Ecuador profile

Transcription

Ecuador profile

Ecuador
A. Definitions and sources of data
The Balance of Payments Department at the Central Bank of Ecuador is responsible
for compiling the statistics on foreign direct investment (FDI).
As a member state of the Commission of the Cartagena Agreement, Ecuador defines
FDI as inputs of capital into a domestic enterprise owned by a foreign individual or corporate
body with legal domicile outside the national boundaries. Such inputs of capital can be in the
form of: a) freely convertible currency; b) physical or tangible goods (industrial plants, new
and reconditioned machinery and equipment, spare parts, raw materials and intermediate
products); c) the capitalization of external loans or intra-company debt granted by parent
companies to their subsidiaries, associates or affiliates; d) national currency inputs drawn
from resources authorized for remittance abroad (accrued royalties, retained dividends, etc.);
and e) the capitalization of reinvested earnings and other equity capital reserves. Reinvested
earnings are defined as all or part of undistributed earnings and other patrimonial resources
arising from FDI.
Data are compiled on inward inflows by component, by industry and by investor
country. Inward stock data are compiled at the aggregate level only. Data on outflows and
outward stocks are not compiled at the moment.
Data are compiled from individual direct investment enterprises, the Superintendence
of Companies and the Ministry of Mines and Energy. Published sources are used as
secondary information. Press reports and bilateral information are used to cross-check the
data. No register of FDI enterprises is maintained. Reporting requirements are voluntary.
IMF reports FDI inflows in its balance of payments statistics.
B. Statistics on FDI and the operations of TNCs
UNCTAD WID Country Profile: ECUADOR
page 3 of 22
Table 1. Summary of FDI
(Millions of dollars)
Variable
Inward Outward
1. FDI flows, 1999-2002 (annual average)
993
2. FDI flows as a percentage of GFCF, 1998-2001 (annual average)
32.7
..
..
..
9 686
..
39.5
..
3. FDI stock, 2002
4. FDI stock as a percentage of GDP, 2002
Sources : Based on tables 3 and 4 and UNCTAD, FDI/TNC database.
page 4 of 22
Table 3a. FDI flows, by type of investment, 1993-2002
Inward investment
Year
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Equity
Reinvested
earnings
76
161
182
220
161
88
33
34
196
180
Sources : Central Bank of Ecuador.
5
11
18
25
10
29
13
41
47
38
Other
393
404
253
255
554
753
602
646
1 087
1 058
Outward investment
Total
474
576
453
500
724
870
648
720
1 330
1 275
Reinvested
earnings
Equity
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
Other
Total
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
page 5 of 22
Table 3b. FDI flows, by type of investment, 1976-2002
Inward investment
Year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Equity
30.5
- 51.9
23.7
13.6
- 9.6
4.9
- 10.5
14.9
19.1
- 13.6
21.0
63.0
95.0
100.0
64.0
95.0
106.0
75.7
161.4
181.6
220.0
160.5
88.2
33.3
33.5
196.2
179.4
Reinvested
earnings
53.7
86.4
71.0
49.8
79.6
55.1
50.5
35.1
30.9
75.6
60.0
60.0
60.0
60.0
62.0
65.0
72.0
5.0
10.8
17.8
24.6
9.5
28.7
13.3
40.6
46.8
38.4
Other
- 104.1
..
- 46.1
..
..
..
..
..
..
..
..
..
..
..
..
..
..
393.0
404.2
253.1
255.1
553.9
753.1
601.8
645.9
1 086.8
1 057.5
Outward investment
Total
- 19.9
34.5
48.6
63.4
70.0
60.0
40.0
50.0
50.0
62.0
81.0
123.0
155.0
160.0
126.0
160.0
178.0
473.7
576.3
452.5
499.7
724.0
870.0
648.4
720.0
1 329.8
1 275.3
Reinvested
earnings
Equity
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
Other
Total
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
Source: Inward and outward flow data were retrieved from the balance-of-payments tape of the International Monetary
Fund in August 2003.
page 6 of 22
Table 4. FDI stock, by type of investment, 1993-2002
Inward investment
Year
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Reinvested
earnings
Equity
..
..
..
