LatinNews Daily - 03 February 2020

* Ecuador’s President Lenín Moreno has noted that the country has secured 157 investment commitments, totalling an estimated US$10bn, thanks to policies implemented to stimulate business and confidence in the government’s economic strategy. During a meeting with business owners in the coastal city of Guayaquil, President Moreno and Production Minister Iván Ontaneda reviewed the results of the government’s policies to attract capital. President Moreno revealed that over the past two years, the government has signed investment contracts adding up to over US$2bn with 76 businesses, generating 10,000 new jobs. The production ministry notes that in 2018, the government secured US$880m in investment contracts, a figure which rose 30% to a total US$1.15bn in 2019. Moreno highlighted the implementation of the law on productive development, which exempts businesses in priority sectors from corporate income tax (IR) for up to 20 years, and the benefits of applying an exemption on the capital outflow tax (ISD) for the import of goods and raw materials.

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