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INDUSTRY p.2 Growth, development and technology TRADE p.6 Business Trust EDUCATION p.7 Looking for internationalization FINANCE p.8 Driving the country’s growth SERVICES & LOGISTIC p.10 Pointing to competitiveness ENERGY, MINES & OIL p.11 The big bet TOURISM p.12 Natural and cultural wealth

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WORLD POWER IN many main roads and new bridge international arbitration, Public building, completing more than 6 Private Alliances, among others. BIODIVERSITY thousand miles. When it comes to the Gross The connectivity by sea is Domestic Product (GDP) of The spanish speaking South completed 4 main ports in has grown in the last American Republic of Ecuador Guayaquil, Manta, Esmeraldas 2 years. For 2019, according to has a unique strategic geographic and Bolivar. IMF forecasts a fall is expected location being crossed by the It is important to mention that in with -0.5% of GDP, while in 2020 equator: It is in the center of August 2019 it is expected that growth would be 0.2%, and in America. Ecuador limits with the new port of Posorja in Guayas 2021, 1.2%, so the confidence in Colombia, to the north; with Peru province, the first deep-water port economy is returning again to its to the south and east; and with in Ecuador, will start operating. businessmen and investors. the Pacific Ocean to the west. It will be one of the most important When it comes to Inflation ports on the West Coast of South Ecuador reported 0,27% rate, César Pérez Barriga Thanks to its proximity to the Deputy Director Panama Channel, it is also America and will place Ecuador which is the lowest of the South El Universo atractive to European and Middle at the same level with the port American countries according to Eastern countries. growth that is developing in the the of Ecuador. journalism: “We have always The country has well developed region and the world, enhancing Leaving behind the positive tried to be a pluralist newspaper, international connections with its the country’s competitiveness macroeconomic figures, nature our goal is to be at the center of 2 main airports for passengers, with world trade. Its navigation favors Ecuador with climatic positions both politically and and Guayaquil, and 2 more channel with depth of 16.5 meters diversity, ideal for tourism sector economically”, and continues with great potential for cargo in will benefit all users avoiding and also for high quality export “For a media the challenge is to Latacunga and Manta. greater risks and will allow to oriented agricultural products. report with the greatest possible The national road network is maximize the cargo capacity of Once a leader in the production intellectual honesty because it is an important example of the the Post Panamax Ships. of primary products, Ecuador is not about saying what I think, but significant progress made by Ecuador has many competitive getting stronger on manufacturing what it is, because the citizenry Ecuador with the improvement of advantages at a regional level. sector. The country it is also needs to know the truth. This For example, is the only one proud with its sophisticated is the biggest contribution we FACT FILE using USD as official currency telecommunication services and make to the country, part of our in South America. El Salvador is great human potential. work is information and that Official name:Republic of Ecuador another country that uses dollar For a country with 17 million people exercise their right with too but in Central America. Since inhabitants is also important confidence”. Capital: Quito dollarizing its economy on 2000, to have an advanced media. In In this sense, they are leading the Ecuadorian economy could be this marvelous country there important projects in the President: Lenín Moreno catalogued as stable and indeed, are 64 written press media, 377 network and in the content of the dollarized economy is an attraction radios and 63 television channels. newspaper. for investors. For instance, Foreign Amongst them stands out the Population: 17.096,789 Direct Investment (FDI) in trade newspaper El Universo founded grew USD 80 million in relation to in 1921 and published in the city Surface: 283,561 km² 2017 (+126%). of Guayaquil. This newspaper There are several benefits granted is currently the most important Official language: Spanish by the country to those who invest in the city and one of the most in Ecuador: There is the Organic noteworthy in the country. Currency: USD Dollar Law for Productive Development, The El Universo’s Deputy director, which includes tax incentives, Mr. Cesar Perez, remarks that the Annual Growth 2018: 1.1% benefits for the Zedes (Special newspaper has grown stronger Economic Development Zones), in the last 10 years and is now Unemployment rate: 3,7 % investment contracts with an important example good ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Growth, development and flowers requires a strong network of chemical companies to and technology support it. One of the companies that Industrial activity is fundamental has been an example with its for Ecuador’s development and leadership in the distribution one of the pillars on which the of industrial chemicals in the country’s economy is based. The region is Brenntag, which has two industrial sector accounts for fertilizer plants in Ecuador. 37% of GDP, and manufacturing “Nobody makes mixes like us” alone, not including other types says Ms. Maria Dolores Cuntó, of industry, is the most important General Manager of Brenntag industrial segment, representing Ecuador. The company is always María Dolores Cuntó Juan Carlos Peña one step ahead because its team around 13% of GDP. General Manager Country Manager Since the 1970s Ecuador has Brenntag Ecuador ADAMA has first class professionals and transitioned away from an export- more than 50 years in the market based economic model (based with consistent deliveries and new value-added industries, the growing aquaculture industry, on petroleum and agricultural first-line products with controlled primary sector still represents which saw a boost in recent exports) towards more value- quality. around 9% of GDP, including years due to outbreaks of shrimp added industries. As a result, To continue growing, in the agriculture, livestock, hunting, diseases in Asian countries. Ecuador’s present-day industrial medium term, Brenntag has forestry, fishing, and aquaculture. After shrimp, bananas are the sector has enormous development ambitious aquaculture projects Around these activities there is a country’s second-largest non- potential, with well positioned with new formulas. They are also network of strong agro-industrial oil export product, accounting industries backed by years of confident they will surprise the companies with a long history for around 15% of total exports. experience and solid investors. market with innovative products in Ecuador that still account Despite its long history, the sector The country also now boasts for bananas, rice, and flowers. for approximately 47% of total has not remained stagnant; increasingly qualified human Brenntag’s strategy has been exports. banana processing companies are capital, although the majority focused on growing its network Ecuador has been blessed with growing at a whopping 17%. Other of skilled workers are still based of distributors in the sector. favorable geographical and important exports are: canned in the two main cities Quito and The company is about to close climatic conditions that allow for fish which account for 5.7% of Guayaquil. While Guayaquil long negotiations for new products, the cultivation of a great variety all non-oil exports, flowers which served as the country’s economic raw materials, and distributors of crops, such as bananas, coffee, account for 4.8% and cocoa which capital due to its coastal location that are novel in the market, with and cocoa. Ecuador is in fact the accounts for 3.7%. which facilitated agricultural high performance and lower costs. largest exporter of bananas in the Ecuador’s fish processing exports, the rise of the petroleum Moreover, as Ms. Cuntó mentions, world; three out of ten bananas industry has been based in the sector and increased government “We are expanding our plant, exported in the world come from city of Manta since 1952, helping tripling the production in certain the Port of Manta to earn its title lines, and developing wastewater “In Tabacundo you can find the best quality of as “The international capital of solutions for the benefit of the the tuna”. roses in the world, there are 60 varieties” environment”. One thing that not many people Also is important to mention know is that Ecuador is the Adama Ecuador in this segment, investment over the past two Ecuador. world’s third largest exporter of part of the Israeli multinational decades have helped Quito, the However, surprisingly, Ecuador’s flowers, mainly roses, after the Adama. The company has more country’s political capital, to largest non-oil export is not Netherlands and Colombia. The than 60 years’ experience working come into its own as an economic bananas, but shrimp, which main markets for Ecuadorian hand by hand with Ecuadorian center. account for around 16% of non-oil flowers are the United States, farmers. Despite years of investment in exports and 95% of the country’s Canada, Russia, and other According to Juan Carlos Peña, countries such as France and Country Manager of Adama Netherlands. Ecuador, what makes the Continuing on the list of company different is that “We Ecuador’s traditional agricultural are a post patent company with exports is coffee. Ecuadorian financial support, with hybrid coffee is exported to 50 countries, portfolio offers where there are including the US, proving that differentiated products and Ecuador produces excellent small scale products of its own