..
..
..
..
..
..
..
Sources : Central Bank of Ecuador.
..
..
..
..
..
..
..
..
..
..
Other
Outward investment
Total
..
..
..
..
..
..
..
..
..
..
2 590
3 166
3 619
4 118
4 842
5 712
6 361
7 081
8 410
9 686
Reinvested
earnings
Equity
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
Other
Total
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
page 7 of 22
Table 5. FDI flows in the host economy, by industry, 1992-2002
Sector/industry
Total
Primary
Agriculture, hunting, forestry and fishing
Mining, quarrying and petroleum
Mining and quarrying
Secondary
Tertiary
Electricity, gas and water
Construction
Trade
Transport, storage and communications
Business activities
Other business activities
Community, social and personal service
activities
1992
177.9
147.2
1.3
145.9
145.9
22.1
8.6
0.1
6.3
1.7
0.5
0.5
1993
473.7
404.7
9.4
395.3
395.3
51.8
17.2
0.2
6.9
1.5
8.4
8.4
1994
576.3
416.4
4.0
412.5
412.5
134.5
25.4
0.0
0.7
9.9
3.7
10.7
10.7
1995
452.5
268.4
4.5
263.9
263.9
18.4
165.8
0.1
0.1
85.6
24.6
55.1
55.1
1996
499.7
306.8
4.8
302.0
302.0
23.6
169.2
0.0
3.6
105.7
34.5
25.4
25.4
1997
723.9
561.8
6.5
555.3
555.3
45.0
117.1
0.0
2.0
10.2
72.1
32.1
32.1
1998
870.0
768.6
15.0
753.6
753.6
30.2
71.2
0.2
10.1
16.5
0.2
43.9
43.9
1999
648.4
604.8
1.9
602.9
602.9
8.1
35.6
0.0
0.1
7.9
1.6
25.9
25.9
2000
720.0
681.8
1.3
680.4
680.4
9.6
28.7
..
0.0
13.0
0.2
15.3
15.3
2001
1 329.8
1 138.6
18.7
1 119.9
1 119.9
59.1
132.0
55.3
54.0
10.8
11.7
11.7
2002
1 275.3
1 077.6
15.0
1 062.6
1 062.6
56.5
141.2
1.7
5.6
45.4
22.1
63.0
63.0
0.0
0.2
0.3
0.2
0.2
0.6
0.3
0.0
0.2
0.2
3.4
Sources: Superintendencia de Compañias, Dirección Nacional de Hidrocarburos, PETROECUADOR, compañias petroleras
e investigación Directa; Banco Central de Ecuador-Balanza de Pagos.
page 8 of 22
Table 6. FDI flows in the host economy, by geographical origin, 1992-2002
Region/economy
Total world
Developed countries
Western Europe
European Union
Belgium / Luxembourg
Denmark
France
Germany
Italy
Netherlands
Spain
Sweden
United Kingdom
Other Western Europe
Liechtenstein
Switzerland
Unspecified Western
Europe
North America
Canada
United States
Other developed countries
Japan
Developing economies
Latin America and the
Caribbean
South America
Argentina
Bolivia
Brazil
Chile
Colombia
Peru
Uruguay
Venezuela
Other Latin America and
Caribbean
Bahamas
Bermuda
Cayman Islands
Mexico
Netherlands Antilles
Panama
Virgin Islands
Unspecified Latin America
and Caribbean
Unspecified
1992
177.9
165.5
39.3
29.6
2.1
9.3
0.9
0.1
0.7
0.8
0.1
15.7
9.4
2.9
6.5
1993
473.7
445.8
76.5
67.5
0.0
18.5
13.7
0.6
1.6
1.1
0.0
32.1
8.9
1.2
7.6
1994
576.3
437.2
87.7
83.3
0.0
7.6
17.8
6.5
8.2
42.8
0.0
0.3
3.4
0.6
2.8
1995
452.5
312.5
74.0
72.5
0.0
8.0
12.9
2.5
37.1
9.7
0.2
2.2
1.2
1.2
1996
499.7
371.8
129.1
118.2
..
