Ecuador invites Chinese investment

Vice-President Jorge Glas of Ecuador, who is currently visiting China, encouraged more Chinese investment in his country, which is a business gateway to Latin America.

Glas spoke during an economic forum on Wednesday in Beijing that was sponsored by the China Council for Promotion of International Trade.

Ecuador and China share complementary economic structures, Glas said. The Latin American country is shifting from natural resources to advanced industrialization as its prime economic driver. This will provide rich opportunities for Chinese investors, Glas said.

He expects cooperation to expand in such sectors as construction, metallurgy, petrochemicals, shipping and pharmacy.

Ecuador will soon provide visa-free services for Chinese tourists, Glas said.

Wan Jifei, chairman of the sponsoring organization, called for an increase in two-way investment to boost the economic restructuring and industrial upgrades of both countries.

China is Ecuador's fourth-largest trading partner, while the Latin American country serves as an important project contracting market for Chinese enterprises.

China's direct investment in Ecuador, not including financial sectors, reached $3.5 billion by the end of November 2013 and covered energy and minerals sectors, Wan said.