Ecuador is looking to boost trade relations with India, eyeing greater investments from Indian businesses in coming years, with the two countries recently signing a pact to set up a Joint Economic and Trade Committee (JETCO).
"The fact that in 2014-15 Indian companies were seeking to invest in Ecuador is a tremendous testimony to the strength of our ties while we also noticed bilateral trade interest between the two countries, proving a two-way relationship.
"As India is an interesting market for our exportable offer, we will explore various avenues to maximise our resources and the service sector in Ecuador," Ambassador of Ecuador in India Mentor Villagomez said.
The JETCO agreement was inked between India and the South American nation here last week.
In 2014-15, the bilateral trade stood at USD 1.29 billion.
Trade Commissioner of the Commercial office of Ecuador, Hector Cueva said: "At a time when global FDI flows have fallen, investors from India understand that Ecuador is welcoming, diverse and open to business. We will create great opportunities for India and help in increasing the bilateral relationship between India and Ecuador."
Sectors like pharmaceuticals, food and drink, wood and IT services hold a significant potential for trade and investment in Ecuador.
Imports of Ecuadorian cocoa, in particular, saw an exponential growth in 2014. During the said period, India imported Ecuadorian cocoa worth USD 12.39 million.
The objective of JETCO is to create a mechanism to discuss initiatives to improve economic relations between the two countries, including facilitation of trade and investments.
The first meeting of JETCO is proposed to be held in February 2016 in India.
