Quito was my last stop in the Latin American tour last week. I was impressed by the historic part of the city, which has been preserved aesthetically.
Of course, Ecuador is in a state of political transition. A constituent assembly is going to draw up a new constituition. Political turmoil is inevitable. But the business prospects are good.
India's exports were 50 million dollars in 2006 and imports also 50 million $. There is scope to increase. The Ecuadorian bzmen i interacted were keen.
But my most memorable meeting was with Krishnan Santa Ruben.. sounds spanish. but he is from the land of iddly sambar. He and his wife Karthikeyini are in charge of the 140 million dollar TCS contract with Pichincha bank. It is the largest pvt bank in Ecuador and has branches in other countries. The Ruben couple have adapted well and have established their professional reputation.
The government of India has announced a 20 million dollar line of credit for a railway project in Ecuador to be done by IRCON.
OVL is trying for oil fields and has signed a MOU with Petroecudor.
India is donating one million dollar worth medicines.
The Ecuadorian authorities have promised to liberalise business visas.