QUITO CHAMBER OF COMMERCE
Focusing on the economic reactivation of Quito and Ecuador, the Quito Chamber of Commerce has worked hard to develop a responsible entrepreneurial ecosystem and empower its members, among other initiatives.
What is your vision to promote a market friendly economy in Ecuador?
CARLOS LOAIZA The Quito Chamber of Commerce is a 115-year-old institution. With this heritage, we assume the responsibility stated by the government to bring more of Ecuador to the world, and more of the world to Ecuador. The economic reactivation is a huge challenge. Furthermore, Ecuador has been successful in its vaccination efforts. There are many cities in the country with an 85% vaccination rate. The reactivation of the economy and employment are now the priorities. There are some areas that need to be worked on regarding tax and employment. That would significantly support the reopening of the Ecuadorian economy, in order to return to the levels of 2019.
What is the key to creating a more responsible entrepreneurial ecosystem in Quito?
CARLOS ZALDUMBIDE The key is trust, as well as a willingness to face challenges and good governance. Trust is essential for creating a business ecosystem in which everyone will wish to come, invest, and make the economy grow. Even though corruption is a major issue within our business ecosystem, when there is a robust ecosystem, you can fight it better. The goal is to eradicate corruption. President Lasso is doing a good job and generating confidence, all of which is lowering the country risk. Colombia attracts USD7 billion in FDI per year, while Peru receives USD13 billion. Ecuador only receives between USD700 million and USD1 billion because it has not generated enough confidence over the last 15 years. We have to assure investors that the current trend is here to stay for at least two governments or about eight years. Private businesses will not invest if, in three and a half years, another government with a completely different outlook is elected. We have to give investors security not only for this period of government, but for the next one as well.
What are some of the goals on the agenda?
CL Tourism is one of the priorities. Quito is the entry point of tourism to Ecuador. We receive 1.2 million tourists. It is essential to reactivate the tourism sector because it can generate jobs, as well as an influx of dollars. Another important sector is construction, which represents 10% of the GDP of Ecuador. Today, it accounts for 4%. We need to reactivate the construction sector, which demands a large workforce. Another vital sector is agroindustry because Ecuador has the capacity to become a powerhouse providing food to the world. We have a clear strategy in that area. We need agroindustry, tourism, and construction to be reactivated. In addition to that, we have the oil and the mining industries, which the government is seeking to support.
What is your vision for the chamber?
CZ The chamber has been doing an extraordinary job in empowering women, training its members, business leaders, and workers. We also work to improve the reliability of the Ecuadorian judicial system and open markets through responsible negotiations, so that this strong internal economy can attract investors and not cost the country its future. One of our priorities is to give stability to the business ecosystem. We want to open the market for the entire country; this is one of the chamber’s visions. Ecuadorians need more confidence in their abilities, not only for personal matters, but also for business. When Ecuadorians do things well, they become great entrepreneurs. Exporters of Ecuadorian products are among the best companies on the planet, and we want them to consider exporting to the US, the Pacific Alliance, or the EU.
What are your goals for 2022?
CL Quito is the most important city in the country, and our challenge is to achieve a level of competitiveness that ensures that it can attract investments. We have created a committee that will develop a roadmap for Quito as a city. This roadmap will serve as an apolitical plan for economic growth. Quito has much potential for the future.
What is the chamber doing to reduce corruption?
CZ In 2019, the chamber launched a project called Honestidad Criolla (Creole Honesty). We want to educate children on honesty and the right values, that the only way to do things in life is to do them the right way, and that being honest is the way to be. Under this program, we have already educated more than 3,000 children in the last few years. We want to be the ones who sparked a cultural shift, even though we will not experience it yet. We are also working with the mayor’s office to improve ethics in the political sphere. We have many plans.