“The dynamism of the ecuadorian industry is recognized worldwide”

quality Arabic and Robusta development. This means the coffee. farmer or the end user have an In recent years Ecuadorian offer of efficient and economic agriculture has undergone value, and in a competitive diversification in favor of new market like Ecuador we offer crops with great export potential. technical support and quality in For example, there has been a our products”. The quality promise lot of development of flower is maintained because it owns plantations, fruit (mango, its factories, one in Barranquilla passionfruit, strawberry, melon, (Colombia) and others in 150 watermelon, pineapple, etc.) countries around the world. and vegetables (broccoli, hearts According to Peña, “Adama of palm, asparagus, tomato, develops products that have come etc.). These products have come out of their patent. We do not to be known as Ecuador’s non- make invention, but innovation traditional crops. and mixtures that the market Ecuador’s large agricultural requires. This is what makes of Rosaprima Farm sector, with crops, crustaceans, Adama an attractive company for

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we thought about for years, but we finally dared to take the step two years ago”. The current challenge is to launch the diversification of finished products, making boxers and women’s underwear. “This is the challenge for 2019: to grow because we see an opportunity. We are well known, people like our brand and we control the raw material”. Christian Orbe, in addition to Fernando Ríos Munir Abedrabbo Christian Orbe presiding the National Footwear Executive Manager General Manager General Manager Delltex Textiles El Rayo Indulcasa Chamber, is the General Manager of Inducalsa, a company dedicated to the manufacture of footwear, expansion, merger, acquisitions Disney brand and have the Disney countries, like El Salvador, well known for its flagship brand or alliances, and aspire to be license as producers, undergoing Guatemala, and Costa Rica. On Bunky. the first company of fungicides, very intensive audits, which is a further step, we are thinking Inducalsa was founded in 1974. herbicides, growth regulators why Delltex is recognized as of targeting the North American Bunky focuses on manufacturing and seed treatment products in a company that meets all the market which is very large but the and trade quality footwear. At Ecuador”. standards, not only locally but profit margins are smaller”. that time they were pioneers in The textile sector is the second- also international”. “Quality is not Abedrabbo still remembers that the shoe industry school, and have largest source of employment in negotiable, it is Delltex’s banner”, his father began the business been leaders in the market for the Ecuador, responsible for 174,125 says Rios. “We are known in in 1978 with only 5 machines. first 20 years. Their footwear are jobs that represent 21% of the market for this reason. We “Those were hard moments recognized by its durability and those produced by the country’s remain well positioned and with a because one thing is to make quality. manufacturing industry overall. loyal clientele that has recognized money with money and another “We will explore working in new According to the figures of the our products for almost 60 years to start without money”, says. areas such as sport shoes, this , in the in a traditional way, despite the Nowadays, thanks to a giant area has evolved considerably first quarter of 2018, the textile change of generations”. Delltex effort to update machinery and lately, for this purpose we will work GDP reached USD 478 million, has achieved great improvements systems technology, they are together with a sportswear school, growing by 0.58% in relation to and they plan to become leaders consolidated with 250 electronic however the manufacturing will the same period of 2017. at the national level, and to machines. have variations that will help to Delltex is a textile company compete regionally on important Another big step in their growth improve comfort”, Orbe states. that has been innovating since challenges. was 20 years ago. Despite being Their vision is to become leaders in it set up shop in 1962. Thanks Ecuador’s textile sector has set leaders in the market, they still the children’s footwear industry, bought raw materials from other factories. In 1999, the company decided to make an important investment to start a spinning mill and have its own yarn factory. Today it is the largest supplier of these inputs in Ecuador. The third big change was when the company decided to open its own retail outlets for finished products. “That was a decision

