New Law in Ecuador Positions it as a Tourist Destination

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The government wishes to turn Ecuador into an investment power in the tourism sector, one of the objectives of the Law on Productive Development, Attraction of Investments, Employment Generation and Stability and Fiscal Equilibrium, as stated by the Minister of Tourism (s) , Carlos Larrea, during the ‘Ecuador Destino de Inversiones’ event that took place in Quito.

The Secretary of State assured that the regulation, which came into force on August 21, is intended to make Ecuador a competitive country in terms of tourism investments and also seeks to provide legal security to investors.

The event, which also included the participation of the Minister of Foreign Trade, Pablo Campana, highlighted the creation of Special Zones for Tourism Development that will attract more foreign investment to the country and boost the economy.

“One of the greatest benefits is that the productive investments made by micro, small and medium enterprises in the tourism sector will have an exemption from Income Tax (IR) for 20 years,” said Minister Larrea.

In addition, he explained that there is great interest on the part of companies to invest in the country. Currently the Ministry of Tourism has an investment potential of 540 million dollars in tourism projects, mostly accommodation.

The Minister also pointed out that one of the priorities of this State portfolio is to consolidate emblematic projects such as ‘Magical Towns’ or ‘Riviera del Pacífico’, for which there is already an agreement to transfer methodologies with the Ministry of Tourism of Mexico.

There is great interest on the part of companies to invest in the country. Currently the Ministry of Tourism has an investment potential of 540 million dollars in tourism projects, mostly accommodation.

The Productive Development Law establishes the exemption from Income Tax (IR) for new investments in prioritized sectors: 12 years for investments made outside of Quito and Guayaquil for eight years in urban areas of the aforementioned cities.

Exclusion is established for cinematography, audiovisuals and international events. “This sector is being prioritized so that new investments reach the country,” said Secretary of State (s).

He added that “tourism has to be seen as the best industry of all. Entrepreneurs this is a wonderful country and with laws like this Productive Development Law will only make us take off to become a true Tourist Power “.

Another of the benefits promoted by the Law of Productive Development is the reactivation of a Fund for Tourism Promotion that will fully or partially finance plans, projects or activities oriented to this activity, informed the Minister on Friday.

Fishing in Ecuador as Tourism

The Tourism government says that Ecuador is one of the countries with the largest artisanal fishing fleet in Latin America. However, we must be careful, since the networks that are installed on the marine coasts are the main risk for some species of marine mammals such as whales. The entanglement is a growing problem in terms of conservation, welfare and human security.

The Country points to all kinds of Tourism

However, Tourism in Ecuador has the objective of this fund, which will last four years from its creation, will support entrepreneurs and entrepreneurs to expand the range of destinations to visit in the country of four worlds (I).