Ecuador Business In A Nutshell
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. In this article, you will learn more about Ecuador business.
Ecuador is situated in South America bordering Colombia and Peru. It is the fourth smallest country in the region. The capital is Quito. Spanish is the primary language spoken although the business people do speak English. The official legal tender is the American dollar which fluctuates less than other currencies in the region.
Ecuador business’s main industries are petroleum, textiles, chemicals, wood and food processing. It is also known for important exports of banana and flowers. Its main export partners include the United States, Peru, Chile, Colombia and Russia. Its main import countries are the United States, china, Brazil, Colombia and Japan.
Ecuador business also revolve 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 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.
To do business in Ecuador, you should start by getting in touch with embassies and consulates. If you want to search for potential business partners online, register and surf B2B marketplaces that specializes in Latin America for best results.
As you can see, Ecuador business represents several opportunities for companies looking to increase their distribution channels worldwide.
Ariel Dess specializes in assisting companies successfully import and export with Latin America. To access to his valuable resources, tips and links, click here suppliers