0.0
8.7
13.0
1.1
9.6
18.5
19.2
48.1
10.3
10.3
1997
723.9
494.0
93.1
77.8
7.1
14.9
10.2
17.7
26.2
0.3
1.3
13.1
13.1
1998
870.0
712.5
137.3
133.2
1.1
0.0
3.7
10.0
85.6
9.4
0.7
22.6
2.0
2.0
1999
648.4
453.9
90.0
88.7
..
0.0
8.0
64.1
11.3
0.1
1.1
4.1
1.3
1.3
2000
720.0
578.5
171.9
171.9
1.6
..
0.1
5.4
66.8
10.6
85.7
0.0
1.6
0.0
0.0
2001
1 329.8
985.8
235.2
225.5
7.0
0.0
30.5
87.2
5.4
85.4
0.0
10.1
3.9
3.9
2002
1 275.3
1 017.3
269.3
255.3
9.1
0.0
1.1
14.4
109.1
0.2
87.4
1.8
32.1
5.3
5.3
0.2
125.2
0.6
124.6
1.0
1.0
12.3
0.0
369.1
1.5
367.6
0.3
0.3
25.9
1.0
349.6
1.5
348.0
0.0
0.0
57.4
0.3
235.5
0.2
235.3
3.1
3.1
97.4
0.6
236.7
12.7
224.0
6.0
6.0
91.3
2.1
399.4
109.5
289.9
1.5
1.5
151.0
2.1
571.4
207.4
364.1
3.8
3.8
88.9
0.0
363.5
133.2
230.2
0.4
0.4
128.0
0.0
406.1
170.8
235.3
0.5
0.5
62.0
5.8
746.8
429.8
317.0
3.7
3.7
262.9
8.7
744.2
352.3
391.9
3.8
3.8
180.2
12.3
2.6
0.1
0.0
1.2
0.0
0.4
0.0
0.8
0.1
25.9
6.6
0.2
0.1
0.7
0.9
3.0
0.3
0.1
1.3
57.4
28.0
3.9
6.5
10.7
5.6
0.1
0.0
1.2
97.4
64.0
4.6
0.1
27.8
16.8
10.4
0.1
0.1
4.2
91.3
40.2
14.1
0.0
8.8
11.2
2.9
0.0
..
3.1
151.0
62.7
30.6
0.0
6.4
14.3
10.5
0.0
0.2
0.5
88.9
62.1
27.9
0.0
6.0
13.1
14.7
0.0
0.3
0.1
128.0
109.9
87.8
..
13.7
7.0
1.1
0.0
0.0
0.3
62.0
44.4
24.9
10.9
7.3
0.1
1.1
0.0
0.0
262.9
86.9
63.7
..
0.0
21.8
0.9
0.0
0.3
0.1
180.2
91.1
58.2
1.5
20.1
5.3
0.3
3.6
2.0
9.6
2.5
1.3
0.0
5.8
-
18.1
0.7
1.6
1.0
0.8
0.1
13.2
0.9
28.4
3.2
7.4
2.0
0.0
15.4
0.4
32.0
0.0
1.0
2.1
0.0
27.8
1.0
50.2
7.4
4.2
6.9
7.0
0.0
22.1
2.6
80.6
0.6
0.0
9.4
24.2
0.0
18.3
28.1
26.6
4.8
0.0
1.0
0.2
1.6
18.8
0.2
18.0
3.1
0.0
0.0
0.0
13.8
1.1
17.6
0.0
2.9
0.0
0.0
0.0
11.5
3.2
176.0
31.1
67.3
0.0
0.2
73.8
3.6
85.3
11.0
0.1
8.5
0.1
44.1
21.6
0.0
0.2
1.2
2.0
1.0
81.7
1.4
42.5
0.9
36.6
7.7
78.9
0.3
68.5
0.0
66.6
0.0
79.6
0.0
81.1
3.8
77.7
Sources: Superintendencia de Compañias, Dirección Nacional de Hidrocarburos, PETROECUADOR, compañias petroleras e
investigación Directa; Banco Central de Ecuador-Balanza de Pagos.
