Correa: Ecuador to create 251,000 jobs in coming years

With investments totaling between $27-28 billion, along with necessary infrastructure and “policy decisions,” the country will be able to raise its Industrial GDP

Ecuadorian President Rafael Correa said on Tuesday that the policies and investments being pushed by his government will facilitate the creation of 251,000 jobs in the coming years, and he estimated that by 2025 the country will enjoy production that has become “diversified and (has) penetrated into the world.”

With investments totaling between $27-28 billion, along with necessary infrastructure and “policy decisions,” the country will be able to raise its Industrial GDP – presently between 12-13 percent of its total GDP – to more than 25 percent, as in developed countries, he said.

“We perfectly understand that the engine of the economy is the private sector, the generator of jobs, production, added value,” said Correa, who will leave power in May 2017 after 10 years at the country’s helm.

Correa spoke at the Ecuador Investment Summit 2016, which some 340 investors – 200 from Ecuador and 140 from 26 other countries – are attending to become familiar with 180 projects in eight economic sectors requiring investments totaling $40 billion.

The government’s industrialization plans are based on innovation, quality, productivity, investment and the market, said the president, predicting that by 2025 Ecuador will have numerous value-added manufacturing and service operations.

Innovative and competitive firms with high international quality standards will play a key role in that transformation, said Correa, adding that “Ecuador is more disposed and better prepared than ever to welcome serious investment.”

He said that the Andean nation today is “much more competitive” than a decade ago, adding that this “multiplies opportunities.”

The president noted that since 2012, 95 contracts had been approved totaling around $7 billion and 80 percent of the investment comes from abroad.

Correa added that “the immediate future is very encouraging” and urged businessmen to have “full confidence in investing” in Ecuador.

“Help us build a good life in this republic of opportunities,” he said.

Also speaking at the event were several Ecuadorian Cabinet officials, including Foreign Trade Minister Juan Carlos Cassinelli, and the coordinating minister of production, employment and competition, Vinicio Alvarado, the latter of whom said that businessmen who invest in the country will enjoy significant tax benefits for 15 years.

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