to its philosophy of quality and itself the ambitious goal of tripling permanent improvement, in a its exports by 2022. Textiles El short time it has managed to Rayo, another leader in the sector, position itself as one of the most is already well positioned to important textile companies in achieve this target, exporting its the country. Since 1998 Delltex well-known brands of stockings to Industrial has been the only Bolivia, Chile, Columbia, Panama, South American company to the Dominican Republic and manufacture its blankets from Venezuela. Mr. Munir Abedrabbo, the thread through the fabric General Manager of Textiles El and creating exclusive designs Rayo, emphasizes that “We do not for high-pile (Raschel) and short- want to neglect the local market haired blankets. Mr. Fernando in any way; it represents 80% Rios, General Manager of Delltex, of our business. But we are still proudly explains that “We looking for alternative markets to currently manufacture for the grow such as the Central American ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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greatest achievement is to have vertical integration, with both products and brands that are recognized nationally and internationally. We are exporting to Colombia and targeting Chile, Argentina and United States”. Oliojoya is recognized for its quality, meeting international standards and certifications. Its products are now free of GMOs and are not hydrogenated, a result of increased awareness Sebastián Alzamora regarding the consumption of Fausto Moncayo Esteban Serrano Monge President General Manager President Oliojoya healthy products. Ecuatoriana de Chocolates Alimec As the agroindustrial sector grows, it is creating an increased focusing in all areas of it, and not meeting the requirements for ALIMEC began its operations in need for packaging solutions, only in the school footwear. machinery, technical support and 1978 with the production and which have become an Regarding the footwear industry technological additives. Their trade of spices, condiments, increasingly important sector for in Ecuador, Orbe points out:“We activities have reached Peru, sauces and dressings, licensed Ecuador. According to the Central have new actors, people who are where they plan to export their under the brand of McCormick Bank of Ecuador, in 2017 paper producing industrial work boots products. In 1999, negotiations began with and cardboard represented USD achieving an import substitution On the other hand, Moncayo three other companies to merge 1.06 billion for the economy. of this product. On the other entered the cocoa business with by absorption ALIMEC: Sociedad The 17% growth of paper and hand, we have as a Chamber an the Ecuatoriana de Chocolates, in Industrial Hertob C.A., Empresa cardboard could be partly important project that is the dual partnership with another business de Lácteos Miraflores Emlacmi group. S.A. and Zanzi S.A. Therefore “The ecuadorian food industry has excellent They have the most modern it started to work with a new chocolate plant in the country, category of dairy and ice cream. export products” and the company is growing at The most important skill of this training. The project consists of explained by the boom in online 80% rates. This is the area where company is its flexibility, the trainings for workers that have commerce, but when it comes important investments will be process between the development been in companies for several to Ecuador it is clear that its made. “Ecuador is giving that of the products and placing them years, but they do not have a agroindustrial sector is a key enthusiasm to grow and develop”, on the market is significantly technical background”. factor. For example, bananas says Moncayo. fast, providing to the company In Ecuador’s agroindustrial along requires 350 million boxes Ecuador produces 60% of the best enough comparative strength sector there is a need to generate annually. cocoa in the world, although still in against other brands. more activity, with the aim of Also is important to mention that small quantities. It is an expensive The main contribution of ALIMEC developing an efficient and large- Ecuadorian cocoa is known for its raw material, because is produced to the sector is the innovation of scale agroindustry with a variety variety, high quality, and special in small quantities and it is of very products that are at the forefront of agricultural products that can flavor. The current trend towards high quality, therefore, the final of quality and nutrition. “We have be industrialized and offered consuming chocolate with high product is considered gourmet. sought not to follow the typical to the world. One example of a content of cocoa has been a Currently the main markets of development of products, which company that has been successful boost to Ecuador’s cocoa exports. Ecuatoriana de Chocolates are the focuses on low costs and great in that regard is Extractora La Approximately 33% of Ecuador’s United Kingdom, France, Holland, coverage”, says Serrano. On the Joya, a company that began as an cocoa exports are consumed in Canada and the US, with a small contrary, the company focuses extractor and seller of palm oil in the United States. share in Japan and Russia. on having products with the best the national market. Fausto Moncayo, General Manager The food sector“It is a very strong possible quality and reaching the In 2008 the company built of Aditmaq, indicates that:“The and large sector in relation to the majority of people. its palm oil refining plant, ecuadorian food industry has the size of a country like Ecuador, In the Industry sector, paper mills Oliojoya Industria Aceitera Cia virtue of having entrepreneurs employing 30% of the workforce. like Grupasa, which makes banana Ltda. It provides the national who are permanently reinvesting. There are challenges and boxes for many multinational and international market with Moreover, there is a technology opportunities in this sector since companies, have taken advantage several industrial products such park that has the capacity of the majority of foreign investment of the opportunities. The as Olein, Esterine, Fatty Acids competing with other countries that has arrived in the country has company is also present in other (PFAD), and products for human in the region, specially due to been in the area of food for mass sectors such as flowers, mango, consumption such as cooking oil, the permanent updating of its consumption. In Ecuador, there pineapple, fish, and shrimp. table margarine, shortening, fatty machinery and the sufficient and is a problem of competitiveness Ecuador is also a world leader in alignments, vegetable butters, adequate capacity”. that must be faced with integrity, the shrimp industry and both and others used mainly in the Aditmaq began its operations furthermore, it needs to change sectors, banana and shrimp, have baking and pastry industry. in 1993, with the objective of certain elements that make the seen significant growth. Sebastian Alzamora, President providing integral solutions to country less competitive, such Founded in 1970 as Papelesa, of Oliojoya, explained that “Our the food industry, for instance, as: the labor reform that needs the group developed into Grupo to adapt to new realities, and the Papelero S.A (Grupasa) in 1990, reduction of very high tax rates. following years of investment In addition, there are challenges in technology, automation, and in the areas of innovation and continuous improvement. The investment, mainly because company’s keys to success are there has been little investment. “Faith in the country, investment In Ecuador, the largest and most and reinvestment of our profits, common investment has been in always believing in our people and the public sector, yet not so much training them”, proudly explains in the private sector, however, founder Jose Jaramillo Miranda. there are interesting opportunities “With Papelesa, we have achieved for foreign capital”, says Esteban to export not only to Colombia, Serrano, Executive President but to 15 other countries. For of Alimentos Ecuatorianos S.A instance, we are in Los Angeles, (ALIMEC). we have also reached Mexico and ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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by the vision of the rulers in matrix, shifting towards higher the country in the 70s. It was value-added manufacturing. one of the main industries The commissioning of the eight that received support from the large hydroelectric plants as well government and especially from as the new oil drilling in Yasuní the Ecuadorian army. As a result and Pungarayacu may contribute Acerías Nacionales del Ecuador important economic changes for (ANDEC S.A.) was born in 1964 as the country. Hydroelectric power the preferred producer of steel for plants will provide an additional construction by with 3000 MW of power, equivalent to the largest steel foundry in the 60% of country. the power currently installed Its General Manager, Nelson in the country. The industry José Jaramillo Miranda Nelson Echeverría is expected to benefit from Founder and Executive President Echeverria, explains that “In General Manager attractive electricity prices that Grupasa Ecuador there is no iron ore, we ANDEC entirely depend on scrap metal. In will boost its competitiveness. all of Central America, as well as the market there are other large neighboring countries of South companies similar to Andec that America, Peru and Chile”. are dedicated to recycling. This way Nowadays 1200 workers do what it also supports the environment they know best: paper, cardboard because through this activity all and related products. metallic products are recycled and Papelesa notebooks have designs, turned into rods for construction presentations and qualities that in concrete structures”. differentiate them from the rest of Andec is number three in the the world. When entering foreign Top 100 companies in Ecuador, markets, Papelesa competes devoted exclusively to the not on price, but by developing manufacture of long steel for the products with added value, and construction industry and light differentiators that are achieved metalworking. “The evolution has with high technology machinery. been interesting because we have 2018 was a fantastic year for relatively new equipment. In the Grupasa. The company grew beginnings we produced about between 16% to 20%. Papelesa 12.000 tons per year and with the Group is very dynamic because equipment acquired in 2012, we it is always contributing to the now have capacity for 250.000 development of its staff. “Our tons”. To put into perspective, employees see it as a good the national market is around learning school, although many 800.000 tons. of them are trained. At Grupasa Andec was the pioneer in steel they continue to learn because casting from rods to billets. “Our we move according to the new Italian technology is one of the “Construction is one of the sectors that trends, breaking schemes and best for casting and rolling, it is contributes significantly to employment doing things differently”, explains like saying the Mercedes Benz Jaramillo. of the industry”. The quality of generation in the country” The factory that gives the paper the product distinguishes it from a thousand forms never stops. similar companies. Having been Now the company is diversifying part of the Armed Forces, quality into different notebooks, file is the top priority for Andec. folders, folders, gift paper, The fact that its steel rods are corrugated cardboard boxes, manufactured under national and boxes for shrimp. It has also and international standards gives begun to distribute and import confidence to its customers. papers for the graphic industry Closely related to the construction such as photocopy paper and industry, the future is promising manufacture paper for ATMs. due to global projections and As Jaramillo explains, the next the importance of concrete step will be Industry 4.0 because construction worldwide. In the “We are in the fourth industrial case of Andec the company’s revolution that is already active in annual turnover is close to USD the world”. 80 million, but now they are Ecuador also remains strong in projecting to go up to USD 120 some of the traditional industrial million. segments, such as steel. The Looking at the medium to long steel industry was born as a term, the company has placed its result of private initiative and hopes in the government’s program to transform Ecuador’s productive ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Business trust

