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HomeReportsBureau of Economic and Business Affairs2024 Investment Climate
Statements…Ecuador
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2024 INVESTMENT CLIMATE STATEMENTS: ECUADOR



In this section /

EXECUTIVE SUMMARY

 1.  EXECUTIVE SUMMARY
 2.  1. Openness To, and Restrictions Upon, Foreign Investment
     1. Policies Towards Foreign Direct Investment
     2. Limits on Foreign Control and Right to Private Ownership and
        Establishment
     3. Other Investment Policy Reviews
     4. Business Facilitation
     5. Outward Investment
 3.  2. Bilateral Investment and Taxation Treaties
 4.  3. Legal Regime
     1. Transparency of the Regulatory System
     2. International Regulatory Considerations
     3. Legal System and Judicial Independence
     4. Laws and Regulations on Foreign Direct Investment
     5. Competition and Antitrust Laws
     6. Expropriation and Compensation
     7. Dispute Settlement
        1. ICSID Convention and New York Convention
        2. Investor-State Dispute Settlement
        3. International Commercial Arbitration and Foreign Courts
     8. Bankruptcy Regulations
 5.  4. Industrial Policies
     1. Investment Incentives
     2. Foreign Trade Zones/Free Ports/Trade Facilitation
     3. Performance and Data Localization Requirements
 6.  5. Protection of Property Rights
     1. Real Property
     2. Intellectual Property Rights
 7.  6. Financial Sector
     1. Capital Markets and Portfolio Investment
     2. Money and Banking System
     3. Foreign Exchange and Remittances
        1. Foreign Exchange
        2. Remittance Policies
     4. Sovereign Wealth Funds
 8.  7. State-Owned Enterprises
     1. Privatization Program
 9.  8. Responsible Business Conduct
     1. Additional Resources
     2. Climate Issues
 10. 9. Corruption
     1. Resources to Report Corruption
 11. 10. Political and Security Environment
 12. 11. Labor Policies and Practices
 13. 12. U.S. International Development Finance Corporation (DFC), and Other
     Investment Insurance or Development Finance Programs
 14. 13. Foreign Direct Investment Statistics
 15. 14. Contact for More Information


EXECUTIVE SUMMARY

Ecuador presents many investment opportunities, particularly in agriculture,
aquaculture, mining and critical minerals, energy, telecommunications, security,
and electricity. Economic and political uncertainty, interventionist policies,
fiscal challenges, and persistent economic stagnation have prevented the country
from maximizing its potential. However, since former President Rafael Correa
left office in 2017, subsequent Ecuadorian administrations have started
reforming the country’s protectionist policies and are determined to make
structural changes to mold Ecuador into a market friendly economy that attracts
foreign direct investment. Still, Ecuador is simultaneously confronting fiscal,
security, and electrical crises that represent the country’s biggest challenges
for stabilizing the economy and improving its investment climate.

Ecuador struggles to enact meaningful reform that would attract investment and
advance investment projects despite significant political will from current and
former administrations. The Ecuadorian government under former President
Guillermo Lasso (2021-2023) adopted an ambitious economic reform agenda to drive
$30 billion in investment with the message “More Ecuador in the world and more
of the world in Ecuador.” The current Noboa administration has embraced
investment as a key focus for the 18-month administration and successfully
passed investment reform legislation to the National Assembly. Still – with
elections looming in February 2025 – the new president faces challenges ahead as
dual fiscal and security crises occupy the government’s attention.

Ecuador’s foreign direct investment (FDI) flows remain lackluster. According to
the Ecuadorian Central Bank, FDI flows to Ecuador in 2023 were $372.3 million, a
58 percent decrease compared to 2022 levels ($879.3 million) and 43 percent
lower than 2021 levels ($648.1 million). Indeed, Ecuadorian FDI as a percentage
of GDP has hovered around a one percent for the past decade, with other
countries in the region outperforming Ecuador on average.

Political uncertainty threatens the investment outlook. The political opposition
under the Lasso administration, which had a majority in the Ecuadorian National
Assembly, frustrated the administration’s attempts to pass investment and other
economic reforms. Violent protests in June 2022 resulted in an impeachment
attempt against President Lasso and a loss of over $1 billion for the economy.
To end the protests, the Lasso administration made major concessions that
complicated investment in the extractives industries, including a 12-month
moratorium on additional oil and mining concessions. Lasso dissolved the
National Assembly in May 2023 after it had initiated new impeachment proceedings
against him and called snap presidential and legislative elections. The
political instability in 2023 resulted in Ecuador’s country risk climbing to
over 2,000 points, constricting access to capital. By April 2024, the Noboa
administration passed all five of its proposed urgent economic reforms,
announced an imminent new program with the IMF, and saw country risk decrease
significantly to under 1,200 points.

Fiscal and security challenges are dominating the shortened term of the Noboa
administration. President Daniel Noboa took office November 2023 for an 18-month
term ending May 2025. Following coordinated drug gang attacks across major
Ecuadorian cities in January 2024, Noboa designated 22 drug gangs as terrorist
organizations, declared Ecuador to be in a “non-international armed conflict”
with them, and requested international assistance to strengthen Ecuador’s
security. The government’s ability to respond to the heightened violence remains
limited by a challenging fiscal environment.

The Ecuadorian Central Bank reported a 1.5 percent GDP growth in 2023 and
projects the economy will grow a meager 0.8 percent in 2024. The fiscal deficit
reached 5.2 percent of GDP in 2023, due to mounting expenses and declining oil
revenues. The government carried $4.5 billion in arrears by the end of 2023 and
lacks funds to pay public sector salaries and pensions on time. Shut out of
external debt markets, Ecuador seeks international financial institution support
to bolster its finances.

Economic experts note structural obstacles – including a lack judicial security,
inefficient bureaucracy, and ingrained protectionist policies – also hamper
investment. Serious budget deficits and the COVID pandemic forced the government
to employ cost-cutting measures and limit public investment. Ecuador has
traditionally struggled to structure tenders and public-private partnerships
that are bankable, transparent, and competitive given its bureaucracy has
limited technical expertise and capacity. This has discouraged private
investment and attracted companies that lack a commitment to quality
construction, accountability and transparency, environmental sustainability, and
social inclusion. Corruption remains widespread, and Ecuador is ranked in the
bottom half of countries surveyed for Transparency International’s Perceptions
of Corruption Index. In addition, economic, commercial, and investment policies
are subject to frequent changes and can increase the risks and costs of doing
business in Ecuador.

Ecuador is a dollarized economy that has few limits on foreign investment or
repatriation of profits, with the exception of a capital exit tax (ISD). It has
a population that generally views the United States positively, and recent
administrations have expanded bilateral ties and significantly increased
cooperation with the United States on a broad range of economic, security,
political, and cultural issues.

Sectors of Interest to Foreign Investors

Petroleum and Gas: Petroleum is Ecuador’s main export and a priority for the
Noboa administration in attracting investment. Per the 2008 Constitution, all
subsurface resources belong to the State, and the petroleum sector is dominated
by one state-owned enterprise (SOE), Petroecuador, that cannot be privatized.
The Hydrocarbons Law regulates the Ecuadorian oil and gas industry. The previous
Lasso administration rescinded the 2021 Hydrocarbon Regulations after Ecuador’s
Constitutional Court rendered unconstitutional the migration of fee-for-service
contracts to production sharing agreements and the delegation of active oil
fields to private companies.

The Noboa administration expects additional investments of $700 million for the
contract renegotiation of seven oil fields with private companies. Government
officials look to the renegotiation as part of Ecuador’s strategy to increase
oil production, which registered at 475,000 barrels per day in 2023, a drop of
1.2 percent compared to 2022.

The Ecuadorian government launched the Intracampos II exploratory oil block
tender in October 2022. Intracampos II is expected to draw $2.1 billion in
investment and produce an additional 18,000-24,000 barrels per day (bpd). In
addition, the Energy Ministry plans to launch a tender for the Pungarayacu
field, which has a potential for extra heavy oil reserves of 7.6 billion
barrels. The Ecuadorian government’s plan to modernize Esmeraldas Refinery
includes the construction of a high conversion plant to process oil waste. The
refinery has the capacity to process 110,000 barrels of oil per day, but
currently produces 55,000 barrels of fuel per day due to large percentages of
fuel waste, including fuel oil. With the modernization of the Esmeraldas
Refinery, Ecuador plans to increase fuel production by 50,000 barrels per day
that meet Euro V standards. The government plans to launch a tender, under a
shared extraction model, for the Amistad natural gas field, given its importance
for power generation. Additionally, the government plans to launch a tender for
the existing 78,000 bpd Sacha oil field.

In the August 2023 national referendum, Ecuadorian voters approved eliminating
oil exploitation in the Ishpingo-Tambococha-Tiputini (ITT) oil field, located in
the Amazon’s Yasuni National Park, within one year. The Noboa administration is
drafting a decommissioning plan for ITT, estimated to cost $1.3 billion and take
several years, though major concerns exist regarding the fiscal impact of
shuttering the oil field. The Energy Ministry intends to submit a moratorium
proposal to the Constitutional Court to continue exploiting oil from ITT for an
additional five years. The block currently produces 55,000 bpd and generates
around $1 billion in annual revenues for the State.

The Ecuadorian government is also seeking to eliminate gas flares. In 2021, nine
Amazonian youth obtained a positive ruling from a provincial court in Sucumbios
province that instructed Petroecuador to progressively eliminate gas flares in
Amazonian oil fields. Petroecuador has eliminated 136 of 424 flares since 2021.
The state-owned company developed a plan to eliminate an additional 288 flares
through 2030 to comply with the court’s ruling, with the gas used to generate
electricity. In addition, Petroecuador plans to issue a tender in August 2024
for the use of gas flares for electricity generation from 15 flares in the
Pucuna, VHR, Sacha Norte, and Guanta blocks.

The transfer of the heavy crude pipeline from OCP Ecuador to the Ecuadorian
government will become final in July 2024 following a delay in the concession
contract. The $1.5 billion pipeline transported 158,384 barrels of oil per day
in 2023 – 35 percent of Ecuador’s extracted oil – and has a total capacity of
450,000 barrels per day.

