Doing Business in Ecuador

Delegation members who will be available for individual consultations following the luncheon:

Mayor Jaime Nebot and Dr. Joyce de Ginatta and the members of their delegation are visiting New Orleans to gain knowledge and insight from a world-class port, tourist, convention, and river city that shares similarities with Guayaquil. New Orleans is potentially viewed as a key U.S. city with the experience and resources to assist in Guayaquil’s development. Guayaquil won the 2003 U.N. award as one of the most transformed cities in the world out of 278 candidates. The city is strategically situated on the equator at the edge of the Gulf of Guayaquil where there are huge untapped reserves of oil and gas. Under the leadership of Mayor Nebot, it is poised to become a major business and tourist center in Latin America.

Jaime José Nebot Saadi has been Mayor of Guayaquil, the leading industrial and port city of Ecuador, since 2000. Following on the work begun by his predecessor, Mayor Nebot has been a dynamic, driving force that has transformed Guayaquil into a model for the world and Latin America. The recipient of the 2003 United Nations Award for the most transformed city in the world out of 278 candidates, Guayaquil boasts a magnificent state-of-the art waterfront, tourist centers, parks, world-class port, airport, and hotels, with a tastefully re-constructed and designed downtown, including new highways to direct the increased traffic patterns. The city is poised to be a convention center for the region.

Jaime Nebot, a lawyer by education and training, has had a distinguished political career which includes Governor of the Province of Guayas (1984-86), Representative for the Province of Guayas in the National Congress, President of the National Social Christian Party from 1991-1992 and 1994-1996, Presidential Candidate for the National Social Christian Party in 1992 and 1996, Representative and Head of the Legislators of the National Social Christian Party in the National Congress from 1998 to 2003.

Mayor Nebot has ambitious plans for Guayaquil and the Province, which he is committed to implementing in the short term. These include the construction of a major convention center, expansion of tourism, and a gateway to the Galapagos (a deep-water port on the river Guayas), additional hydroelectric capacity, and contributing to gas and oil exploration in the Gulf of Guayaquil.

Joyce Higgins de Ginatta is a well-known Ecuadorian national and international lecturer, business leader, editor, television host and entrepreneur. Dr. de Ginatta was the proponent and implementer of the Ecuadorian dollarization system. This is the first economic initiative of its kind in Latin America that in 1998 eliminated the local Sucre and adopted the strong U. S. dollar as the local currency of Ecuador.

Over a distinguished career which began as a leading Ecuadorian businessperson, founding, managing and operating one of the most successful chain of hardware stores, Dr. de Ginatta dedicated the next 28 years to public office and a wide range of initiatives to introduce greater economic expertise throughout Latin America, and especially in Ecuador. Her posts have included:

From Argentina to South Africa, Spain to Jamaica, Italy to Mexico and Singapore to the USA, Dr. de Ginatta has lectured, participated with and been honored by business and political leaders around the world. She is recognized for her forthright, candid, and practical approach to business and social issues.

Dr. de Ginatta obtained her B.A. degree from the University of Guayaquil and later graduated from Harvard University in the OPM Program (Owner President Management).

ECUADOR TODAY

Ever since the decision to "dollarize" in 2000, Ecuador’s economy has been one of the most dynamic and positive growth economies in South America. Real GDP is expected to grow by 3.8% this year, inflation has been dramatically reduced, and revenues from the construction of the $1.3 billion Oleoducto de Crudos Pesados (OCP) heavy oil pipeline is contributing to fiscal stabilization in accordance with IMF guidelines.

Apart from its petroleum and mineral production, Ecuador’s bio-diversity is unparalleled with its breathtaking scenery from Amazon (selva) Andes highlands (sierra) to coastland, the Galapagos Islands, rich native culture, banana, flower and shrimp exports, and its abundance of water for hydroelectric power. It has the strategic port of Guayaquil on the Pacific and the magnificent capital city of Quito on the Equator in the highlands. As a dollarized economy, it is on the "main line", so to speak, for world trade, with the ships and airlines passing through daily from north to south and from around the world.

Ecuador is also on the cusp of becoming a major oil and natural gas producer, with oil volume production possibly reaching 1 million Bbl/d by 2010, providing off-shore exploration proves successful. Ecuador has 6 billion barrels of proven reserves. 1.6 billion barrels are being extracted under contracts to U.S. firms like Occidental and ChevronTexaco. 4.2 billion barrels are owned by PetroEcuador. PetroEcuador does not have the financial resources to develop these deposits and is seeking international partners. Four blocks in the Gulf of Guayaquil have been offered for oil and natural gas exploration and development.

The dynamic mayor of Guayaquil, Jaime Nebot, has transformed the city from an unattractive port city into a clean, modern and efficient commercial and tourist center by promoting fiscal and legal accountability, economic reforms and good governance. (Guayaquil received the UN’s award in 2003). Nebot is now calling for a deepwater port, a free zone, convention center, and major highway construction to consolidate Guayaquil’s status as a world-class city and gateway to the Galapagos.

It is Ecuador’s increasing and potential importance in the larger regional context that could well define its long-term relationship with the United States. According to the leader of the successful dollarization campaign and President of the Interamerican Business Federation (FIE), Dr. Joyce Higgins de Ginatta: "Ecuador is a country where 70% of the population is under 30 years of age, the currency is the U.S. dollar, the economy is stable and growing, there is good governance and it possesses extraordinary resources. It is high time that the United States refocused on Latin America and specifically Ecuador. In turn, the U.S. can serve to raise the standard of living in these countries by reconnecting with the multiple business opportunities and resources resident here."

Cost: $30 for members of the sponsoring organizations and companies. $35 for non-members.

If you are a WTC member, the registration fee can be charged to your account number noted on the registration form.

"Doing Business in Ecuador"

Registration and prepayment are
required by May 11, 10:00 a.m.

"Doing Business in Ecuador"

Registration and prepayment are required by May 11, 10:00 a.m.

Registration and prepayment are
required by May 11, 10:00 a.m.