Retail is one of the sectors that contributes the most to GDP, accounting for 10.19% of GDP and 7 billion USD in 2016. In 2018, the commerce sector grew by 3% compared to the same period of the previous year. These numbers could be a sign that the economy is recovering. Also indicated recovery is the José Javier Chediak Marcelo Alvear Jaime Pineda General Manager President General Manager fact that, the sales declared by Grupo Ecuacopia L. Henríques Elicrom the Ecuadorian companies to the Internal Revenue Service (SRI) - the institution that is responsible three business lines. Jose Javier to the wholesale automotive work of five brothers. Currently for managing tax policy - in 2018 Chediak, General Manager, has sector nationwide, and later to has ISO 17025 calibration and reached USD 151 billion. The grown up watching his uncles and the consumer sector, which serves testing laboratories accredited figure is also 4.1% higher than father working in the company. large supermarkets and hardware by the Ecuadorian Accreditation that registered in 2017 (USD 145 “We started representing Nashua stores. Organization, becoming the billion). for photocopiers, and Fujitsu This gave to the company the largest calibration laboratory Also, there are indicators that for scanners until the year 1990 opportunity to access to a variety (largest number of parameters) show a positive trend that when we stopped selling the of markets, so they do not rely that exists in Ecuador. They are includes categories such as normal printers and photocopiers solely on one. also an Accredited Laboratory for vehicles, warehouses for electrical and started to enter the field of They currently represent different Calibrations by the United States appliances, supermarkets, technology”. In 2005 the company brands in different divisions, A2LA. department stores, beverages, opened its solutions business such as NGK, Best Value, Rexnor, In 2007, the company rightly cellular services, among others, line, which is the line of solutions among others. decided to create the Laboratory with accumulated growth in for document management. Marcelo Alvear Amaya, was first Equipment Trade division, since sales of 7.6% versus 2017. Among They also have important Sales Manager, then General then they have been selected the products that registered developments in education and Manager and now President of the as distributors in Ecuador for the highest sales within the health. company, mentions “Our vision is recognized world-renowned “wholesale and retail trade” Seven years ago the company to grow internationally in markets brands, such as Hach, Leica, category are household goods, started a different business, that are similar to Ecuador, such Sartorius, VWR , etc., this activity food, beverages, tobacco and Denarius dedicated to the as, Peru and Colombia. We are is currently one of the main automotive sales. banking sector, working with doing it with our own brands; business lines of the company. According to Mr. Patricio Alarcón, Nashu in the Microsoft cloud, although we do not manufacture Elicrom General Manager, President of the Chamber of operating with some cooperatives Commerce of Quito, in statements where the whole transaction is “Entrepreneurs are confident that trade will made to the newspaper El handled in the cloud. “It is a very regain its growth” Universo, trade stagnated in the interesting project” says “even last two months of 2018. “While Microsoft made a publication total sales of the commercial about EC Solutions, indicating products, but we hire factories Jaime Pineda, says that they sector in 2018 grew 7.6%, the that we were among the first that manufacture for us with are looking to have more U.S. percentage was lower than that companies in Latin America that the quality we require. We offer brand representations, due to registered in 2017 which was had developed a banking core that automotive products, lighting, its commitment and excellent 10.9 %”. Despite everything, is implemented and functioning”. filters and we also have some quality. the important thing is that the “We have the largest technical hardware accessories”. Regarding its services, Pineda With 79 years of experience, adds: “We also validate the this company is in a very solid product before exporting it, “The trade/retail sector is the main generator stage, being a family business such is the case of alcohol. We they manage it as if it were a want to expand the market of suitable employment; 548 thousand quality multinational. much more, we currently cover jobs generated” About the country, Alvear the pharmaceutical industry of adds: “The fact that there are Ecuador, as well as, all the water commercial sector is growing, and support team in the country, companies that continue to grow companies but we still need perhaps at a slower rhythm, but it the confidence that we are unique for so many years is a message to reach research institutions, keeps growing. because we work according to the for those who want to invest. universities, the food industry, Another positive example is the requirements of the companies, We have gone through different beverages and others ”. manufacturing industry, which and a bright future as in 2018 governments of all trends and Another area in which they is in second place behind retail we reached 12 million USD in here we are. It’s a matter of have been working a lot is the for sales, and which saw growth turnover”. Their vision for the coming, meeting, and interacting environmental measurements; of 4.9% compared last year. next 5 years is to grow in services with people. Markets may be all the study and measurements The largest segments of the in different technological lines, different from other parts of the of environmental pollution manufacturing industry are the for example medicine. There world but investment is expected, that is being done during the elaboration of beverages, the is a constant technological and that this is associated with construction of the Metro de basic industries of iron and steel, transformation and they want to local entrepreneurs”. Quito is carried out by Elicrom. the elaboration of dairy products, be part of all this innovation. Elicrom is another family Talking about the needs in the and the preparation of food for Another family business to business that has had significant technology sector, Megamicro is animals. highlight is L. Henríquez, in which achievements. The company a reference for all the corporate Moving beyond macroeconomic the fourth generation is currently was born due to the need to segment of Ecuador. figures one example of this kind working on it. They started its of growth is EC Solutions. The activities in 1940, in the industrial company started operations field and in a very specific niche on 1975. At the beginning it that was mechanical power was a family business with transmission. In 1984 they photocopiers and printers, created the wholesale hardware but eventually it turned into division, that was a different a group called Ecuacopia with business. In 1988 they entered

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which request better services, because we have seen that the knowledge and efficiency. country and the city are growing, On the other hand, they must as well as, the shopping centers. grow in brand offerings and in new There are different formats with electronic products to expand the more modern trends, so we also general offer of reseller options. have to update ourselves”. “In the world there is no more Garcés adds: “The opportunity in dynamic business than this, shopping centers is to know how because no product on the planet to reinvent, remodel and continue has the speed of technological offering news to the public, both change, prices and market”, says in infrastructure and service, and Mario Molina, General Manager of commerce”. Megamicro and he adds “It is very Something that also makes this Mario Molina difficult to leave this technological Soledad Garcés shopping center different are General Manager Commercial & Marketing Manager Megamicro S.A. world, when someone has worked Invede-Mall El Jardín the activities that they plan to several years on it”. attract the family. An example The company started its Molina also comments: “I is the iconic tree that they make mainly thanks to the environment, operations in 1997, and it recently met with people from for Christmas, the lighting game, building and commercial mix that dedicates to the wholesale HP company and they said that as well as, the recycling and characterizes them. trade of computer products in Ecuador in South America is the cooperation activities that they The Commercial and Marketing the country. They are the only country that demands the most have together with foundations. Manager of Mall El Jardín, Soledad wholesaler that has a presence in advanced technology, even more Mall el Jardín is constantly looking Garcés, indicates in what they are 4 cities; Guayaquil, Quito, Cuenca than Brazil”. to distinguish itself and to remain currently working on: “Now we and Ambato. Its trade logistics And if there is a place that the place of preference for those are in a process of remodeling is an advantage. It also, has its par trade/commerce and who visit the city. own office for cargo handling entertainment, it is Mall El Jardín. in Miami, which contributes to This shopping center has 24 being efficient with the corporate years of existence and is located business. in the financial and commercial Megamicro is a local company heart of the city of Quito. They that competes with large are pioneers in operating through multinationals, however, they concessions. can do it because they are Since its opening in 1995, they focused in the corporate market, have positioned themselves as and they are distinguished by the an icon of modernity among demands of this type of business, Ecuador’s shopping centers, “Construction is one of the sectors that contributes significantly to employment generation in the country”