Ecuador’s spending on fuels subsidies continues to prove a major financial
burden for the government, costing $2.2 billion in 2023 (equivilant to 1.5
percent of Ecuador’s GDP). The Noboa administration announced its intention to
target fuels subsidies for Extra and Ecopais fuels in the second quarter of 2024
to reduce fuel subsidy expenses.

Mining: The Noboa administration – despite significant obstacles – is promoting
the mining sector as engine of national development. Noboa attended the 2024
Prospectors & Developers Association of Canada (PDAC) convention to present the
reforms his administration is proposing to attract investments for mining and
signed six mining investment commitments for $4.8 billion. Ecuador’s mining
exports generated $3.3 billion in 2023, a 19 percent increase over 2022 mining
exports. Mining exports are the fourth largest export after oil, shrimp, and
bananas. Analysts forecast that mining could become Ecuador’s third biggest
export in 2024 generating over $4 billion in annual export revenues.

Ecuador’s mining cadaster has remained closed since 2018. Mining companies plan
to begin exploitation operations in Curipamba, La Plata, and Loma Larga mines in
2024, representing $1 billion in near term investment for Ecuador. Ministry of
Energy and Mines officials plan to announce a phased reopening of the cadaster
in 2025, beginning with opening new concessions in non-conflict territories,
followed by processing the backlog of over 200 concession applications dating
back to 2018. Ecuador has two large-scale operating mines — a gold mine operated
by a Canadian company with significant U.S. investment and a copper mine
operated by a PRC-affiliated company. In 2023, the government did not issue any
new mining concessions.

The lack of a formal mechanism to conduct free, prior, and informed consent
(FPIC – consulta previa) consultations in Indigenous communities regarding
projects that impact their territories remains a major obstacle to the
development of the Ecuadorian mining sector. Ecuador’s 2008 Constitution and its
ratification of International Labor Organization (ILO) Convention 169 obligate
the State to consult local communities (many of which are Indigenous) prior to
initiation of projects. Still, there is no law that regulates it, despite a 2019
Constitutional Court ruling which ordered the National Assembly to issue organic
laws for community consultations. Ecuador’s Constitution establishes that a lack
of law does not exonerate the State from its responsibility to consult and
socialize extractive projects with local communities. Ecuador’s Constitutional
Court affirmed communities have the right to vote on whether to allow
large-scale mining projects near their water sources in a September 2020 ruling
on a plebiscite proposed by the Cuenca municipality. In a separate 2023 ruling,
the Constitutional Court instructed the National Assembly to pass the
legislation for community consultations within one year. The lack of a formal
community consultation process was a factor in the June 2022 nationwide
Indigenous-led protests, for which the Ecuadorian government conceded to a
12-month moratorium on granting additional mining concessions pending passage of
a law.

There is no estimated timeframe for the National Assembly to act on FPIC
legislation. In March 2024, however, the Energy and Mining Ministry issued,
through a Ministerial Agreement, a manual for community consultations in the
mining sector. Companies must fulfill the manual’s guidance before receiving
authorization for exploration, exploitation, and commercialization of mineral
resources. The manual includes reference to constitutional standards and
international treaties for the operationalization of community consultations. If
communities do not consent to projects, the manual explains that the results of
the consultation will not be binding. If the State decides to execute a project,
even when there is no consent from communities, the State must expressly explain
the reasons why it has not been possible to adapt the project or modify it
according to the concerns or demands of the communities, justify why the project
should continue despite community opposition, and take measures that minimize
the possible impact of the project. In these cases, the Ministry established
that the communities must receive compensatory measures. Many Indigenous
communities and civil society groups oppose the manual and have taken legal
action to block its use.

A lack of clarity regarding Ecuador’s environmental licensing, permitting, and
consultation processes also poses a significant barrier to Ecuador’s mining
sector. Under Ecuadorian law, low- and medium-impact projects require an
environmental permit while high-impact projects require an environmental
license. High-impact projects largely include any type of energy, mining,
petroleum, or road infrastructure. To obtain an environmental license,
developers must conduct an environmental consultation – essentially a public
comment process. In the absence of any legislation governing environmental
consultations, President Lasso issued an executive order June 2023 establishing
a consultation process. In August 2023, the Constitutional Court issued an
order, analogous to a preliminary injunction in the United States, suspending
the executive order following a legal challenge to the order’s constitutionality
filed by an indigenous umbrella group opposed to extractive activities. With the
order suspended, Ecuador’s Environment Ministry could not conduct environmental
consultations or issue environmental licenses. The Court issued a decision in
November 2023 directing the Ombudsman to draft environmental consultation
legislation and directing the National Assembly to approve the legislation
within one year of receiving the draft. The November decision cleared the way
for the Environment Ministry to conduct environmental consultations on 189
projects that had been suspended, allowing these projects to get their
environmental consultations completed and move forward to applying for
environmental licenses. Until the Ombudsman drafts and the National Assembly
approves the legislation, however, new projects will not be able to obtain
licenses.

Illegal mining continues to be a major threat to expanding legal mining
operations and investment. Illegal miners have undertaken violent attacks on
legal mining concessions throughout Ecuador, and the Ecuadorian government lacks
sufficient security resources and funding to protect legal mining concessions.
Former President Lasso declared illegal mining a national security threat in
January 2023, as transnational criminal organizations increasingly exploited
Ecuador’s gold resources. The declaration paved a path for military and police
interventions to protected mining sites. Illegal mining hotspots are
concentrated in six Ecuadorian provinces – Azuay, Morona Santiago, El Oro
(Zaruma-Portovelo), Zamora Chinchipe, Imbabura, and Esmeraldas.

Electricity: Hydroelectric power accounts for 79 percent of Ecuador’s
electricity generation. Domestic electricity production fell short of demand in
2022, 2023, and 2024 due to long term droughts and ongoing construction and
operational issues at the PRC-built 1500 MW Coca Codo Sinclair (CCS) hydropower
plant forcing Ecuador to import electricity and increase its fossil-fuel power
plant production. The CCS hydro power plant, designed to provide up to 30
percent of Ecuador’s electricity, has never generated its total installed power
capacity and has been undergoing repairs since it began operating in 2016. CCS
is also at risk from regressive erosion from the adjacent Coca River.

The worst drought in 50 years exacerbated the threat to Ecuador’s electricity
sector in late 2023 and 2024 as growing demand and a lack of investment taxed
the country’s electricity grid. Former Energy Minister Santos announced October
2023 nationwide electricity rationing, which extended through January 2024.
Energy Minister Andrea Arrobo later canceled rolling electricity blackouts in
February 2024. The National Assembly passed the Energy Competitiveness Law in
January 2024 aiming to curb electricity blackouts, make electricity costs more
transparent, and advance energy efficiency. Continuing drought conditions,
however, forced the government to reinstitute rolling electrictiy blackouts in
April 2024 for up to eight hours a day and the government announced a 60-day
state of exception to tackle the electricity crisis.

The government plans to develop wind, solar, hydro, biomass, biogas, geothermal,
biofuel, combined cycle, and gas-fired electrical generation plants to diversify
Ecuador’s energy matrix. It awarded to private operators a 200 MW solar tender
(El Aromo) and a 110 MW wind tender (Villonaco II) in 2020, a 15 MW solar tender
(Conolophus) in 2021, and a 500 MW renewable energy block (hydro, solar, wind,
biomass and biogas) in 2023. All awarded projects remain pending. The
government’s 400 MW Natural Gas Combined Cycle Power Plant (CCCP) tender failed
in 2023 after receiving no bids. The European Investment Bank will finance the
Ecuador–Peru electrical interconnection project of a 500-kilovolt power line for
$125 million. This project will improve exports and imports of electricity
between the two countries.

Telecommunications: The Ministry for Telecommunications and Information Society
(MINTEL) launched in August 2022 a Digital Transformation Agenda to reduce the
digital divide, strengthen public sector digitalization, and foster a digital
culture. The roadmap comprises seven main pillars: digital infrastructure;
culture and digital inclusion; digital economy; emerging technologies for
sustainable development; digital government; interoperability and data
processing; and digital security and trust.

The Noboa administration will not execute a medium- or long-term strategy for
the telecommunications sector given its 18-month mandate. MINTEL remains focused
on renegotiating concession contracts for the provision of the Advanced Mobile
Phone System (AMPS) for telecom carriers. Telecom carrier concessions expired in
2023, but the government granted six-month extensions. MINTEL has worked with
the International Telecommunication Union (ITU) for spectrum valuation. The cost
set is reserved for the 2.5 GHz (gigahertz) and 700 MHz (megahertz) bands.
Likewise, MINTEL asked the ITU for the valuation of the 3.5 GHz, 850 MHz, 900
AWS (Advance Wireless Service), and 1900 MHz bands, which in turn will allow for
new players in the market and the future deployment of the fifth generation of
technologies (5G). MINTEL announced that 5G deployment could be a possibility
for 2025.
E-Commerce: Since the COVID-19 pandemic, e-commerce in Ecuador has experienced
exponential growth. In 2023, according to Ecuador’s Electronic Chamber of
Commerce (CECE), e-commerce sales totaled approximately $5 billion with the
greatest growth and participation from the retail sector. According to CECE’s
2023 e-commerce report, 91 percent of the population has purchased something
online, a six percent growth from the previous year. Internet World Stats (2022)
rank Ecuador with an 85 percent internet penetration and a 71 percent rate of
internet users. According to ARCOTEL, the telecoms regulator, in December 2023
internet access was 78.2 percent (internet accounts per 100 thousand
inhabitants). The Central Bank of Ecuador (BCE) in 2023 reported 82 percent of
Ecuadorians between the ages of 16 to 69 have an account in a financial
institution.