Notes: Unspecified Western Europe refer to other countries in Europe; Unspecified Latin America and Caribbean refer to other countries
in America.
page 9 of 22
Table 9. FDI flows abroad, by geographical destination, 1992-2002
Economy
Chile
China
Colombia
France
Malaysia
Paraguay
Peru
Sweden
United States
Venezuela
1992
0.2
3.3
5.0
-
1993
0.2
0.6
4.0
- 1.0
-
1994
0.2
0.7
36.5
4.0
- 2.0
-
1995
0.3
2.0
-
1996
0.1
- 0.2
0.3
1.0
-
1997
0.2
0.3
0.6
3.0
- 5.0
1998
4.0
68.0
1999
- 0.3
6.0
2000
2001
0.4
3.0
1.0
Source : UNCTAD, FDI/TNC database.
Note: Data are based on information on the investments made by Ecuador into the economies listed above.
0.5
5.0
3.0
2002
..
..
..
..
0.1
..
..
..
- 2.0
- 3.0
page 10 of 22
Table 12. FDI stocks in the host economy, by geographical origin, 1992-2002
Economy
Canada
China
Colombia
Germany
Republic of Korea
Slovenia
Switzerland
United States
1992
3.7
6.6
33.5
295.0
1993
3.7
7.7
36.5
127.9
555.0
1994
29.2
3.7
12.2
36.8
0.9
149.5
784.0
1995
30.0
3.8
32.4
39.1
0.9
0.8
156.8
889.0
1996
59.1
27.2
40.5
1.1
0.6
180.5
922.0
1997
71.4
36.1
46.9
1.1
0.7
224.8
838.0
1998
53.6
67.9
43.0
1.1
2.0
217.2
904.0
1999
45.7
106.5
69.3
5.2
235.1
1 116.0
2000
162.6
143.4
109.8
5.2
269.5
832.0
2001
157.6
110.2
5.2
264.1
480.0
2002
184.9
..
..
..
5.2
..
..
1 082.0
Notes: Data are based on information on the investments made by the economies listed above in Ecuador. Data for China are
on an approval basis.
page 11 of 22
Table 15. FDI stocks abroad, by geographical destination, 1992-2002
Economy
Brazil
Colombia
El Salvador
Peru
United States
Venezuela
1992
0.1
29.8
0.7
5.0
-
1993
30.4
4.7
4.0
-
1994
32.4
8.8
1.0
-
1995
103.1
9.0
5.0
-
1996
125.3
9.3
6.0
-
1997
136.0
9.9
22.0
- 5.0
1998
98.4
9.9
26.0
63.0
1999
116.2
9.6
25.0
69.0
2000
2001
101.3
29.0
70.0
Note: Data are based on information on the investments made by Ecuador into the economies listed above.
9.0
33.0
73.0
2002
..
..
9.0
..
31.0
70.0
page 12 of 22
Tables 21,28,38,43,48,53,58,63. The number of foreign affiliates of Ecuadorian TNCs in the United States, and their
assets, wages and salaries, sales, value added, profits, exports and imports, 1990-2000
(Number and millions of dollars)
Table no.
21
28
38
43
48
53
58
63
Variable
Number
Assets
Wages and salaries
Sales
Value added
Profits before taxes
Exports
Imports
1990
13
..
..
..
..
..
..
..
1991
13
..
..
..
..
..
..
..
1992
14
..
..
..
..
..
..
..
1993
14
..
..
..
..
..
..
..
1994
15
..
..
..
..
..
..
..
1995
15
..
..
..
..
..
..
..
1996
14
107
..
236
..
1
6
17
Notes: Data are based on information on the affiliates of Ecuadorian TNCs in the United States.
1997
3
102
..
..
..
..
..
1
1998
3
108
..
..
..
..
..
1
1999
3
123
..
..
..
..
..
..
2000
5
144
1
11
6
8
..
..
page 13 of 22
Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2001
Economy
Germany
Italy
Republic of Korea
United States
1990
19
..
..
59
1991
17
5
..
58
1992
15
..
..
60
1993
14
3
..
59
1994
12
..
..
68
1995
12
4
..
66
1996
14
..
3
69
1997
15
4
3
72
1998
17
..
3
69
1999
18
..
4
56
2000
23
..
4
54
2001
27
..
4
..