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Looking for dedicated to the cultivation of shrimps. internationalization Another leading institution in higher education is the Tecnológico Espíritu Santo (TES). The institution was founded 30 The effort for education in years ago due to the necessity Ecuador continues, investing and to train professionals in a short improving educational facilities period of time, to later be inserted nationwide. in the work force; today it seeks to Regarding the investment in be a source of employment. The basic education and high school current goals are directed to the sector, the Government’s initial fields of innovation and health. proforma contemplated an Aldo Maino Cecilia A. Paredes Regarding its internationalization, Dean Dean increase of $ 3,536 million in Tecnológico Espíritu Santo ESPOL Aldo Maino, Dean of TES, says:“We 2018 to $ 4,102 million in 2019, have strong relations with Spain, a difference that will allow subjects, are part of the objectives in science and technology. For Argentina and Peru. In the US for $ 247. 8 million to build 61 that the Government wants to example, being located on the we are signing an agreement; new educational units and the promote through the table of the coast they set up 25 years ago we want to do a duo program, in repowering of an additional 93. National Agreement for Superior Cenarin, center of excellence which our professionals receive a When it comes to superior Education. of reference in Latin America double diploma”. education, it has made leaps To give value to research, in quality and quantity. We can technology transfer and

“Great efforts are being made to reach the standards of excellence and meet the goal of internationalization” highlight the agreement reached innovation is one of the main between the Government and goals that the Escuela Superior public universities, allocating Politécnica del Litoral (ESPOL) $ 1,316.44 million for public follows according to her Dean PhD universities in 2019. Cecilia Paredes, connecting with Universities of quality, innovative, the private companies. focused on research in all She explains that to bet on innovation is to take the extra leap that any economy needs to improve. In this ecosystem it is important to give professionals that know how to work in creative companies with proposals of global value and also perform the development that the company needs. ESPOL wants to be among the best in Latin America, reaching the top ten. In Espol, 70% of the careers are ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Driving the country’s Ecuador. “We are leaders in the growth productive and corporate sector, but we keep an eye to small and medium enterprises, which are 60% of total companies in Economic growth and the growth Ecuador”, says ’s of the financial sector go hand in Chief Executive Officer, Ricardo hand. GDP growth in Ecuador in Cuesta. real terms has averaged around Produbanco belongs to Promerica 3.5% - 4% average in the last Financial Corporation which five years. This means that the bundles nine banks in different financial intermediation sector countries in Central America, should accompany this positive Ricardo Cuesta Fidel Durán Ecuador, and the Dominican growth, mainly focused on the President General Manager Republic. In Ecuador the group recovery of domestic liquidity. Produbanco Banco solidario has two additional subsidiaries: There are several sources of Exsersa, which handles the liquidity. The main one at the year saw increased sales of cars profitability of insuranceServipagos and Pagoágil brands moment is the private and and a corresponding increase companies in the country was and Protramites, an operating productive sector which has in insurance. In 2018 a total of 8% last year, according to management company. In been called on to replace the 137,615 vehicles were sold, which calculations by Fedeseg. On the total the group employs 3,450 liquidity previously generated by meant a growth of 31% compared other hand, the cost of claims people--2,450 from Produbanco the public sector that in recent to 2017, according to data from paid by insurers increased last and the other 1.000 in the years had a strategy of high the Association of Automotive year compared to 2017. In 2018, subsidiaries. indebtedness to carry out public Companies of Ecuador (Aeade). the average loss ratio was 43.8% As Cuesta explains, “Now works and solve its expenses. More credit means more car higher than in 2017 of 42.6%. we are positioned as the 3rd The growth of remittances from sales and therefore more That implies lower income for biggest bank in Ecuador based Ecuadorians living abroad has insurance sales. Last year, the the companies. The insurance on assets, approximately USD also been a significant factor in insurance sector grew by 3.6%, lines that experienced the 4,700 million, with a portfolio growing liquidity in the economy. the highest figure in the last five greatest growth during the past exceeding USD 3 billion and a For instance, accumulated years, according to figures from year were: banks and financial total of USD 3,700 million in remittances last year reached the Ecuadorian Federation of institutions BBB (33%), fire deposits from the public”. He USD 3 million, mainly from the Insurance Companies (Fedeseg). (21%), civil liability (13%), and proudly mentions that “We have life group (12%). been awarded as the Bank with “The robust Ecuadorian financial system One leader in Ecuador’s financial the best Corporate Governance sector has been Produbanco. by CFI; Bank of the Year by the allows dynamism in the other sectors that Established in 1978, the magazines Global Finance and contribute to the country’s economy” bank has a track record of The European Bank; the best 40 years meeting the needs service quality index in 2017 and United States (56%), Spain The sale of auto insurance (27%), Italy (5%), Mexico (3%) continues to account for almost and Chile (2%). These variables a quarter of the Ecuadorian “Since 1999 its official currency became are extremely important for the insurance market. It is closely the dollar. Ecuador went through a serious balance of payments of Ecuador followed by life insurance and given that the country uses the later by fire insurance in a distant economic crisis that caused the Sucre (the US dollar as its official currency. third place. In recent years, more old currency) to be devalued to levels never The Ecuadorian financial system insurance firms have come to is made up of 24 private banks. Ecuador to take advantage of seen before, causing its disappearance” Reviewing the statistics, for its strong and growing market. December 2018 the banks closed In 2018 the Swiss multinational of the productive sector and 2018 by Customer Satisfaction the year with a balance of USD 27 insurance company Zurich supporting the development of Index; and finally the Ecuadorian billion in gross portfolio, which entered Ecuador buying the showed a growth rate equal to regional operations of QBE. 11.1%, an unprecedented growth Something similar happened in according to the Association 2016 with ACE Seguros, which of Private Banks of Ecuador was acquired by Chubb, also of (Asobanca). On the other hand, Swiss origin. The growth of the the value of total deposits insurance sector will depend on reached USD 29 billion, which the availability of credit from