Agriculture and Aquaculture Industries: Ecuador is a worldwide leader in
agricultural and aquacultural exports, with rapidly growing industries ripe for
investment. Ecuadorian non-oil exports generated $18.8 billion in revenues in
2023, led by shrimp ($7.2 billion), bananas ($3.8 billion), canned tuna ($1.3
billion), cacao ($1.3 billion), and cut flowers ($1 billion). Ecuador is the
world’s largest exporter of shrimp and bananas, second largest exporter of
canned tuna and cacao, and third largest exporter of cut flowers.

Table 1: Key Metrics and Rankings Measure Year Index/Rank Website Address TI
Corruption Perceptions Index 2023 115 of 180
https://www.transparency.org/en/cpi/2023 Global Innovation Index 2023 104 of 132
https://www.wipo.int/global_innovation_index/en/2023/ U.S. FDI in partner
country ($M USD, historical stock positions) 2023 USD 69 million
https://apps.bea.gov/international/factsheet/  World Bank GNI per capita 2022
USD 6,300 http://data.worldbank.org/indicator/NY.GNP.PCAP.CD




1. OPENNESS TO, AND RESTRICTIONS UPON, FOREIGN INVESTMENT


POLICIES TOWARDS FOREIGN DIRECT INVESTMENT

Ecuador is open to FDI in most sectors. The 2008 Constitution established that
the State reserves the right to manage strategic sectors through state-owned or
state-controlled companies. The sectors identified are energy,
telecommunications, non-renewable natural resources, transportation, hydrocarbon
refining, water, biodiversity, and genetic patrimony (flora, fauna, and
ancestral knowledge). Although in recent years Ecuador took steps to attract
FDI, its overall investment climate remains challenging as economic, commercial,
and investment policies are subject to frequent change. In 2023, FDI flows to
Ecuador were USD 372.3 million, a 58 percent decrease compared to 2022 levels
(USD 879.3 million) and 43 percent lower than 2021 levels (USD 648.1 million).
FDI continues to be low compared to other countries in the region.

There are no laws or practices that discriminate against foreign investors, but
the legal complexity resulting from the inconsistent application and
interpretation of existing laws and regulations increases the risks and costs of
doing business in Ecuador. Under the Correa administration (2007-2017), disputes
involving U.S. companies were politicized, especially in sensitive areas such as
the energy sector. This resulted in several high-profile international
investment dispute cases, with companies awarded damages in international
arbitral rulings against Ecuador in the last few years.


LIMITS ON FOREIGN CONTROL AND RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT

Foreign and domestic private entities are allowed to establish and own business
enterprises and engage in all forms of remunerative activity, with limitations
in strategic sectors as enumerated in the Constitution. The State may,
exceptionally, delegate participation in strategic sectors and public services
to the private sector if specific sector laws allow it. For instance, the Mining
Law permits private companies to operate in the sector through mining
concessions and the Hydrocarbons Law allows private companies to operate through
participation contracts for hydrocarbons exploration and/or exploitation. In
both sectors, the private companies pay royalties to the State and provide
various types of legal guarantees. One hundred percent foreign equity ownership
is allowed.

Ecuador does not have a single, national-level interagency investment screening
mechanism for FDI. Each government ministry analyzes investments and assesses
FDI risks. The lack of an investment screening mechanism makes Ecuador
vulnerable to unscrupulous companies and actors, and increases national security
risks.

For license and franchise transactions, no limits exist on royalties that may be
remitted, although financial outflows are subject to a capital exit tax (ISD).
All license and franchise agreements must be registered with the National
Service for Intellectual Property Rights (SENADI). In addition to registering
with the Superintendence of Companies, Securities, and Insurance, foreign
investors must register investments with Ecuador’s Central Bank for statistical
purposes.


OTHER INVESTMENT POLICY REVIEWS

Ecuador conducted a trade policy review with the World Trade Organization in
March 2019; information can be found at
https://www.wto.org/english/tratop_e/tpr_e/tp483_e.htm 

In 2020, Ecuador conducted an investment policy review with the United Nations
Conference on Trade and Development (UNCTAD), published in 2021. Information can
be found at: https://unctad.org/node/34311 . In the past three years, Ecuador
has not conducted an investment policy review with the Organization for Economic
Cooperation and Development (OECD).


BUSINESS FACILITATION

ProEcuador ( https://www.proecuador.gob.ec/ ) is the government entity
responsible for promoting economic development through exports, imports, and
investment in Ecuador. The institution forms a Vice Ministry within the Ministry
of Production, Foreign Trade, Investments and Fisheries (MPCEIP) and has 27
offices in 23 countries, including three in the United States. Ecuador has
signed the WTP Investment Facilitation for Development Agreement.

A newly created company will at a minimum be required to register with the
Superintendence of Companies, Securities, and Insurance (
http://www.supercias.gob.ec/ ), the municipal government, the Internal Revenue
Service (SRI), and the Social Security Institute (IESS). The registry with the
Superintendence of Companies is an online process as of April 2019 (
https://www.supercias.gob.ec/portalscvs/portalConstitucionElectronica.html ).
Foreign companies can also register online, and the process can take from three
days to three weeks. The simplified joint-stock company (SAS) came into effect
in May 2020 following the enactment of the Organic Law on Entrepreneurship and
Innovation. According to the Superintendence of Companies, there were 20,565 new
companies in Ecuador in 2023 and 14,127 or 69 percent were filed as SAS.

In February 2023, the Organic Law for Digital and Audiovisual Transformation
came into force. The law’s main provisions include the implementation of
electronic signatures in both public and private institutions, tax incentives
for audiovisual production, rules for electronic securities, judicial summons
through electronic mechanisms, transfer of company shares by electronic means,
and regulatory sandboxes.


OUTWARD INVESTMENT

Ecuador does not restrict domestic investors from investing abroad. ProEcuador
is responsible for promoting outward investment from Ecuador. Foreign investment
repayments, dividends, and outflows are subject to a 5 percent capital exit tax
(ISD) beginning April 1, 2024. The 2024 Tourism Law allows airlines to continue
being exempt from the ISD tax. The 2021 Tax Reform Law enumerates several ISD
payment exemptions to productive investment, under certain conditions.

In February 2017, voters passed a government-backed referendum prohibiting
elected officials and public servants from having financial dealings in tax
havens and other suspect jurisdictions. The list includes several U.S. states
and territories that do not have state income taxes. The prohibition entered
into force in September 2017.

In 1990, the United States and Ecuador signed the Trade and Investment Council
Agreement (TIC). The two governments updated the TIC in December 2020 by signing
the Protocol on Trade Rules and Transparency. The Protocol entered into force in
August 2021 following National Assembly ratification. The agreement updates the
TIC with new annexes in four areas: Trade Facilitation and Customs
Administration, Good Regulatory Practices, Anti-Corruption, and SMEs.


2. BILATERAL INVESTMENT AND TAXATION TREATIES

In March 2024, the Organic Law to Address the Internal Armed Conflict passed
into law. The law aims to strengthen tax collection and support public finances.
The Noboa administration anticipates collecting nearly $1.5 billion in 2024 with
this new law. Key reforms include:

 * Introduction of a temporary security contribution for large companies in 2024
   and 2025, at 3.25 percent of 2022 taxable profits.
 * Temporary profit contributions for private banks and financial cooperatives
   ranging from 5 percent to 25 percent of 2023 taxable profits.
 * A five percent VAT rate on construction materials.
 * A new value-added tax (VAT) rate of 13 percent, with the president authorized
   to adjust it temporarily up to 15 percent based on conditions and the
   favorable opinion of the Ministry of Finance. NOTE: President Noboa increased
   the VAT tariff to 15 percent on April 1, 2023.
 * The capital exit tax (ISD) set at 5 percent, with the president able to
   reduce it upon approval by the Ministry of Finance.

The Noboa administration’s Economic Efficiency Law approved in December 2023
created incentives for companies that generate employment for young people aged
between 18 and 29 years, modified the free trade zones and public private
partnership regimes, and declared a tax remission. The law aims to collect taxes
for $832 million in 2024.

The former Lasso administration’s tax reform legislation passed into law
November 2021 with the aim of increasing tax collection by $1.9 billion over the
next two years. Through progressive taxation, the tax reform increased
collection in 2022 by more than $900 million and additional collections in 2023
are expected to reach some $1.1 billion. Key elements of the tax law include:

 * Temporary contribution of 0.8 percent for corporations with equity exceeding
   $5 million in 2022 and 2023.
 * The possibility for individuals and corporations to pay a single tax to
   regularize assets abroad not declared in Ecuador, paying tax rates between
   3.5 and 5.5 percent.
 * Permanent increase in the income tax rate for individuals according to a tax
   schedule, with the highest rate rising to 37 percent.
 * Possibility to enter mediation with the tax authority on tax auditing
   process.
 * Modifications to indirect taxes (VAT and Special Consumption Tax – ICE) on
   specific products.
 * Progressive tax regime for micro-businesses with rates between 1.0 and 2.0
   percent.
 * Cloud and web hosting services face a 12 percent digital services VAT.

During the Correa administration, Ecuador’s National Assembly voted in 2017 to
terminate the country’s 12 bilateral investment treaties, including its
agreement with the United States. The Government of Ecuador notified the U.S.
government of its withdrawal from the Bilateral Investment Treaty (BIT) on May
18, 2017, effective May 18, 2018. Investments made prior to withdrawal are
covered for 10 years, but the abrogated BIT covers no new investments in
Ecuador.

Ecuador has signed agreements to avoid double taxation with 24 countries
including Argentina (1983), Germany (1987), Spain (1994), Canada (2002), Mexico
(2002), the Andean Community (2005), China (2015), Belarus (2018), Russia
(2019), and Japan (2020). Ecuador does not have an agreement to avoid double
taxation with the United States.

Ecuador signed the Tax Information Exchange Agreement (TIEA) with the United
States in April 2021, and it entered into force in September 2022. Ecuador does
not have a bilateral taxation treaty with the United States. Ecuador is not a
member of the OECD Inclusive Framework on Base Erosion and Profit Shifting.