Note: Data are based on information on the number of foreign affiliates of home-based TNCs of the economies listed above which are located
in Ecuador.
Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2001
Economy
Germany
United States
1990
67
632
1991
66
600
1992
62
712
1993
58
1 034
1994
65
1 360
1995
70
1 727
1996
64
2 002
1997
112
2 059
1998
60
2 158
1999
100
2 074
2000
186
2 150
2001
264
..
Note: Data are based on information on the assets of foreign affiliates of home-based TNCs of the economies listed above which are located
in Ecuador.
Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2001
(Thousands of employees)
Economy
Germany
Italy
Switzerland
United States
1990
1.0
..
..
9.2
1991
1.0
0.1
..
9.8
1992
1.0
..
..
10.0
1993
1.0
0.1
2.6
10.9
1994
1.0
..
4.1
12.8
1995
2.0
0.5
3.4
12.6
1996
2.0
..
4.5
13.5
1997
2.0
0.3
4.5
13.6
1998
2.0
..
2.9
12.3
1999
2.0
..
3.4
13.0
2000
3.0
..
3.3
13.3
2001
3.0
..
3.8
..
Notes: Data are based on information on the number of employees of foreign affiliates of home-based TNCs of the economies listed above
which are located in Ecuador.
Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2001
Economy
Germany
Italy
United States
1990
61.9
..
961.0
1991
120.5
5.6
982.0
1992
64.0
..
910.0
1993
121.0
2.4
973.0
1994
123.2
..
1 191.0
1995
139.6
6.4
1 566.0
1996
132.9
..
2 000.0
1997
115.3
9.7
2 183.0
1998
170.5
..
1 884.0
1999
106.5
..
1 635.0
2000
184.3
..
1 875.0
2001
268.5
..
..
Notes: Data are based on information on the sales of foreign affiliates of home-based TNCs of the economies listed above which are located
in Ecuador.
page 14 of 22
Tables 40,50,55,60,65,80,85. Wages and salaries, value added, profits, exports, imports, royalty receipts and royalty
payments of affiliates of United States TNCs in Ecuador, 1990-2000
Table no.
40
50
55
60
65
80
85
Variable
Wages and salaries
Value added
Profits before taxes
Exports
Imports
Royalty receipts
Royalty payments
1990
55
..
17
380
108
..
..
1991
62
..
47
387
129
..
..
1992
71
..
12
267
145
..
..
1993
81
..
17
207
139
..
..
1994
112
220
45
231
50
1
11
1995
131
304
177
89
201
..
..
1996
128
274
- 541
369
248
..
..
1997
135
226
54
434
302
..
..
1998
138
301
96
260
..
..
..
1999
136
313
91
291
266
..
..
2000
142
381
30
245
323
..
..
Notes: Data are based on information on foreign affiliates of home-based TNCs of the United States which are located in Ecuador. Data
for value added, exports, imports, royalty receipts and royalty payments refer to majority-owned affiliates only.
page 15 of 22
Table 86. Largest home-based TNCs, 2002
(Millions of dollars and number)
Company
Industry
Sales
Employees
A. Industrial
Aymesa
Conservas Isabel Ecuatoriana
La Carpinteria CCIM Cia. Internacional de Muebles
Spartan del Ecuador Productos Quimicos
Electrocables
South Pacific Corporation
Motor vehicles
Agriculture
Wood and wood products
Pharmaceuticals
Electrical and electronic equipment
Diversified
27
..
..
..
..
..
300
1 000
270
130
120
3
Trade
Transport and storage
Trade
Tourism
14
..
..
..
210
300
20
..
B. Tertiary
La Llave
Sociedad Ecuatoriana de Transporte Aereo
Grafinal
Metropolitan Touring
C. Finance and insurance
Banco del Pichincha
Banco del Pacifico
Assets
Finance
Finance
Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 2003);
(http://analytics.thomsonib.com/); Who Owns Whom, 2003 (London, Dun and Bradstreet, 2003).
a December 2001.
Employees
1 353
..
Thomson
3 232
3 700
a
Analytics
page 16 of 22
Table 87. Largest affiliates of home-based TNCs, 2002
Company Name
Host economy
Industry
Sales
Employees
Colombia
Spain
Colombia
Chemicals
Agriculture
Machinery and equipment
..