“Strength and growth define the development of the financial sector” corresponds to an annual growth the financial sector. By 2019, of 2.1%. In terms of ROE, the insurers will seek to focus on the financial system has also grown insurance of people and small significantly. In 2017 it was 8% and medium-sized businesses. and in 2018 it was close to 13%. In total, the Ecuadorian Overall, Ecuador’s financialinsurance market has 30 sector is in good health and companies, plus one reinsurer. shows very positive prospects The first place of participation for those looking to invest. continues to be held by Seguros All these numbers have Sucre (15%), followed by consequences for the ordinary Equinoccial (10%), Chubb (9%), people. For instance, more and Seguros Pichincha (8%) to access to credit meant that last complete the top 4. The average ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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5th in number of clients which It is an organization that has demostrates the vocation that projects around the world in the bank has towards a sector places such as Vietnam, Asia, that was not being served or Africa, and Latin America, where that was ignored it has an important impact It was the first bank that reached with development projects. this segment that nobody was Loyola explains that “In 2019 attending and is the first in the we celebrated 8 years as a country with a social rating (A). bank with 70 thousand clients, They are the only members in 70% in Guayas province with Ecuador of the Global Alliance 13 agencies that are located in for a Banking on Values (GABV). vulnerable areas. More than half Lenin Loyola The first social action of this Edwin Astudillo of our customers are women and General Manager institution is to meet the Banco D-Miro President we have some social products in financing needs of clients that Chubb which we have been pioneers in are usually not served by banks, the country. In the end, we are and serve or assist them in a Business Committee together series of nonprofit organizations not only to generate profitability, responsible manner so this with Price Waterhouse Coopers that are in Europe and the US but to generate an impact far financing is a real support for the recognizes Produbanco as to meet the demands of the beyond that”. growth of its clients or/and their the most respected financial sector”. In a country with such a strong business. institution in the country”. At the end of last year, the Banco agricultural and agroindustrial Solidario got USD160 million of sector there is the need for banks “Remittances to Ecuador grew 2.96% in the loans from abroad, for this year that support these sectors. This first quarter of the year” it expects to close with USD200 is in fact the focus of Banco million. de Machala, which serves the Duran states that one of the agricultural sector. The bank was In this sector it is important to Regarding its international main challenges of the sector founded in 1962 in the Province mention the Banco Solidario, relations, Fidel Duran, General is to work together with the of El Oro, the largest banana as it has established itself as Manager of the Bank, explains: public sector to generate a producing province in Ecuador the main micro finance bank “For us, the relationship with the but one which has also grown to support another very important industry: shrimp farming. Currently 40% of the bank’s total business is in the province of El Oro. In the insurance segment the country has seen a change in one of the market leaders. ACE Seguros, with more than 60 years of history was acquired by Chubb three years ago. Chubb is a Swiss company with a tradition and trajectory of more than 100 years. Both companies have a focus on promoting their most valuable asset during the transition: human resources. Edwin Astudillo, President of Chubb Ecuador, has been in the insurance sector for almost his entire career. He has witnessed important transformations in the organization: “We grew mainly serving the corporate segment, and we diversified our offer with the acquisition of a in Ecuador, serving 400,000 US and the European Economic legal regulatory framework that local company that served the clients, which include micro Community is important. We allows for greater development, individual segment”. entrepreneurs and low-income have had loans from the IDB, and a contribution of the banking “One of our main challenges is employees. It is the tenth CAF and AID, as well as, the sector to the development of to improve the penetration of bank in the country measured Spanish Government, Belgian the country to promote greater insurance programs in society, by the asset size but is the development cooperation and a Insurers grew 3.6% last year, the highest digit since 2014. The increase in loans and the sale of cars woke up the sector

financial inclusion of important through strengthening the segments of the population that insurance culture, and promoting are being served by informal a greater diversification in lenders today. investments”. Banco D-Miro has a similar approach in the sector. The bank’s General Manager Lenin Loyola explains that “It was a Logo_ING Investments copia.pdf 1 19/2/2019 15:41:07 non-governmental organization C M

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CMY reduce poverty in the world K by focusing on microfinance”. Mission Alianza owns the bank. ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Pablo Bermeo Pablo Neira Armando Castellanos Camilo Jarrin Corporate Partner Ceo General Manager Executive Director Bermeo & Bermeo Law Jet Handling Servientrega Jarrin Carrera Cia Ltda

Pointing to politicians, heads of government, As indicated by Camilo Jarrín, Something that stands out from personalities, royalty, etc. We Executive Director of Jar Cargo, the company is its specialization competitiveness provide any service the crew or 10 years ago the word logistics in transporting raw material, passengers require such as safe was not used, however, the specifically, alcohol. They have According to the International transportation, hotel reservation maritime, the entrenched agent, been carrying out this activity Trade Center, Ecuador has a great or specialty catering. We are also the transportwinery and others since 1952. potential in the export of legal distributors of aero fuel, which were widely used or discussed , “When I took over the services. For example, Bermeo has opened another business but now the logistics system has management, one of the & Bermeo is one of the most niche”. A proof of their high put together all these aspects. challenges was to leave the important intellectual property standards is that they received an Ecuador is ranked 62 of 160 Andean area because I realized law firms in Ecuador, focused important recognition as Handler nations that are measured in the that the country is small and that on attending foreign customers, of the Year for the Americas especially large transnational by the UAS company, which is “The development of this sector is companies. They work directly one of the largest private flight indispensable for the growth of the country” with head offices all over the coordinators worldwide. world, even with clients that do As important as it is to have Index of Logistics Performance, the businessmen were thinking not have a direct presence in strong aeronautical service for the country needs to promote the about exporting their products Ecuador. The firm was created a country, it is also important creation of specialized logistics and if I didn’t do it, someone else in 1948 by Vicente Bermeo, to have developed logistics infrastructure, such as, platforms would have done it. We did all grandfather of the firm’s current services. According to the and agro centers, and the the necessary paperwork and we President, Pablo Bermeo. Bermeo Logistics Association of Ecuador modernization of its automotive started to go to other countries explains that “We have 47 (Asolog), the sector grew in transport sector. Along with more than 31 years ago, first to lawyers but the legal directors the last two years due to the strengthening the country’s Colombia then to Peru, in parallel are my father, my brother and large investments. One of the internal connectivity to diversify to Venezuela and sporadically to myself. My father is the Managing leaders in the national courier its export and the quality of Chile, we currently plan to arrive in Partner and he is the one who is sector is Servientrega. The logistics services. Bolivia”, says Jarrín. most involved in supervising company started in 1994 and Within this sector, Consorcio and reviewing everything. The according to its General Manager Jarrín Carrera was founded 69 one who heads the Corporate Armando Castellanos, “The years ago by the father and Department is myself; whilst my greatest strength we have is the uncle of the current Executive brother attends the department standardization of the model Director. Actually, Jar Cargo is of trademark services throughout in the 5 countries in which we a heavy transport company Latin America”. With regard to are present. On the other hand, oriented to meet the needs of the export of services, Bermeo & human talent and training of our customers both, nationally and Bermeo law firm has the challenge people is also important”. 2018 internationally providing ISO, of making Ecuador a hub of legal was the best year in the history OHSAS, BASC certifications, services for Latin America for of Servientrega in Ecuador with and they are in the process of intellectual property. USD 40 million turn over and 15.5% growth. Currently there obtaining others. “Competitiveness makes companies exceed standards and provide excellent services”