3. LEGAL REGIME


TRANSPARENCY OF THE REGULATORY SYSTEM

Ecuadorian economic, commercial, and investment regulatory policies are subject
to frequent changes, can increase the risks and costs of doing business in
Ecuador, and may limit investment decisions. National and municipal level
regulations can conflict with each other. Regulatory agencies are not required
to publish proposed regulations before enactment, and rulemaking bodies are not
required to solicit public comments on proposed regulations, although there has
been some movement toward public consultative processes. Government ministries
generally consult with relevant national actors when drafting regulations, but
not always and not broadly. The National Assembly does socialize proposed
legislation and hold public hearings with relevant stakeholders prior to voting
on legislation.

Regulatory Framework Levels Most Relevant for Foreign Entities

Level

Name

Rulemaking/Regulatory Authority

National Regulations

Constitution

Approved by the National Assembly or a Constituent Assembly. The Constitution
can be modified through various mechanisms such as amendment, reform, citizen
initiative, or referendum.

International Treaties

Ratified by the State (Executive Branch or National Assembly, depending on
Constitutional Court decision).

Organic and Ordinary laws

Issued by the National Assembly either on its own initiative or by the instances
provided for in other laws, such as citizen initiative, local governments
(GADs), or regulatory control entities.

Local Regulations

Ordinances

Issued by local governments (GADs – prefectures, municipalities, and parish
councils) on issues under their legal purview and pertaining to only GAD
territories.

Executive Branch

Agreements and ministerial resolutions

Issued by government ministries on specific issues according to issues under
their legal purview. These cannot conflict with current legal framework.

Regulations

For the implementation of laws.

Regulatory Control Entities

Resolutions within the scope of their legal purview

Financial Regulation and Policy Board (JRPF), Monetary Policy and Regulation
Board (JRPM), Superintendencies (Banks; Companies, Securities, and Insurance;
Credit Unions and Cooperatives;  Economic Competition; Data Protection),
Comptroller General’s Office, Ecuadorian Tax Service (SRI), Financial and
Economic Analysis Unit (UAFE), Public Procurement Service (SERCOP), Social
Security Institute (IESS), Ombudsman Office, Citizen Participation and Social
Control Council (CPCCS)

The Superintendence of Economic Competition (SCE) is the Ecuadorian government
entity responsible for monitoring and controlling the proper functioning of the
national market and preventing market power abuse by resident and non-resident
entities. In 2023, SCE published guidelines for the public and private sector on
fair competition, which includes prohibitions against cartels and
price/territory fixing. The guidelines extend to public procurement. SCE has
responsibility for sanctioning or fining companies following unfair practices.

The government does not promote or require companies’ environmental, social, and
governance (ESG) disclosures to facilitate transparency and/or help investors
and consumers distinguish between high- and low-quality investments.

The Government of Ecuador publishes regulatory actions in the Official Registry
and posts them online at https://www.registroficial.gob.ec/ . Publicly listed
companies generally adhere to International Financial Reporting Standards
(IFRS). While there are some transparency enforcement mechanisms within the
government, they tend to be weak and rarely enforced. There are no identified
informal regulatory processes led by private sector associations or
nongovernmental organizations.


INTERNATIONAL REGULATORY CONSIDERATIONS

Ecuador is a member of the Andean Community of Nations (CAN) along with Bolivia,
Colombia, and Peru. Ecuador is an associate member of the Southern Cone Common
Market (MERCOSUR). Ecuador is a member of the World Trade Organization (WTO) and
notifies draft regulations to the WTO Technical Barriers to Trade (TBT)
Committee. Ecuador ratified the WTO Trade Facilitation Agreement on October 16,
2018.


LEGAL SYSTEM AND JUDICIAL INDEPENDENCE

Ecuador has a civil codified legal system. Systemic weakness in the judicial
system and its susceptibility to external pressures constitute challenges faced
by U.S. companies investing in Ecuador. While Ecuador updated its Commercial
Code in May 2019, enforcement of contract rights, equal treatment under the law,
intellectual property protections, and unstable regulatory regimes continue to
be concerns for foreign investors.


LAWS AND REGULATIONS ON FOREIGN DIRECT INVESTMENT

Ecuador does not have specific laws on FDI, but several laws affect overall
investment. The Organic Law for Production Incentives and Tax Fraud Prevention,
passed in December 2014, includes provisions to improve tax stability and lower
the income tax rate in the mining sector. The Organic Law of Incentives for
Public-Private Associations and Foreign Investment from 2015 includes provisions
to improve legal stability, reduce red tape, and exempt public private
partnerships from paying income and capital exit taxes under certain conditions.
The 2021 Tax Reform Law repealed the zero-tariff income tax incentives included
in previous legislation and replaced them with income tax reductions. These
range from three to five percentage points of the current corporate income tax
rate (25 percent), provided the compliance with certain conditions. Investments
done under the prior legal framework will continue to enjoy the benefits offered
from that legislation. In October 2022, President Lasso issued Executive Decree
586, which outlined the requirements to access aforementioned income tax
reductions, established national and foreign investment promotion as a national
policy, outlined the procedure to approve investment contracts, and determined
that the value of the accumulated tax incentives may not exceed the amount of
the investment.

ProEcuador’s website https://www.proecuador.gob.ec/  provides a guide for
investors in English and Spanish and highlights the procedures to register a
company, types of incentives for investors, and relevant taxes related to
investing in Ecuador.


COMPETITION AND ANTITRUST LAWS

The SCPM reviews transactions for competition-related concerns. Ecuador’s 2011
Organic Law for Regulation and Control of Market Power includes mechanisms to
control and sanction market power abuses, restrictive market practices, market
concentration, and unfair competition. The SCPM can fine up to 12 percent of
gross revenue of companies found to be in violation of the law.


EXPROPRIATION AND COMPENSATION

The Constitution establishes that the State is responsible for managing the use
and access to land, while recognizing and guaranteeing the right to private
property. It also provides for the redistribution of land if it has not been in
active use for more than two years.

The Article 101 of the 2015 Telecommunications Law grants permission for the
occupation or expropriation of private property for telecommunication network
installation provided there are no other economically viable alternatives.
Service providers must assume costs associated with the property’s expropriation
or occupation.

The Ecuadorian government has not taken measures for direct or indirect
expropriation of private property outside of these examples.


DISPUTE SETTLEMENT

ICSID CONVENTION AND NEW YORK CONVENTION

Ecuador withdrew from the International Centre for the Settlement of Investment
Disputes (ICSID Convention) in 2010 and rejoined the Convention in 2021. Ecuador
is a signatory to the convention on the Recognition and Enforcement of Foreign
Arbitral Awards (1958 New York Convention). The 2018 Productive Development Law
clarifies the permissibility of international investor-state arbitration under
the 2008 Constitution and includes provisions permitting arbitration at venues
within Latin America.

INVESTOR-STATE DISPUTE SETTLEMENT

Ecuador’s National Assembly voted in 2017 to terminate its 12 bilateral
investment treaties, including its agreement with the United States. The
Government of Ecuador notified the U.S. government of its withdrawal from the
BIT on May 18, 2017, with the effective date of May 18, 2018. The treaty further
specifies that all U.S. investments in place at the date of termination enjoy
the protections of the treaty for the subsequent 10 years. There have been
numerous claims against Ecuador under the BIT that have gone to international
arbitration.

INTERNATIONAL COMMERCIAL ARBITRATION AND FOREIGN COURTS

Several U.S. companies operating in Ecuador, most notably in the petroleum
sector, have filed for international arbitration due to investment dispute
claims. The Government of Ecuador in the past treated these disputes as a
political issue, speaking negatively about investors involved in these cases.
Several claims in international arbitration have been active disputes for
decades. Payment of arbitration awards generally takes longer than a year,
although the Government of Ecuador has paid all final awards. Ecuador’s 2008
Constitution limited investor-state arbitration to regional arbitration entities
and was the primary driver of the 2017 termination of BITs.

Ecuador held a national referendum on April 21, 2024. One of the questions that
posed to voters was: “Do you agree that the Ecuadorian state should promote
foreign investment and recognize international arbitration as a method to
resolve investment, contractual or commercial disputes, so that foreign
investors are offered an appropriate environment of legal security that
generates greater employment opportunities and strengthens dollarization?” A
majority of voters voted “no” on this question.


BANKRUPTCY REGULATIONS

With the goal of protecting consumers and preventing a real estate bubble, in
June 2012 the National Assembly approved a law that allows homeowners to default
on their first home and car loan without penalty if they forfeit the asset. The
provisions do not apply to homes with a market value of more than 500 times the
basic 2023 monthly salary (currently USD 225,000) or vehicles worth more than
100 times the basic monthly salary (currently USD 42,500).

In cases of foreclosure, the average time for banks to collect on debts is 5.3
years, usually taking 4.5 years for courts to approve the initiation of
foreclosures. After the appointment and acceptance of an auctioneer, it takes
about six months for the auction to take place.


4. INDUSTRIAL POLICIES


INVESTMENT INCENTIVES

The 2021 Tax Reform repealed the zero-tariff income tax incentives included in
previous legislation and replaced them with income tax reductions. The law
provides a five-percentage point reduction of the current corporate income tax
rate (25 percent) for companies that sign an investment contract, and a
three-percentage point reduction for companies that do not sign an investment
contract. Other tax benefits include: 1. exemption from income tax withholdings
on payments originating from external financing granted by foreign financial
institutions; 2. exemption from the capital exit tax (ISD) on principal and
interests on external credits (except for foreign loans made by private banks to
overseas lenders, per 2024 Organic Law to Address the Internal Armed Conflict);
3. exemption from the capital exit tax (ISD) on imports of raw materials,
capital goods and inputs, up to the maximum
amount established on the investment contract; and 4. exemption from taxes on
foreign trade (tariffs and value added taxes) on imports of raw materials,
capital goods and inputs, up to the maximum amount established on the investment
contract. Investments done under the prior legal framework will continue to
enjoy the benefits offered from that legislation until the validity of those
benefits expires.