..
..
50
..
..
Germany
Peru
United States
Venezuela
United States
United States
United States
Venezuela
Tourism
Trade
Trade
Trade
Trade
Trade
Trade
1
1
1
..
..
..
..
..
3
14
3
18
3
2
2
..
A. Industrial
Spartan de Colombia
Conservas Isabel Ecuatoriana
Maquinaria Grafinal
B. Tertiary
Frobeen Erlebnisreisen
Sistema de Codificación
Colineal Corporation
Grupo Aymesa Venezolana
Ecuabrands
Electrocables USA
Iberica Trading Corporation
Sociedad Ecuatoriana de Transporte Aereo
Banco del Pacifico
Pacific National Bank
Banco Latino de Colombia
Assets Employees
Panama
United States
Colombia
Finance
Finance
Finance
Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 2003);
(http://analytics.thomsonib.com/); Who Owns Whom, 2003 (London, Dun and Bradstreet, 2003).
..
..
..
Thomson
80
52
..
Analytics
page 17 of 22
Table 88. Largest affiliates of foreign TNCs in the host economy, 2002
Company
Home economy
Industry
Brazil
Switzerland
Colombia
Venezuela
Germany
Spain
United Kingdom
France
Netherlands
United Kingdom
United States
United States
Canada
United States
United States
Construction
Food
Paper and packaging
Food
Pharmaceuticals
Printing and publishing
Non-metallic mineral products
Pharmaceuticals
Food
Paper and packaging
Food
Pharmaceuticals
Petroleum
Pharmaceuticals
Non-metallic mineral products
United States
Switzerland
Mexico
Spain
United States
Japan
United States
United Kingdom
Switzerland
Germany
Chile
Switzerland
Panama
United States
Panama
Telecommunications
Other business services
Telecommunications
Electricity, gas and water
Trade
Trade
Trade
Trade
Trade
Trade
Trade
Sales
Employees
A. Industrial
Constructora Norberto Odebrecht
Nestle Ecuador
Productos Familia Sancela del Ecuador
Empacadora Ecuatoriano Danesa
Beiersdorf
Santillana
Ecuatoriana de Sanitarios
Hoechst Eteco
Unilever Andina- Jaboneria Nacional
Plasticos de Exportacion Expoplast
Kraft Foods Ecuador
Colgate Palmolive del Ecuador
AEC Ecuador
Bristol Myers Squibb Ecuador
Cristaleria del Ecuador
121
102
25
15
7
6
..
..
..
..
..
..
..
..
..
1300
1300
500
350
42
62
600
500
280
226
220
220
200
180
180
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
700
640
400
400
400
200
150
133
105
95
90
80
80
80
73
B. Tertiary
Otecel
Adecco Ecuador
Consorcio Ecuatoriano de Telecomunicaciones Conecel
Duragas-Repsol
Union de Bananeros Ecuatorianos
Toyota Tsusho del Ecuador
Frito Lay Ecuador Cia. Ltda.
Shell Ecuador
SGS del Ecuador
Boehringer Ingelheim del Ecuador
Sonda del Ecuador Ecuasonda
Panalpina Transportes Mundiales
Consorcio Santos CMI
KPMG Big Marwick
Ofikores
Citibank
A.F.P. Genesis Administradora de Fondos y Fideicomisos
Generali Ecuador Compania de Seguros
Assets Employees
United States
Spain
Italy
Finance
Insurance
Insurance
..
..
..
107
..
..
Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 2003); Thomson Analytics (http://analytics.thomsonib.com/); Who
Owns Whom, 2003 (London, Dun and Bradstreet, 2003).
page 18 of 22
C. Legal framework for FDI
I. National Framework
Decree No. 459 of 2 February 1993 creating the National Committee for the Promotion of
Exports and Investments (CONAPEI).
Source: Registro Ofcial, (Official Gazette) 3 February 1993.
Decree No. 415 of 3 January 1993 on Foreign Investment, Transfer of Technology, Patents,
Trademarks, Licenses and Royalties.
Source: Registro Official, (Official Gazette) No. 106, 13 January 1993.