Another service that contributes are 1,430 employees in direct jobs a lot to the economy is under the brand. The company Aeronautical activity, which is currently manages 3 channels: A one of the main generators of direct channel with 130 points of resources and direct and indirect attention; an indirect relationship employment (creating around through 270 points; and an 137 thousand jobs on 2016). All alliance with Western Union with international flights take place 550 points of sale. In total, the at Quito and Guayaquil airports. company has almost 1000 points According to Mr. Pablo Neira, CEO of contact throughout the country. of FBO Jethandling Ecuador, “The “We have a great friendship Civil Aviation Directorate has an with DHL. We complement each airport infrastructure throughout other perfectly because we need the country that should be each other and we collaborate better used, such as Manta and in a two-way alliance” says Mr. Latacunga airports”. Castellanos. He adds “We have FBO Jet Handling is the first a leading role in the handling Ecuadorian fixed base operation of pharmaceutical supplies for company specialized in providing human medicine, keeping the ground services for private entire cold chain and conditions aviation, corporate, cargo, and air that products and laboratories ambulance users in all controlled require”. For the coming years the airports in Ecuador. company is working towards the Mr. Ángel Neira Aguilar explains diversification of products and its that “Private aviation began service portfolio. They aim to be its peak with the fateful event an integrated logistics operator, of 9/11 attacks and the use not just a postal operator. “After of private planes become a achieving the maturity of the necessity. Through us, the Ecuadorian market, we also are greatest attention is given looking towards international to personalities who come trade and we are open for to Ecuador such as artists, alliances”. ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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The big bet

Ecuador is the smallest member of the Organization of the Petroleum Exporting Countries (OPEC). Its main export product is oil, which represents 10% of the GDP and around 32% of total exports. Ecuador depends a lot on its natural resources which represent an important income source in the national budget. For instance, Diego Pesantes / José Latorre Eduaro López Ángel Da Silva President / General Manager Chairman General Manager the decline in the price of oil in Procopet Sertecpet Wayra Energy recent years affected the income of the government and therefore concessions”. of wells. We saw that we could that they created Wayra Energy the Ecuadorian economy. One of the most succesful develop technology that could to begin operations in Paka Norte Thankfully for Ecuadorians, the Ecuadorian oilfield servicebe applied to mature fields, in field. “We won the rounds that price of oil recovered in such a companies is Procopet (Proyectos closed wells and in low production the Ecuadorian state created for way that resources increased y Construcciones Petroleras S.A). wells, increasing production the exploitation of the Paka Norte for the state and the national It is an example how Ecuadorian and reducing operating costs”. field in 2017 and the Oso and treasury, boosting the economy companies have made significant As the company grew it ended Yuralpa fields in 2018. In less than and generating a stimulus for progress in the petroleum sector. being present not only in South a year we have managed to sign investors. Oil prices between Its General Manager Jose Latorre American countries but also three service contracts, establish USD65 to USD70 stimulate small, remembers that 25 years ago in Central and North America. an organizational structure, we medium and large companies the country had oil extraction Additionally, they have joint have negotiated service contracts to make important bets for the projects where services were ventures in Asia. with suppliers, we have been discovery of new reserves. 99.99% covered by foreign Wayra Energy is another example successful in our first jobs and Business expectations in the companies. Eventually he and oil sector are favorable. So far other subcontractors learned how in 2018, contracts worth USD to provide services to foreign and “It seeks to boost the development of this 2 billion have been signed to national companies. Nowadays sector through facilities and support for guarantee investments. Likewise, remarks Latorre “Our main the income from oil sales has investors” client is the state oil company increased by USD 178.8 million . We are also (8.7%) due to the increase in the most important thing for working for foreign companies that Ecuador has attractive the international oil price. In the any oil company, we are already such as Condor, which is investing and safe conditions in the Oil area of oil infrastructure and producing oil”. in the country, as well as Chinese Sector. Wayra Energy is the capabilities, in Ecuador about companies and others”. According fastest growing oil operator in 50% of the territory is neither to Diego Pesantes, the CEO of the region and subsidiary of explored nor drilled and therefore, Procopet, the company began to Vinccler, a Venezuelan company there is enormous capacity diversify from oil to the industrial founded in 1956. In 1992 Vinccler and potential to develop large area, with manufacturing, created an Oil Division and later offshore areas. painting equipment, furnaces the company made the decision Ecuador is also a country with for the cement industry, and to internationalize its business a high mining potential. The generation of electric power related to the oil sector. Angel potential includes metallic, non- through collaboration with a da Silva is General Manager of Wayra Energy in Ecuador. He “Ecuador has companies in this sector explains they arrived in Ecuador that meet international standards and are in 2017 but it was not until 2018 recognized worldwide for the excellence of their work” metallic, arid and stony minerals, Chinese company. The growth has which have strong demand been impressive, says Pesantes, in national and international “Our turnover 4 years ago did not markets. This information has reach USD 5 million; well, in 2017 aroused the interest of investors. we exceeded USD 14 million and in In 2017, investments in mining 2018 we are over USD 18 million”. exploration exceeded USD Another example of success on 1.2 billion, with an estimated the oil sector is Sertecpet, the investment of USD 1 billion first Ecuadorian company to for the construction of mines provide worldwide integral energy and complementary facilities. solutions. Eduardo López Robayo, Statistics indicate that by 2021 President of the company, mining is expected to contribute explains that “I founded this 4% to GDP. According to Santiago company in 1990 together with Yépez, president of the Mining my brothers. Our main purpose is Chamber of Ecuador, who spoke to to provide field services for oil and newspaper, “Ecuador gas, as well as the evaluation and could reach approximately 2 production of wells with hydraulic billion dollars of investment in pumping, determining the 2019 with Fruta del Norte and potential of production, operating Mirador projects and other mining parameters and the improvement ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Natural and cultural According to a recent report wealth published by the online travel company Despegar, the most popular national destinations The latest statistical data are Quito, Guayaquil and Cuenca indicate that Ecuador’s tourism followed by Galápagos and sector contributes 2% of GDP. Manabí for Ecuadorian domestic With the country’s abundance of travelers. tourist destinations, this means An important Ecuadorian there is still a lot of potential to conglomerate that be developed. In 2018, around conscientiously studies the 2.4 million tourists came to opportunities in the economy is the country, mainly from the Roque Sevilla Andrew O`Brian Futuro Group. Futuro has become United States, Spain, Germany, President President and General Director an important economic player Canada, Mexico, France, and Metropolitang Touring Quiport in Ecuador with presence in Italy, among others countries, insurance, tourism, agriculture, according to the Ministry of are relatively short. The Sierra, plan is finished. and other sectors. The group Tourism. As a positive indicator, with unforgettable landscapes Internal tourism is also an now has around 20 companies, in 2018, arrivals increased by 14% of the Andes, volcanoes and important part of the sector. including Tecniseguros, Salud compared to 2017. This growth is mountains; the Coast with more remarkable compared to extensive beaches and a unique 2016, which puts 2018 at a 51% climate; and the Amazon with increase. The overall trend is for its culture, jungle, variety of an increase in tourists. flora and fauna are all just within The accommodation and food a day’s drive of each other. services sector employs more Ecuador has a lot to offer in than 400,000 people and there the tourism sector. It is a safe are 74,000 rooms available all country with excellent service over the country. These figures and has been recognized for the show the tourism sector has kindness of its people in hosting well developed infrastructure. tourists. The country has an Ecuador is an extremely incredible variety of delicious diversified country, particularly cuisine at a reasonable cost, it in its tourism sector, but the is possible to practice adventure main attraction to visit Ecuador sports, and much more. What is the combination of Galapagos the country lacks is further Islands and the city of Quito. government support through the Quito is the first city that was Ministry of Tourism with clear declared a World Heritage strategies to project this country Site by Unesco (in 1978) and to the world so Ecuador can be one of the 21 finalists in the recognized as a tourist power. Seven Cities Wonders of the For example, not many people World contest. It has the most know that Ecuador has some of extensive and best preserved the greatest biodiversity in the colonial centers in America. world with 46 ecosystems that Meanwhile, Ecuador receives include mountain ranges, moors, many visitors that come with tropical forests, jungles, and just a single destination in mind: deserts spread across its four the Galapagos Islands. However, regions: Coast, Sierra, Amazon in reality Ecuador is a country and the Galapagos Archipelago. that offers many opportunities In this sense the country is for tourists at a reasonable cost. currently developing its 2030 The distances between tourist Strategic Tourism Sector Plan to destinations all over the country come into place once the 2020 ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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fund that will be in charge of land in Quito with the first direct acquiring primary forest lands flight to Canada, and Plus Ultra or paying the peasants who own will join Iberia and Air Europa, these lands, monthly or annual adding more options for travelers payments for the conservation to Madrid. of the forests”. The company that is in charge To enjoy these amazing tourism of the management of Quito’s experiences, you have to choose airport system, has brought the where to land in Ecuador. international recognition of the The International Airport of industry and passengers, making Quito is the main gateway to Mariscal Sucre the most awarded Ecuador. It was inaugurated airport in the region, continuing Pablo Ochóa Laszlo Karolyi in 2013 and is the only totally to offer greater destinations and General Manager Owner new airport in Latin America connection options to Ecuador in Quorum Quito Eventos & Negocios Hotel Boutique Cultura Manor and the Caribbean. Thanks to the next years. its technical characteristics, Quito has also the best Business SA, Metropolitan Touring, along the extended tropical or the airport has facilitated Center in Ecuador, comprising 27 Equival, Seguros Equinoccial, equatorial strip”. a significant increase inrooms, specialized infrastructure Mundo Motriz, Mashpi Lodge, Sevilla is proud that “We have connectivity for Quito and it and logistics, as well as, the Casa Gangotena, Finch Bay developed an innovative model in has positioned it as one of the latest technology in networks, Galapagos Hotels, and others. the hospitality sector consisting main tourist and commercial internet, audio and video. Under the leadership of its of working with the community, destinations in South America. Pablo Ochoa, General Manager founder and President Roque make them participate within the Thanks to the continued of Quorum Quito, says: Sevilla, Metropolitan Touring company to develop their skills has become the largest tourism to make the project profitable company of Ecuador. It is and preserve the environment. even expanding to Peru and We have focused on the most “Ecuador is the third country with the largest amount of volcanoes in the world, 27 are potentially active”

