Ecuador’s Minister of Economy announces decree to create free trade zones

Ecuador’s Minister of Economy and Finance, Pablo Arosemena, informed that President Guillermo Lasso would soon issue an executive decree to create free zones in the country to strengthen foreign and local investment.

“In the coming hours, in the next few days this week, we will be sending the next decree law to strengthen foreign and local investment through free trade zones,” said the official in an interview with local television station Teleamazonas.

The minister said that most productive sectors could participate with initiatives in the free trade zones for large companies or small producers.

Arosemena pointed out that there are also plans to pass laws on investments and the stock market.

He indicated that the tax reduction carried out in the country since the beginning of the year to stimulate economic growth also increases confidence internationally.

The official added that economic resources are guaranteed to realize the next electoral process, tentatively scheduled for August 20.

This would be the second decree issued by the government after President Lasso signed number 741, with which he activated Article 148 of the Constitution on the ‘cross death’ last May 17, to dissolve the Parliament and order the call for presidential and legislative elections for the period 2023-2025.

The first decree law signed by the President last week, referring to tax reform, extends the ceiling of tax exemptions according to the number of members of each family, he said.

With information from Sputnik

News Ecuador, English news Ecuador, Ecuadorian economy