Over the past 12 months, the UAE has enjoyed a surging economic relationship with Ecuador, which is set to expand over the coming years.
Namely, driven by an increase in aluminium, petrochemical and medicine exports from the Emirates, trade between Ecuador and the Gulf state have sharpened by a remarkable 60 per cent in 2014. Nonetheless, with overall annual trade still standing just below $50 million, the figures suggest that economic cooperation has only just begun.
Hussam Hassan from Pro Ecuador, an organisation promoting trade opportunities for the country in the UAE, explained that: “We have only just started, but the future is looking very bright. Earlier this year, we had representatives from 20 Ecuadorian companies visit the UAE to explore trade and investment strategies in the region,” Hassan told AMEinfo‘s sister publication Saneou al Hadath.
He also noted that Ecuador’s Minister of Trade would be making an official visit to Abu Dhabi in September, in order to cement the new relationship.
Moreover, Hassan explained, testament that the economic ties are growing lies in Etihad Cargo establishing a direct route to Quito last year, which now flies three times a week, while Emirates SkyCargo has also just announced a weekly route to the Ecuadorian capital.
“Having established a cargo route, we expect that a passenger route is also in the pipeline in order to accommodate for growing interests in tourism.”
According to an August press release by Pro Ecuador, “Tourism from the Middle East to Ecuador is witnessing major growth due to Pro Ecuador’s association with The Department of Economic Development in Dubai, and its direct approach with the region’s business community, which has seen massive growth in mutual trade over the last two years.”