The 2023 Economic Efficiency Law introduced a new regime for public-private
partnerships (PPPs) and repealed the 2015 Public Partnership law. The reforms
allow private sector involvement in public services or strategic sectors under
exceptional circumstances but prohibits privatization and exploration or
exploitation projects in mining and oil sectors through PPPs. The law sets
guidelines for PPP projects such as new infrastructure development and upgrading
existing facilities, with contract terms up to 30 years, extendable by 10 years.
This law recognizes international arbitration as a dispute resolution mechanism
with prior approval required by the Solicitor General Office. The 2023 Economic
Efficiency Law also introduced various incentives to encourage investment in
non-conventional renewable energies, natural gas, and green hydrogen production.
Additional benefits include:

 * Income tax exemption on earnings from time deposits and fixed-income
   securities in local financial institutions and stock exchanges;
 * Exemption for the capital exit tax (ISD) for payments related to
   international credits aimed at housing, microcredit, and productive
   investments in Ecuador, providing the financing term is 180 days or longer;
   and,
 * A five-year temporary tax residency for non-Ecuadorian investors who either
   invest at least $150,000 in Ecuador or prove a monthly income of $2,500
   subject to Ecuadorian income tax only.

Investment incentives are applied uniformly to both domestic and foreign
investors, and within those categories, they are applied systematically.


FOREIGN TRADE ZONES/FREE PORTS/TRADE FACILITATION

The 2023 Economic Efficiency Law replaced the Special Economic Development Zones
(ZEDEs) regime – created under the 2010 Production Code – with the Free Trade
Zone scheme. However, the companies that are under the ZEDEs regime, as well as
those authorized prior to the enactment of this law, will continue to operate
with the benefits previously approved. In addition, currently qualified ZEDEs
may migrate to the Free Trade Zones regime. Foreign-owned companies have the
same investment opportunities under this law. According to the Ministry of
Production, Foreign Trade, Investment and Fisheries, three maritime ports are
operational ZEDEs.

The 2023 Economic Efficiency Law introduced a new regime for Free Trade Zones
offering a zero percent income tax rate for the first five years and 15 percent
thereafter. Free Trade Zones can be designated for various industrial and
financial activities and services but not for mining or weapons production.
Employment within the zones is governed by renewable temporary contracts, exempt
from standard labor laws.

Visa and residency requirements in Ecuador are relatively relaxed and do not
inhibit foreign investment.


PERFORMANCE AND DATA LOCALIZATION REQUIREMENTS

There are no requirements for foreign IT providers to turn over source code
and/or provide access to encryption. The Law for the Development of
Technological Financial Services (Fintech Law) came into force in December 2022,
amending Article 146 of the Ingenuity Code that established the forced
localization of strategic sector and national security data. The reform
eliminated forced data localization and, in its place, established a
classification of data that includes open, reserved, and confidential data. With
this, companies that do not have data centers in Ecuador can now provide storage
services that were previously restricted. However, MINTEL Ministerial Agreement
141 of 2011 remains in force, requiring that contracting cloud services and
emerging technologies must be procured through the state-owned National
Telecommunications Corporation (CNT). Restrictions for forced data localization
for reserved and confidential data for national security reasons still apply.

In May 2021, Ecuador’s first Personal Data Protection Law went into effect. One
of its provisions establishes that the international transfer of personal data
can only be made to organizations or economic territories that provide adequate
levels of protection. Companies do not need prior authorization for data
transfer. The regulating body, yet to be created, will define what these
adequate levels entail. The law also establishes fines on data protection
infractions that will come into force in mid-2023. The penalties range between
0.7 percent and 1.0 percent of revenues based on business volume.

In 2016, Ecuador’s National Assembly passed the Code of the Social Economy of
Knowledge, Creativity, and Innovation (Ingenuity Code), covering a wide range of
intellectual property matters. Article 148 of the Code establishes that agencies
must give preference to open-source software with content developed in Ecuador
when procuring software for government use. Executive Decree 1073 of June 2020
mandated an order of preference when procuring software for the government: 1)
Open-Source; 2) Ecuadorian-Developed; 3) Software with Some Ecuadorian Content;
and 4) Internationally Developed.


5. PROTECTION OF PROPERTY RIGHTS


REAL PROPERTY

The Ecuadorian government enforces property rights and interests. Foreign
citizens are allowed to own land. There are no specific regulations regarding
land lease or acquisition by foreign and/or non-resident investors. Mortgages
are available, and the property title registration system is generally reliable.

Formalizing property rights by granting titles continues to be a challenge. More
than half (60 percent) of all rural property records is outdated, and 12 percent
of rural properties lack titles. Per studies, the land titling and registration
systems are marked by limited accessibility, insufficient resources, elevated
transaction costs, slow processes, lack of transparency, and corruption.
Additionally, squatting is widespread in both urban and rural settings. The
government has made strides in acknowledging and formalizing the Indigenous
peoples’ land rights. However, disputes persist between the State and these
groups concerning ownership, usage, and access rights.

Property ownership can revert to other owners such as squatters. However,
property claimants must pursue an acquisitive prescription lawsuit. Depending on
the case, someone who has occupied a property for 10 to 15 consecutive years and
demonstrated ownership intent can claim ownership of it. Local governments and
the Secretariat for Prevention of Human Irregular Settlements should manage and
prevent irregular settlements.

Ecuador is not a contracting party to the 2001 Cape Town Convention on Mobile
Equipment (CTC) and the Protocol on Matters Specific to Aircraft Equipment
(Aircraft Protocol).


INTELLECTUAL PROPERTY RIGHTS

Enforcement against intellectual property (IP) infringement in Ecuador remains
challenging despite the Ecuadorian government good-faith efforts to improve IP
protection and notable progress in combating digital piracy, carrying out border
measures in coordination with customs authorities, and identifying IP cases for
criminal prosecutions. In April 2016, the United States Trade Representative
moved Ecuador from Priority Watch List to Watch List in its annual Special 301
Report on intellectual property, and Ecuador has remained on the Watch List
since that time. In December 2020, SENADI issued implementing regulations for
the Code of Knowledge, Creativity, and Innovation Social Economy (Ingenuity
Code) — the legislation that covers intellectual property rights. The
regulations do not fully address concerns raised by the U.S. government and
various stakeholders on issues related to copyright exceptions and limitations,
patentable subject matter, and geographical indications (GIs), including
opposition procedures for proposed GIs, the treatment of common food names, and
the protection of prior trademark rights.

In August 2021, the National Assembly approved reforms to the Ingenuity Code to
strengthen the prevention of and fight against illicit trade, boost local
industry, and promote e-commerce. According to SENADI officials, these reforms
have been instrumental in preventing the entry of counterfeit goods transiting
the country and resulted in an increase of border measures in 2022. The National
Assembly also approved reforms to the Organic Integral Penal Code in 2021 that
clarified criminal IP violations. SENADI officials plan additional reforms to
the Ingenuity Code, particularly in granting the Ecuadorian Customs Service
(SENAE) ex-officio authority, deterring illegal camcording, and modernizing
regulations to combat online piracy. SENADI has limited enforcement capacity and
remains hampered by a lack of funding and personnel due to budget limitations.
SENADI was established in January 1999 to handle patent, trademark, and
copyright registrations. The entity reports information on its activities on its
website at http://www.propiedadintelectual.gob.ec/ .

For additional information about national laws and points of contact at local IP
offices, please see WIPO’s country profiles at
http://www.wipo.int/directory/en/ 


6. FINANCIAL SECTOR


CAPITAL MARKETS AND PORTFOLIO INVESTMENT

The 2014 Law to Strengthen and Optimize Business Partnerships and Stock Markets
created the Securities Market Regulation Board to oversee the stock markets.
Investment options on the Quito and Guayaquil stock exchanges are very limited.
Sufficient liquidity to enter and exit sizeable positions does not exist in the
local markets. The capital exit tax (ISD) inhibits free flow of financial
resources into the product and factor markets. Ecuador is a small market that
has relied almost exclusively on the financial sector to undertake medium and
short-term financing operations. Foreigners can access credit on the local
market. In 2021, the Central Bank of Ecuador (BCE) designed a new methodology to
set interest rates aimed at increasing financial inclusion and including
technical factors for better determination. Despite these changes, the
government continues setting interest rate ceilings and controls.


MONEY AND BANKING SYSTEM

Ecuador is a dollarized economy, and its banking sector is healthy. According to
the Ecuadorian Central Bank’s Access to the Financial System Report, as of
September 2020, 75 percent of the adult (over 15 years old) population (8.5
million people) has access to financial products and services. As of December
2023, Ecuador’s banks hold in total USD 60.8 billion in assets, with the largest
banks being Banco Pichincha with USD 17 billion in assets, Produbanco with USD
7.5 billion, Banco Guayaquil with USD 7.4 billion, and Banco Pacifico with USD 7
billion. The Banking Association (ASOBANCA) estimates 3.2 percent of loans are
non-performing. Foreigners require residency to open checking accounts in
Ecuador.

Ecuador’s Superintendence of Banks regulates the financial sector. Between 2012
and 2013, the financial sector was the target of numerous new restrictions. By
2012, most banks had sold off their brokerage firms, mutual funds, and insurance
companies to comply with constitutional changes following a May 2010 referendum.
The amendment to Article 312 of the Constitution required banks and their senior
managers and shareholders with more than six percent equity in financial
entities to divest entirely from any interest in all non-financial companies by
July 2012. These provisions were incorporated into the Anti-Monopoly Law passed
in September 2011.

The 2021 Law for the Defense of Dollarization established that the Monetary and
Financial Policy and Regulation Board be divided into a Monetary Policy and
Regulation Board and a Financial Policy and Regulation Board. The latter should
oversee the interest rate system jointly with the BCE as the technical entity.
The law gives the Financial Policy and Regulation Board the ability to
prioritize certain sectors for lending from private banks. The Financial Policy
and Regulation Board sets maximum interest rates caps in accordance with the
Monetary and Financial Code. There are 24 private banks in Ecuador as of
December 2022.

