Relations between Ecuador and Spain have received a big boost in recent years by the presence of important Spanish commercial interests in the South American country and the migratory flow of thousands of Ecuadorians to Spain. The existence of a direct Iberia flight now between Guayaquil and Madrid is perhaps the best indicator that Spanish-Ecuadorian relations are in a good state.
“I think we have a lot in common, such as language and culture,” says Juan Marcet, Director of the Official Spanish Chamber of Commerce in Ecuador. “Now it is as easy to catch a plane from Guayaquil to Madrid as it is to go from Madrid to Barcelona. More than 500,000 Ecuadorians are living in Spain, therefore relations between the two countries can only get better.”
With 60% of all foreign investment in Ecuador coming from Spanish companies such as Telefónica, Mapfre Seguros, Repsol and Grupo Santillana, they have strong ties with the country. Furthermore, sectors such as tourism and construction are expected to see future growth and could attract much more.
The Spanish Chamber of Commerce in Ecuador has been working since it was founded in 1920 towards becoming a finely oiled machine that helps Hispano-Ecuadorian relations to grow. “The main services offered by the chamber are those of information and the establishment of points of contact between Ecuadorian and Spanish companies. We have had a lot of success. Every year, for example, we are visited by three or four trade missions of Spanish business people. They are always very happy and satisfied with the contacts they make here, and these visits have meant that Spanish companies become more interested in investing in our country,” confirms the chamber’s President, Ignacio Vidal Maspons, who believes there is room for even better conditions in Ecuador for foreign investors.
The Spanish Chamber of Commerce is an excellent vantage point to witness the changes that have taken place over recent years in the Ecuadorian economy and in particular Guayaquil, which generates more than a quarter of the country’s GDP. For Vidal Maspons it is the commercial spirit of the people that has been the main reason for the increase in the Ecuadorian economy in recent years. He says, “The people of Guayaquil look towards the port and have always been commercial with a mentality to export. Although this is an agricultural country in the main, Guayaquil was a big driver in the sale of cocoa and coffee at the beginning of the last century. It managed to position Ecuadorian cocoa as the best of its type with a special aroma. So now the best chocolate in the world needs Ecuadorian cocoa beans as an ingredient. That is just one example of how Guayaquil has always been the best positioned city for doing trade with other countries.”
Marcet adds, “Being a city of agricultural development and a longstanding generator of economic activities, many of which do not depend on state intervention, Guayaquil has long been a place where people come to look for opportunities. The doors are always open and the locals will always embrace foreign investment with the best will in the world. State and local authorities are also always available to help in every possible way those who look to invest here.”
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