Accord 14629 of 10 July 1992 approving the Regulations for the Prevention and Control of
Pollution of the Environment and the Soil.
Source: Ibid., 30 July 1992.
Accord 14630 of 10 June 1992 approving the Regulations for the Handling of Solid Waste.
Source: Official Gazette of the Andean Group, 3 August 1992.
Ministerial Accord 621 of 21 February 1992 approving the Environmental Regulations for
Hydrocarbon Activities.
Source: Ibid., 6 March 1992.
Amendment: Accord 677 of 29 July 1992.
Source: Ibid., 7 August 1992.
Decree No. 2501 of 13 June 1991 establishing the Common Regime on the Treatment of
Foreign Capital, Trademarks, Patents, Licenses and Copyrights, Foreign Direct Investment,
Transfer of Profits from Investment and Transfer of Technology.
Source: Ibid., 17 June 1991.
Law No. 126 of 28 May 1991 enacting the Mining Law.
Source: Ibid., 31 May 1991.
Decision No. 300 of 16 May 1991 on the Program of Industrial and Metal-Mechanic
Integration.
Source: Gaceta Oficial, Commission of the Cartagena Agreement, No. 82, Lima 12 June
1991.
Decision No. 291 of 21 March 1991 on Foreign Investment; effective 13 May 1991.
Source: Ibid., No. 682 of 13 May 1991.
Decree-Law 1 of 18 February 1991 on Duty-Free Zones to Promote Employment.
Source: Ibid., 19 February 1991.
Regulated by Decree No. 2710 of 11 September 1991. Source: Ibid., 13 September 1991.
Decree No. 2069 of 19 December 1990 approving the Regulation on Income Tax,
Exemptions, Deductions of Foreign Corporations.
Source: Ibid., 20 December 1990.
Law No. 90 of 2 August 1990 on the "Maquila" System.
Amendment: Decree 1921 of 26 October 1990.
Source: Ibid., 31 October 1990.
page 19 of 22
Decree No. 1365 of 26 March 1990 ratifying the Agreement for the Establishment of the
Latin American Reserve Fund.
Decree No. 1286 of 23 February 1990 approving the Regulation of Value-Added Tax.
Decree No. 1285 of 23 February 1990 on Income Tax.
Law No. 33 on Tourism of 6 July 1989.
Source: Ibid., July, 1989. Regulation: Decree 971 of 6 October 1989. Source: Ibid., 11
October 1989.
Accord 2144 of 18 May 1989 on Prevention and Control of Pollution in Waters.
Source: Ibid., 5 June 1989.
Law No. 15 of 20 February 1989 creating the "Fondo Nacional de Preinversion"
(FONAPRE).
Amendment: Decree 903 of 14 September 1989.
Source: Ibid., 19 September 1989.
Law No. 6 of 28 December 1988 on Tax and Financial Controls.
Regulated by Decree No. 393 and Accord 054 of 27 January 1989.
Source: Ibid., 27 January 1989.
Decision No. 220 of the Andean Group of I 1 May 1987 on Foreign Investment; effective 18
May 1987.
Resolution No. 408 of 9 February 1987.
Source: Registro Oftcfal, (Official Gazette) 23 February 1987.
Law No. 58 of 29 December 1986 on Corporations.
Amendment: Decree 734 of 10 May 1989.
Decree No. 1267 of 31 October 1985 establishing the City of Esmeralda as a Free Zone.
Source: Ibid., 8 November 1985.
Executive Decree No. 427 of January 1985.
Source: Ibid., 17 January 1985.
Decree No. 3791 of 7 August 1979 adopting Decision 137 of the Andean Pact Group.
Decree No. 2967 of 6 November 1978 enacting the Law on Hydrocarbons.
Amendment: Law 101 of 6 August 1982.
page 20 of 22
Decree No. 2204 of 31 January 1978 on Industrial Development Program for the
Petrochemical Sector; effective 31 January 1978.
Decree No. 1257 of 10 March 1977 on Industrial Property, Patents and Trade Marks.
Amendment: Decree 2240 of 23 September 1986.
Source: Ibid., 30 September 1986.