A 2018 BCE resolution that ordered electronic money accounts closure effectively
eliminated electronic currency. However, banks handle transactions by electronic
or digital means for transferences and/or payments to transfer resources and/or
payments according to the authorization of the Superintendence of Banks. BCE
resolutions were integrated into the Codification of Monetary, Financial,
Insurance, and Securities Resolutions. This regulatory body requires all
financial transfers (inflows and outflows) to be channeled through the BCE’s
accounts. In principle, the regulation increases monetary authorities’ oversight
and prevents banks from netting their inflows and outflows to avoid paying the
capital exit tax (ISD).


FOREIGN EXCHANGE AND REMITTANCES

FOREIGN EXCHANGE

Ecuador adopted the U.S. dollar as the official currency in 2000. Foreign
investors may remit 100 percent of net profits and capital, subject to a capital
exit tax (ISD) of 5 percent beginning April 1, 2024. There are no restrictions
placed on foreign investors in transferring or repatriating funds associated
with an investment.

REMITTANCE POLICIES

Resolution 107-2015-F from Ecuador’s Monetary and Finance Board issued in July
2015 exempted some payments to foreign lenders from the capital exit tax (ISD).
Among other requirements, the duration of the loan must be more than 360 days,
the loan must be registered with the Central Bank, and the resources must be
destined for specific purposes, such as to fund small businesses or social
housing.

The Financial Action Task Force (FATF) announced October 2015 that it had
removed Ecuador from the list of countries with strategic deficiencies in
anti-money laundering and countering the financing of terrorism (AML/CFT)
regimes. Ecuador is a member of the Financial Action Task Force (FATF) of Latin
America (GAFILAT), a FATF-style regional body. Ecuador advanced through its 2022
mutual evaluation process and received its final evaluation in December 2022.
Ecuador’s recent mutual evaluation report is available in Spanish at;
https://www.fatf-gafi.org/content/dam/fatf/documents/GAFILAT-Spanish-Mutual-Evaluation-Ecudaor-2023.pdf.coredownload.pdf
.


SOVEREIGN WEALTH FUNDS

The Government of Ecuador does not maintain a Sovereign Wealth Fund (SWF).
Approved in July 2020, Ecuador’s Public Finance Law (COPLAFIP) established a
Fiscal Stabilization Fund to invest excess revenues from extractive industries
and hedge against oil and metal price fluctuations.


7. STATE-OWNED ENTERPRISES

Ecuador’s Coordinator of Public Companies (EMCO EP) coordinates and controls the
policies and actions of all state-owned enterprises (SOEs). Since taking office
in November 2023, President Daniel Noboa has issued several executive decrees
aimed at gradually dissolving EMCO EP. According to the executive decrees,
associated ministries will now coordinate Ecuador’s 12 SOEs — for instance, the
Ministry of Energy and Mines will administer Petroecuador. On February 27, 2024,
President Daniel Noboa decreed EMCO’s dissolution within three months.

Ecuador’s major SOEs include those for petroleum (Petroecuador), electricity
(Electricity Corporation of Ecuador – CELEC – and the National Corporation for
Electricity – CNEL), and telecommunications (National Corporation of
Telecommunications – CNT). In 2023, EMCO EP implemented the Financial
Transparency Platform for Public Enterprises ( https://shorturl.at/fvzPV ) and
posted financial information and provisional budget execution as of December
2023 of all major SOEs. Still, SOEs’ financial information is limited, and they
lack independently audited balance sheets. SOEs generally do not have
professionally audited financial statements. The Ministry of Economy and Finance
approves SOEs’ annual budgets and often slows distribution of funds to SOEs to
compensate for other government expenditures.

As of December 2023, there were five liquidated SOEs, including Strategic
Ecuador (a social development firm using profits from natural resource
revenues), the Public Pharmaceutical Company, the Public Cement Company, Siembra
(a science and technology research firm formerly called Yachay City of
Knowledge), and High-Performance Training Centers for athletes. Five SOEs are in
the process of liquidation, including the public airline (TAME), the Ecuadorian
Railways Company, the public media company, a manufacturing company (Fabrec EP),
and the Ecuadorian Post Office. In February 2021, the government announced that
the Ecuadorian Post Office will be replaced by Ecuador Postal Services (SPE).

The 2009 Organic Law of Public Enterprises regulates SOEs. SOEs are most active
in areas designated by the 2008 Constitution as strategic sectors. SOEs follow a
special procurement regime with greater flexibility and limited oversight. The
Organic Law of Public Enterprises requires SOEs to follow generally accepted
accounting principles. Still, SOEs are not required to follow the same
accounting practices as the central government, nor do they have to participate
in the electronic financial management system used in most of the public sector
for budget and accounting management. In general, SOEs operate under market
considerations as provided in the Organic Law of Public Enterprises. However,
SOEs are eligible for government guarantees and face lower tax burdens than
private companies. The Public Procurement Law establishes that public companies
should prefer suppliers of goods/services that incorporate the largest
percentage of Ecuadorian components or promote the participation of the popular
and solidarity economy, and/or small and medium businesses, through the
application of proportional margins of preference compared to other suppliers,
market reserve, and/or preferential subcontracting. Said provisions could hinder
private sector competition. Ecuador SOEs do not compete internationally and do
not invest in the United States.


PRIVATIZATION PROGRAM

The Ecuadorian Constitution prohibits privatization of state-owned enterprises.
Still, the Ecuadorian government is seeking to offer long-term concessions and
joint-venture agreements with its SOEs to operate some of its assets in
strategic sectors including oil and gas exploration and production, electricity
generation, and mining. In addition, the Production Ministry (MPCEIP) is
considering projects to be developed as potential PPPs.


8. RESPONSIBLE BUSINESS CONDUCT

Article 66 of the 2008 Constitution guarantees the right to pursue economic
activities in a manner that is socially and environmentally responsible. Civil
society groups such as the Institute of Corporate Social Responsibility and the
Ecuadorian Consortium for Social Responsibility promote responsible business
conduct. Many Ecuadorian companies have programs to further responsible business
conduct within their organizations. Ecuador joined the Extractive Industries
Transparency Initiative (EITI) in October 2020. The country must comply with
additional requirements to become a full member. In December 2022, the
Multi-Stakeholders Group — MSG (formed by government, civil society, and
industry representatives) — requested an extension until June 2023 to submit its
first country report citing extenuating circumstances such as the nationwide
protests, leadership changes at Ministry of Energy and Mines (MEM), and
difficulties with World Bank financing, as justifications for the extension
request.

The Ecuadorian government has not instituted or proposed requirements for
businesses to conduct due diligence or reporting regarding human rights or other
responsible business conduct issues.

A number of local and Indigenous communities are active in opposing extractive
industry projects in their territories, though some communities have welcomed
responsible companies that are generating employment and bringing benefits to
the local people. The Ecuadorian government is legally obligated to carry out
free, prior, and informed consultations (consulta previa) with Indigenous groups
and other communities per the Ecuadorian Constitution and its commitments under
International Labor Organization Convention 169 and the United Nations
Declaration on the Rights of Indigenous Peoples. Ecuador does not have a law
that outlines how to perform this community consultation process. Ecuador’s
Organic Law for Citizen Participation also mandates free, prior, and informed
consultations on matters that may impact the environment, culture, and social
wellbeing of local people. Ecuador’s 2018 Organic Law for the Integral Planning
of the Amazon Region provides for the distribution of extractive industry income
for the benefit of local communities affected by the sector’s operations. Still,
few financial benefits have trickled down to local communities historically and
instead royalties often serve to cover expenses from national and subnational
government agencies.

Ecuador’s failure to establish protocols for consultations with Indigenous
groups and other local communities have led to political tensions and protests
particularly in areas with oil drilling and mining projects. Local and
Indigenous opposition to mining projects has stalled numerous mining concessions
in recent years, including the San Carlos-Panantza Copper Mine and the Rio
Blanco Gold Mine. During the dialogue between the Ecuadorian government and
Indigenous groups following June 2022 nationwide protests, the government
committed to drafting community consultation legislation to establish clear
protocols and seek National Assembly approval. Indigenous people and their
organizations are seeking more equitable and transparent processes that empower
Indigenous nations to attract extractives in their territories and negotiate
fair royalties.

Ecuadorian law prohibits all forms of forced or compulsory labor, including all
forms of labor exploitation and child labor. Article 42 of the labor code
establishes that all companies engaged in global or domestic supply chains are
required by law to pay minimum wage, ensure eight-hour workdays, and pay into
social security. A majority of voters in the April 21 referendum rejected a
proposal to amend the Constitution and reform the labor code to regulate
fixed-term and hourly employment contracts. The question read: Do you agree with
amending the constitution and reforming the labor code to regulate fixed-term
and hourly employment contracts, when concluded for the first time between the
same employer and worker, without affecting the rights of the worker?

The Ministry of Labor’s (MoL) Directorate for Control and Inspections is
responsible for enforcement of labor laws. The Department of Labor’s Bureau of
International Labor Affairs added four new products in 2022 for a total of eight
Ecuadorian products on its list of goods produced by child labor or forced labor
in violation of international standards, as required under the Trafficking
Victims Protection Reauthorization Act (TVPRA) of 2005. These new products are
bovines, hogs, poultry, and rice, in addition to bananas, bricks, flowers, and
gold included in the previous TVPRA reporting. MoL officials received reports of
child labor and conducted inspections but did not furnish specific or aggregated
data on the number of inspections or child labor incidences in the production of
goods included on the TVPRA list.

Ecuador’s flower production consortium, in coordination with the International
Labor Organization and the MoL, undertook a series of efforts to eliminate child
labor from flower farms in 2020. The MoL reported that labor inspections of
large flower farms in 2020 in Pichincha province did not find instances of child
labor. This positive outcome is largely because these farms are part of the
Business Network for a Child-Labor-Free Ecuador and are committed to the
elimination of child labor. Despite their progress, flower exporting consortiums
continue to resist a diagnostic survey to demonstrate the elimination of child
labor.

According to international organizations, adolescents below age 15 engage in
dangerous working conditions in artisanal gold mining near the borders with
Colombia and Peru. Most gold mining is in southern Ecuador near Peru.
Adolescents engaged in hazardous unregulated mining operations faced exposure to
mercury and other hazardous chemicals. Government officials admitted difficulty
in monitoring for child labor in the unregulated artisanal gold mining sector,
particularly in relatively inaccessible border areas. Government and civil
society sources did not report child labor in mining for export-oriented firms.

