports of merchandise, goods, raw material, equipments, machinery, materials and implements. The Manabi Free Zone is located in the Metropolitan area of Eloy Alfaro near Manta Ecuador. ZOFRAMA S.A. is the company in charge of the administration and development of this free trade zone.

In order to start Ecuador business, you can contact embassies and consulates to get more industry specific information. To search for Ecuadorian products and companies, register to B2B marketplaces. For best results, try to find portals that specializes in Latin America.

As you can see, Ecuador business represents several opportunities for companies looking to increase their distribution channels worldwide.

 

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