Supreme Decree No. 374 of 21 May 1976 Law on Environmental Pollution Prevention and
Control.
Regulated by Accord 7789 of 14 September 1990.
Supreme Decree No. 178 -3f 12 February 1974.
Source: Registro Oficial, (Official Gazette) No. 497 of 9 February 1974.
Decree No. 1247 of 3 November 1973 on Promotion of the Small Industries.
Amendment: Law 26 of 29 May 1989.
Decree No. 1248 of 3 November 1973 establishing a Regional Industrial Promotion Zone.
Investment Policy Decisions 291 and 292, 1991
Source: U.S. Commercial Service, http://www.export.gov/
Free Trade Zone Law, 1991
Capital Markets Law, 1993
Foreign Investment Promotion Law, 1997
Law on Intellectual Property, 1998
Law on Generic Drugs, 2000
Telecommunications and Mining Sectors Law, 2000
Electrical Sector Law, 1996, amended 1998 and 2000
Labor Code, amended 2000
Telecommunications Liberalization Law, 2002
II.
International Framework
A.
Ecuador is a party to the following multilateral and regional instruments:
page 21 of 22
The Paris Convention for the Protection of Industrial Property of 20 March 1883, amended
and revised.
The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards
of 10 June 1958.
The Convention on the Settlement of Investment Disputes between States and Nationals of
Other States of 18 March 1965, signed on 15 January 1986, effective 14 February 1986.
The ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social
Policy, adopted on 16 November 1977.
The Convention Establishing the Multilateral Investment Guarantee Agency of 11 October
1985, signed on 30 September 1996.
The Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive
Business Practices, adopted on 5 December 1980 by the General Assembly of the United
Nations (resolution 35/63).
The Agreement on Trade-Related Aspects of Intellectual Property Rights, signed on 15 April
1994; in force on 1 January 1995.
The General Agreement on Trade in Services, signed on 15 April 1994; in force on 1 January
1995.
The Fourth Protocol to the General Agreement on Trade in Services of 15 February 1997
The Fifth Protocol to the General Agreement on Trade in Services of 12 December 1997.
Ecuador is a member of the Andean Pact.
B.
Bilateral treaties
1.
Bilateral investment treaties for the protection and promotion of investments:
Germany 1965, Switzerland 1968, Uruguay 1985, Egypt 1992, Chile 1993, United States
1993, Venezuela 1993, Argentina 1994, China 1994, El Salvador 1994, France 1994,
Paraguay 1994, United Kingdom 1994, Bolivia 1995, Canada 1996, Germany 1996, Romania
1996, Russian Federation 1996, Spain 1996, Cuba 1997, Dominican Republic 1998,
Netherlands 1999, Peru 1999, Honduras 2000, Nicaragua 2000, Finland 2001, Sweden 2001.
2.
Bilateral treaties for the avoidance of double taxation: Germany 1982, Brazil 1983,
Italy 1984, France 1989, Spain 1991, Mexico 1992, Romania 1992, Switzerland 1994.
page 22 of 22
D. Sources of information
Official
Banco Central del Ecuador (www.bce.fin.ec)
Corporación de Promoción de Exportaciones e Inversiones (CORPEI)(www.corpei.org)
Secondary
1. ECLAC (2002), Balance preliminar de las economías de América Latina y el Caribe, 2002
(Santiago, Chile: United Nations), United Nations publication, Sales No. S.02.II.G.126.
2. ECLAC (2003), Foreign Investment in Latin America and the Caribbean: 2002 Report (Santiago,
Chile: United Nations), United Nations publication, Sales No. E.03.II.G.11.
3. UNCTAD (2001), Investment Policy Review Ecuador (Geneva and New York: United Nations),
United Nations Publications, Sales No. E.01.II.D.31.
4. www.unctad.org/ipr
5. CORPEI, Plan Nacional de Inversiones no Petroleras 2001-2010.
6. www.ecuadorinvest.org
7. Business Latin America, Confidence Running Dry, (London, The Economist Intelligence Unit, 6
May 2002).
8. Business Latin America, Still Stuck (London, The Economist Intelligence Unit, 25 March 2002).

Ecuador profile

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