Nationally the government does not mandate local employment. However, the
Organic Law of the Amazon, approved by the National Assembly in May 2018,
mandates that any company, national or foreign, operating within the area
covered by the law (the Amazon Basin) must hire at least 70 percent of their
staff locally, unless they cannot find qualified labor from that area. The 2015
Organic Law for the Special Regime of the Galapagos (LOREG) and its regulations
enacted in April 2017 include the mandatory hiring of local residents. The law
stipulates non-residents can be hired only if companies demonstrate there are no
local candidates with the required skill set.


ADDITIONAL RESOURCES

Department of State

 * Country Reports on Human Rights Practices;
 * Trafficking in Persons Report;
 * Guidance on Implementing the “UN Guiding Principles” for Transactions Linked
   to Foreign Government End-Users for Products or Services with Surveillance
   Capabilities;
 * U.S. National Contact Point for the OECD Guidelines for Multinational
   Enterprises; and;
 * Xinjiang Supply Chain Business Advisory 

Department of the Treasury

 * OFAC Recent Actions

Department of Labor

 * Findings on the Worst Forms of Child Labor Report;
 * List of Goods Produced by Child Labor or Forced Labor;
 * Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the
   World and;
 * Comply Chain.




CLIMATE ISSUES

Ecuador adopted its National Climate Change Strategy (2012-2025) in 2012 and
released a National Climate Finance Strategy in 2021. Ecuador launched a
National Climate Adaptation Plan in February 2023. In April 2021, Ecuador
committed to reaching net-zero emissions by 2050 and launched workshops to
develop a National Decarbonization Plan in August 2022. The private sector is
involved in the development of the National Decarbonization Plan. Major
industries, such as the energy sector, are specifically highlighted in Ecuador’s
First Nationally Determined Contribution (NDC), but specific expectations have
not been released. The second NDC is due in 2024.

Article 74 of Ecuador’s Constitution (2008) restricts the government from
selling any natural resource, which the Ecuadorian Ministry of Environment and
Ecological Transition (MAATE) has interpreted to restrict Ecuador from
participation in market-based emissions reduction solutions, such as carbon
bonds or exchanges. MAATE issued regulations governing carbon offset projects in
mid-2024, opening the resulting carbon offset projects for investment. In 2021,
Ecuador launched the “Ecuador Zero Carbon Program,” a voluntary eco-labeling
initiative in which private sector entities can earn the Ecuador Zero Carbon
certification based on efforts to reduce emissions. Ecuador has instituted tax
incentives, income tax discounts, and other tax incentives for individuals and
entities invested in carbon capture.

Additionally, Environment Ministry officials consider Ecuador’s REDD+ (Reducing
Emissions from Deforestation and Forest Degradation) projects the country’s most
successful climate-related programs. Currently Ecuador is working with United
Nations Development Program through the Green Climate Fund and Global
Environment Facility-funded ProAmazonia program, which is part of the country’s
Bosques Para Buen Vivir REDD+ Action Plan.

Agriculture remains the primary driver of deforestation in Ecuador. Per the
Ministry of Agriculture, the primary export commodities driving deforestation
are palm oil, bananas and plantains, cacao, and wood. The primary domestic
commodities associated with deforestation are corn, rice, sugarcane, and
livestock. In 2019, the Ministry of Production launched the Polo Forestal
program, which aims to kick start a pulp and cellulose industry in Ecuador by
replacing 60,000 hectares (232 square miles) of palm oil plantations with
eucalyptus. Illegal mining is also a growing driver of deforestation.

In August 2021, the National Public Procurement Service (SERCOP) and MAATE
signed an inter-institutional agreement with the aim of coordinating actions
that allow generating policies that promote and facilitate the implementation of
sustainable public procurement. The agreement includes commitments regarding the
development of environmental sustainability criteria for government suppliers,
establishment of adequate environmental management and climate compatible
development, promotion of capacity building processes relevant to the
achievement of this agreement, and the implementation of sustainable public
procurement. SERCOP is currently developing the strategy.


9. CORRUPTION

Corruption is a serious problem in Ecuador. Ecuadorian courts have recently
tried numerous cases of corruption, resulting in convictions of high-level
officials, including former President Rafael Correa, former Vice President Jorge
Glas, and former Vice President Maria Alejandra Vicuña. Authorities arrested
dozens of judicial officials, police, and politicians for corruption and
involvement in organized crime in 2023. U.S. companies have cited corruption as
an obstacle to investment, with concerns related specifically to non-transparent
public tenders, dispute resolution, and payment of arbitration awards.

Ecuadorian law provides criminal penalties for corruption by public officials.
However, prior to recent cases brought by the Attorney General, most corrupt
officials have enjoyed impunity. Ecuador ranked 115 out of 180 countries
surveyed for Transparency International’s 2023 Perceptions of Corruption Index
and received a score of 34 out of 100. High-profile cases of alleged official
corruption involving state-owned petroleum company PetroEcuador and Brazilian
construction firm Odebrecht illustrate the significant challenges that confront
Ecuador with regards to corruption. In April 2024, a jury in a federal court in
Miami, Florida found former Ecuadorian government comptroller Carlos Polit
guilty of conspiring to commit money laundering and five related charges in
connection with the Odebrecht case. The Ecuadorian National Assembly approved
anti-corruption legislation in December 2020. The legislation, created new
criminal acts, including circumvention of public procurement procedures, acts of
corruption in the private sector, and obstruction of justice. It also included
11 provisions reforming the laws governing the public procurement system and the
Comptroller General’s Office. Moreover, the reforms included compliance as a
compulsory mechanism to prevent private corruption. In December 2022, Ecuador
launched a specialized court for corruption and organized crime cases. In its
first year, the court grew from 14 to 23 judges and convicted more than 160
people for corruption and organized crime. In May 2021, Ecuador approved the
Asset Forfeiture Law – a critical piece of legislation to seize the illicitly
gained assets of organized crime and corruption. The final step for implementing
the law was the creation of the specialized court. The National Assembly passed
additional legislation December 2022 that enables the government to sell seized
assets more rapidly.

Illicit payments for official favors and theft of public funds reportedly take
place frequently in addition to attacks and threats against judges, prosecutors,
and other officials. Drug gangs killed at least two prosecutors and one judge in
2023. Dispute settlement procedures are complicated by the lack of transparency
and inefficiency in the judicial system. Offering or accepting a bribe is
illegal and punishable by imprisonment for up to five years. The Comptroller
General is responsible for the oversight of public funds, and there are frequent
investigations and occasional prosecutions for irregularities.

Ecuador ratified the UN Anticorruption Convention in September 2005. Ecuador is
not a signatory to the OECD Convention on Combating Bribery. The 2008
Constitution created the Citizen Participation and Social Control Council
(CPCCS), tasked with preventing and combating corruption, among other
responsibilities. The 2018 national referendum converted the CPCCS from an
appointed to a popularly elected body. The CPCCS can receive complaints and
conduct investigations into alleged acts of corruption.  Responsibility for
prosecution remains with the Office of the Attorney General. Former President
Moreno established the Anticorruption Secretariat within the Presidency in
February 2019 but disbanded it in May 2020 for allegedly intervening in
corruption investigations conducted by the Office of the Attorney General. The
Lasso administration reestablished in 2022 the Anticorruption Secretariat whose
main role is to design public policy for increased transparency inside the
executive branch.


RESOURCES TO REPORT CORRUPTION

Alleged acts of corruption can be reported by dialing 159 within Ecuador. The
CPCCS also maintains a web portal for reporting alleged acts of corruption:
http://www.cpccs.gob.ec . The Office of the Attorney General actively pursues
corruption cases and receives reports of corruption as well.

Contact at the government agency or agencies that are responsible for combating
corruption:

Consejo de Participacion Cuidadana y Control Social
Santa Prisca 425 Entre Vargas y Pasaje Ibarra, Edificio Centenario, Quito
+(593 2) 395 7210
Comunicacion@cpccs.gob.ec 

Office of the Attorney General – FGE
Juan León Mera N19-36 and Av. Patria,
(+593 2) 3985 800
https://www.fiscalia.gob.ec/ventanilla-virtual/  ventanillafge@fiscalia.gob.ec 

Contact at a “watchdog” organization:

Mauricio Alarcón
Executive Director
Citizenship and Development Foundation – FCD
Av. Eloy Alfaro and Av. 6 de Diciembre. Monasterio Plaza Bldg. Of. 1003
(+593 2) 3332 526 info@ciudadaniaydesarrollo.org 


10. POLITICAL AND SECURITY ENVIRONMENT

President Daniel Noboa took office November 23, 2023, for an abbreviated
18-month term ending May 2025. Noboa’s government is battling unprecedented gang
violence – for which he declared Ecuador to be in a “non-international armed
conflict” January 9, 2024, following violent nationwide attacks. The government
confronts a significant fiscal deficit limiting its ability to respond
adequately to the security threat or boost economic growth, as a record number
of Ecuadorians migrate irregularly to the United States.

Years of drug-related violence preceded the January 2024 attacks, threatening
Ecuador’s stability. Sandwiched between the world’s two largest cocaine
producers, Colombia and Peru, Ecuador is a transshipment point used by cartels
to send drugs to the United States and Europe. U.S. assistance helped Ecuador
interdict a record 221 metric tons of drugs in 2023, maintaining the 2021-2022
trend of record seizures (210 and 201 metric tons). Mexican cartels and European
mafias have expanded their influence, and local gangs aligned with them are in
open warfare to control trafficking routes. These rivalries resulted in a record
homicide rate in 2023 of 47 murders per 100,000 residents (up from an average of
six from 2015-2020), making Ecuador the deadliest country in South America.
Political violence is on the rise, as evidenced by the August 2023 assassination
of presidential candidate Fernando Villavicencio. Secretary of State Antony
Blinken announced a $5 million reward for information leading to the arrest and
conviction of whomever ordered the assassination.

