Doing Business in Ecuador
EENI - Business School.
Subject (Course): International Trade and Business in Ecuador. Quito. Syllabus:
- Introduction to the Republic of Ecuador (Andean Community).
- Doing Business in Guayaquil and Quito.
- Ecuadorian Economy.
- International Trade of Ecuador.
- Customs of Ecuador.
- Import and export formalities.
- Foreign Direct Investment (FDI) in Ecuador.
- Case Study: Business Opportunities in:
- The industrial sector
- Fashion and accessories
- Agribusiness sector. Case Study:
- Holding Favourite Fruit Company.
- Case Study: Manta - Manaus Multimodal Transport Infrastructure in Ecuador.
- Introduction to Spanish
- Access to the Ecuadorian Market
- Business Plan for Ecuador
Objectives of the subject “Doing Business in the Republic of Ecuador”:
- To analyse the Ecuadorian economy and foreign trade
- To evaluate business opportunities in Ecuador
- To explore Ecuador's trade relations with the student's country
- To know Ecuador's Free Trade Agreements (FTAs)
- To examine the profile of Ecuadorian Companies
- To develop a business plan for the Ecuadorian Market
Sample of the subject - Doing Business in Ecuador:
Subject Description (Doing Business in Ecuador):
The Republic of Ecuador.
- Borders of Ecuador: the Republic of Colombia and Peru
- Ecuadorian Capital: Quito. Guayaquil is the second-largest city.
- The official language of Ecuador is Spanish
- Ecuador's population is 15.7 millions of people
- Area: 283,561 square kilometres
- Ecuadorian currency: Dollar USD
- The main religion in Ecuador: Christianity (Catholicism:
- Ecuador belongs to the Latin American Economic Area of the Western Christian Civilisation
- Abolition of slavery in Ecuador:
- African Diaspora in Ecuador:
1.1 millions of people (7,2% of the Ecuadorian population)
- Independence from Spain: 1809, recognised in 1830
- Ecuador benefits from his strategic position that provides direct access to East Asia markets and the West coast of the United States.
- Its proximity to the Panama Canal permits safe access to Europe, the Eastern Coast of the United States, Africa, the Middle East, and the rest of Asia.
- Ecuadorian economy is the eighth biggest economy in Latin
America after Brazil, Mexico, Argentina, Chile, the Republic of Colombia, Venezuela, and Peru.
- The Dollarisation of Ecuador creates an advantage in negotiation under strong currency (since January 2000, the United States of America Dollar is the official currency).
- Petrol, manufacturing, commerce, and agricultural production are the pillars of the Ecuadorian economy
- Petrol accounts for 40% of Ecuadorian exports, petroleum exports allow having a positive trade balance.
- Ecuadorian GDP growth: 3.8% (economic slowdown)
- The inflation: 3.7%
- Tax reform in Ecuador in 2014 and 2015 tax amnesty
- The Union of South American Nations (UNASUR) is in Quito
- Ecuador is a leader in production: bananas, shrimp, fresh
tilapia, tuna, fine cocoa, passion fruit concentrate, palm, pond, leaf snuff, and broccoli
The main activity of the Holding Favourite Fruit Company is the production and export of first-class green bananas, Cavendish variety.
Favourite Fruit Company has a 4.5% share of the worldwide market; exports have shown a
Foreign Trade of Ecuador.
- Thanks to its geographical location, Ecuador has an
appropriate climate for the growth of many
export agricultural products.
- Ecuador has an international reputation as a reliable supplier of
seafood and aquaculture products, and the manufacturing industry is known for its strengths in design, quality, and reliability.
- Ecuador exports to 150 countries.
The largest export markets of Ecuador are the United States, Peru, the Republic of Colombia, Chile, Venezuela, Italy, Panama, and Russia.
- Ecuador exports 14,000 million dollars, 50% belongs to the petroleum sector and the other 50% of non-traditional and traditional exports.
- Export growth: 6.7%
- Import growth: 2.2%
- Ecuador is the largest exporter of bananas, palm of hearts, balsa wood, passion fruit juice, and roses in the World.
- Ecuador is renowned for its high-quality food products, including cocoa, coffee, aromatic, and medicinal
- Major import partners of Ecuador: Latin America excluding the Andean Community 37%, the United States 25%, the Andean Community 22% Asia 19%, and the European Union 10%.
- The Port of Guayaquil
handles a majority of international trade of Ecuador; it is the economic capital of Ecuador.
- Other important ports in Ecuador are Esmeraldas, Manta and Puerto Bolívar (banana). A larger bulk of international trade takes advantage of ocean routes. Every year, there are over 2,500 vessels that leave from Ecuadorian ports.
- World's leading exporter of bananas
- The first exporter of hearts of palm
- The first exporter of Roses
- The third largest exporter of flowers
Ecuador's Free Trade Agreements (FTA)
Ecuador is a member of the Andean Community and associated to the MERCOSUR
- Andean Community
- The Andean Community Free Trade Agreements (FTA): the MERCOSUR, Chile, Mexico, Panama, and the European Union
- Union of South American Nations (UNASUR)
- Latin American Integration Association (ALADI)
- Bolivarian Alternative (ALBA)
- Latin American and Caribbean Economic System (SELA)