Iran Makes a Big Leap in Ecuador Exports

Iran’s non-oil exports to Ecuador has significantly increased during the past four years, soaring to US$223 million last year from less than US$1 million in 2005, the Export Promotion Center of Iran’s deputy director said. Babak Afghahi said that the Iran-Ecuador trade balance is currently in favor of Iran. According to Afghahi , Iran’s non-oil exports to the South American continent has also increased threefold in four years. He put Iran’s non-oil exports to the South American states in the calendar year of 1384 (ended 19 March 2006) at US$179 million, which increased to US$577 million in the year to March 2009. Liquefied propane, carpets, cables, and glassware are among the major Iranian-made items exported to Ecuador. Since Ecuadorian President Rafael Correa’s inauguration four years ago, Ecuador and Iran have deepened their economic ties while working towards closer political alliance. The two saw impressive advances in their bilateral cooperation in 2007, beginning in January with the establishment of trade offices in Tehran and Quito and ending the year with a December meeting in Tehran between Correa and Iranian President Mahmoud Ahmadinejad with the aim of “opening new markets and bilateral cooperation in oil and energy.” In October 2008, the two countries inked the MoU for Iran, Ecuador joint economic commission and in December the Export Promotion Center of Iran and Exports and Investment Promotion Corporation of Ecuador signed another economic MoU. In January 2009, Ahmadinejad promised to invest more than US$200 million in Ecuador to finance further trade and joint development projects. - Mehr