Large-scale protests pose a regular challenge to Ecuador’s political stability.
Social and Indigenous groups initiated widespread, violent street protests in
June 2022 for 18 days over their opposition to government economic policies. 
The protests resulted in eight deaths (including a soldier) and caused more than
$1 billion in damages and losses.  Opposition to the government’s decision to
remove fuel subsidies led to previous nationwide violent protests in October
2019. The protests paralyzed the country for 11 days, causing significant
property damage, including to petroleum and telecommunications infrastructure.
Widespread public protests in 1997, 2000, and 2005 contributed to the removal of
three elected presidents before the end of their terms. Large-scale but peaceful
demonstrations against the Correa government occurred in June 2015.

Violence related to drug-trafficking organizations broke records in 2023,
particularly in Ecuador’s port city of Guayaquil and along the coast. Deadly
prison riots have left more than 500 prisoners dead since 2020. Since Noboa’s
January 2024 declaration of a state of exception, the military has taken control
of the prisons. In an April 21 referendum, voters overwhelmingly approved nine
security-related reforms, including two questions on whether to reform the
constitution to allow extradition of Ecuadorian citizens and to allow the
military to play a complementary role in ensuring domestic security, among other
issues.


11. LABOR POLICIES AND PRACTICES

As of December 2023, Ecuador’s Statistics Institute (INEC) registered a 65.6
percent workforce participation rate and an unemployment rate of 3.4 percent.
However, the official underemployment rate is 21.2 percent and an estimated 55.1
percent of workers labor in the informal sector, illustrating significant labor
vulnerabilities. Semi-skilled and unskilled workers are relatively abundant at
low wages. The supply of available workers is high due to layoffs in sectors
affected by Ecuador’s flat economic growth since 2014. In addition, first
Colombian and then Venezuelan migrants added to the informal labor pool in
recent years. The National Wages Council and Ministry of Labor Relations set
minimum compensation levels for private sector employees annually. The minimum
basic monthly salary for 2024 is USD 460 per month – one of the highest minimum
wages in South America.

Ecuador’s Production Code requires workers be paid a dignified wage, defined as
an amount that would enable a family of four with 1.6 wage earners to be able to
afford basic necessities. INEC determines the cost and the products that are
considered basic necessities. In December 2023 the monthly cost of basic
necessities was USD 786 while the official family wage level is at USD 840. As
December 2023, INEC estimated 35.9 percent of workers had adequate employment.
INEC defines adequate employment as earning at least the minimum basic salary
working 40 hours per week.

Ecuador’s National Assembly passed a labor reform law in March 2016 intended to
promote youth employment, support unemployed workers, and introduce greater
labor flexibility for companies suffering from reduced revenue. The law
established a new unemployment insurance program, a subsidized youth employment
scheme, temporary reductions in workers’ hours for financially strapped
companies, and nine months of unpaid parental leave.

The Law for Labor Justice and Recognition of Work in the Home, which included
several changes related to labor and social security, took effect in April 2015.
The law limits the yearly bonus paid to employees, which is equal to 15 percent
of companies’ profits and is required by law to 24 times the minimum wage. Any
surplus profits are to be handed over to Ecuadorian Social Security Institute
(IESS). The law also mandates that employees’ 13th and 14th-month bonuses be
paid in installments throughout the year instead of in lump sums. Employees have
the option to opt out of this change and continue to receive the payments in
lump sums. The law eliminated fixed-term employee contracts and replaced them
with indefinite contracts, which shortens the allowable trial period for
employees to 90 days. The law also allows participation in social security
pensions for non-paid work at home.

The Labor Code provides for a 40-hour work week, 15 calendar days of annual paid
vacation, restrictions and penalties for those who employ child labor, general
protection of worker health and safety, minimum wages and bonuses, maternity
leave, and employer-provided benefits. The 2008 Constitution bans child labor,
requires hiring workers with disabilities, and prohibits strikes in most of the
public sector. Unpaid internships are not permitted in Ecuador. More than 60
percent of voters rejected a question on the April 21 referendum on whether
Ecuador’s labor law should be reformed to allow for hourly work.

Most workers in the private sector and at SOEs have the constitutional right to
form trade unions, and local law allows for unionization of any company with
more than 30 employees. Private employers are required to engage in collective
bargaining with recognized unions. The Labor Code provides for resolution of
conflicts through a tripartite arbitration and conciliation board process. The
Code also prohibits discrimination against union members and requires that
employers provide space for union activities.

Workers fired for organizing a labor union are entitled to limited financial
indemnification, but the law does not mandate reinstatement. The Public Service
Law enacted in October 2010 prohibits public sector workers in strategic sectors
from joining unions, exercising collective bargaining rights, or paralyzing
public services in general. The Constitution lists health; environmental
sanitation; education; justice; fire brigade; social security; electrical
energy; drinking water and sewerage; hydrocarbon production; processing,
transport, and distribution of fuel; public transport; and post and
telecommunications as strategic sectors. Public workers who are not under the
Public Service Law may join a union and bargain collectively since they are
governed by the provisions under the Labor Code. Approximately 3 percent of the
total workforce was unionized, with the number of public and private unions
registered by the Ministry of Labor decreasing by half since 2017. Labor unions
and associations reported difficulties in registering unions in the Ministry of
Labor due to excessive requirements and ministry staff shortages.


12. U.S. INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC), AND OTHER
INVESTMENT INSURANCE OR DEVELOPMENT FINANCE PROGRAMS

DFC operates in Ecuador under a pre-existing Overseas Private Investment
Corporation (OPIC) agreement and has not negotiated an amendment to or
replacement of the existing agreement. Ecuador is the DFC’s largest market in
the Western Hemisphere. DFC has signed several loan agreements aimed at
increasing local bank lending to SMEs and women entrepreneurs. Since 2019, DFC
has mobilized nearly $1 billion in financing to support Ecuadorian SMEs. In
2023, DFC provided $656 million in political risk insurance for the Galapagos
marine conservation debt-for-nature swap. DFC projects in Ecuador include SME
financing and climate change, and the housing, renewable energy, health care,
and telecommunications sectors. The existing bilateral agreement does not
require prior host government approval of U.S. government investment support for
a proposed project.

Ecuador is a signatory to the Multilateral Investment Guarantee Agreement.


13. FOREIGN DIRECT INVESTMENT STATISTICS

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy Host Country
Statistical source* USG or international statistical source USG or International
Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other Economic Data Year Amount
Year Amount Host Country Gross Domestic Product (GDP) ($M USD) 2022 $115.05
billion 2021 $106.17 billion www.worldbank.org/en/country Foreign Direct
Investment Host Country Statistical source* USG or international statistical
source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2022 $1,000 million 2021
$902 million BEA data available at https://apps.bea.gov/international/factsheet/
Host country’s FDI in the United States ($M USD, stock positions) 2022 $17
million 2021 $4 million BEA data available at
https://apps.bea.gov/international/factsheet/ Total inbound stock of FDI as %
host GDP 2022 $22.2 billion – 19% 2021 20% UNCTAD data available at



https://unctad.org/topic/investment/world-investment-report

Table 3: Sources and Destination of FDI Direct Investment from/in Counterpart
Economy Data From Top Five Sources/To Top Five Destinations (US Dollars,
Millions) Inward Direct Investment Outward Direct Investment Total Inward $266.3
million 100% Total Outward Amount 100% Chile $67.3 25% Country #1 Amount X%
United States $55.0 21% Country #2 Amount X% PRC $54.2 20% Country #3 Amount X%
Italy $17.8 7% Country #4 Amount X% Colombia $17.2 6% Country #5 Amount X% “0”
reflects amounts rounded to +/- USD 500,000.

*Source: Central Bank of Ecuador (BCE) – September 2023 data. The Central Bank
publishes FDI calculated as net flows only. The Central Bank does not publish
Outward Direct Investment statistics




14. CONTACT FOR MORE INFORMATION

US Embassy Quito
E12-170 Avirigas y Eloy Alfaro
Quito, Ecuador
+593-2-398-5000
EcuadorCommercial@state.gov 




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ON THIS PAGE

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 1.  EXECUTIVE SUMMARY
 2.  1. Openness To, and Restrictions Upon, Foreign Investment
     1. Policies Towards Foreign Direct Investment
     2. Limits on Foreign Control and Right to Private Ownership and
        Establishment
     3. Other Investment Policy Reviews
     4. Business Facilitation
     5. Outward Investment
 3.  2. Bilateral Investment and Taxation Treaties
 4.  3. Legal Regime
     1. Transparency of the Regulatory System
     2. International Regulatory Considerations
     3. Legal System and Judicial Independence
     4. Laws and Regulations on Foreign Direct Investment
     5. Competition and Antitrust Laws
     6. Expropriation and Compensation
     7. Dispute Settlement
        1. ICSID Convention and New York Convention
        2. Investor-State Dispute Settlement
        3. International Commercial Arbitration and Foreign Courts
     8. Bankruptcy Regulations
 5.  4. Industrial Policies
     1. Investment Incentives
     2. Foreign Trade Zones/Free Ports/Trade Facilitation
     3. Performance and Data Localization Requirements
 6.  5. Protection of Property Rights
     1. Real Property
     2. Intellectual Property Rights
 7.  6. Financial Sector
     1. Capital Markets and Portfolio Investment
     2. Money and Banking System
     3. Foreign Exchange and Remittances
        1. Foreign Exchange
        2. Remittance Policies
     4. Sovereign Wealth Funds
 8.  7. State-Owned Enterprises
     1. Privatization Program
 9.  8. Responsible Business Conduct
     1. Additional Resources
     2. Climate Issues
 10. 9. Corruption
     1. Resources to Report Corruption
 11. 10. Political and Security Environment
 12. 11. Labor Policies and Practices
 13. 12. U.S. International Development Finance Corporation (DFC), and Other
     Investment Insurance or Development Finance Programs
 14. 13. Foreign Direct Investment Statistics
 15. 14. Contact for More Information

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THE LESSONS OF 1989: FREEDOM AND OUR FUTURE

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