Colombia. Sevilla explains that sophisticated sector of the “We are evolving from being market that looks for iconic and a tourism agent to making very exclusive sites, but that at direct investments for tourist the same time they enjoy the destinations in these two solitude of nature. That is why strategy of developing “Quorum emerges as the ideal countries. The idea is to do it we have made investments commercial routes, currently space to generate business in Galápagos and in the cloud there are five more passenger opportunities in a modern and forest of northwestern Ecuador, operators than when the airport comfortable environment with where Mashpi Lodge has won opened, achieving 5.2 million all the services included”. many awards”. passengers in 2018. Quorum Quito has received Continuing with the innovation In 2019 new passenger airlines an international award by the next step is to incorporate the will arrive to Quito, connecting the Business Destination carbon footprint into the travel the city with more destinations. Magazine in the category of cost. “From 2019, we will offer Air France will start seasonal Convention Centers in South our travelers the opportunity operations this summer, LATAM America and has become to purchase products to will connect the Ecuadorian a reference in the area for compensate the carbon offset and Chilean capitals, Peruvian having hosted United Nations generated during their trip. We will bring another connection congresses, international will direct that money to a trust to Lima, Air Canada Rouge will academic conferences , as well ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

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Marisol Mosquera Martha Vascónez B. Winston Wlodawsky Gustavo Terán General Director Owner President General Director Mercure Hotel Alameda Amaranta ApartHotel Akros Hotel Hotel Nu House as marketing . within the city, with a lot of Quito. It you want to find a was founded 30 years ago. It is Once you arrive to Quito, finding personality and wonderful French touch in Quito this is the a pioneer in offering serviced a charming hotel could make a food. Our mission is to provide right hotel. Managing Director suites equipped for short and difference in your stay. If you are a competent service within Marisol Mosquera highlights long stays. It has a privileged looking for a unique experience, an original and historical the restaurant with its french location in the sector of La comfort, first-class service and environment. Our hotel contains recipes. “We have achieved Mariscal, which is close to total well-being, then Boutique the very essence of the Quito`s significant recognition in the interesting places such as Hotel Cultura Manor is your art school, in a magnificent choice. It is located in a historic fusion with the art school of “Ecuador has 1618 bird species, 37 of them only building in the heritage area of Florence. We have different Quito. Its owner, Laszlo Karolyi, collections of art, archeology, exist in the country” explains that “We worked for books, historic furniture, and museums, art centers, craft more than four years to restore other design elements developed gastronomy sector using many markets, the historic center and this historic building, paying by us. Besides, to fulfill the French recipes, winning many transport lines. special attention to the details requirement of being a Boutique prizes”. Moreover the hotel is Some of the key factors, to ensure that its unique Hotel, these items are for sale building new facilities. “This year explains Ms. Martha Vascónez, architectural features were to our guests. As a result they we are building the Spa & Gym in General Manager of Amaranta maintained”. have won many arquitectural the Penthouse with an incredible ApartHotel, “Are the location, The boutique hotel concept was and tourism awards such Ornato view of the city. Our guests and infrastructure, personalized first implemented by Mr. Karolyi 1933, Best Tourism Project 2015, external clients wish to occupy service and, very important, the 25 years ago with the legendary Best Restauration Project 2017 this place, since they are always equipment of the suites that Boutique Hotel Cafe Cultura that and Ecuador’s Leading Boutique in search of a recreational area, has a kitchen, living room, dining closed in 2016 to give way to Hotel 2018 by World Travel relaxation and sport. Mosquera room, bedroom and bathroom Cultura Manor. This hotel has 22 Awards”. fully believes staying a few days fully equipped which allows our magnificent suites divided into Another remarkable hotel in Quito is really worth it to visit guests to prepare their meals if 4 Renaissance Suites of 90m2, 4 located in Quito is the Mercure the Historical Center, Cultural they wish. If not, there is always Historical Suites of 50 m2 and 14 Hotel Alameda. It was founded Heritage of Humanity. the option to enjoy Ecuadorian Explorer Suites of 40 m2. in 1982 as Hotel Alameda Real. For the visitor that is looking cuisine in our restaurant”. The Mr. Karolyi proudly explains In 2002, became part of the a different accommodation ApartHotel has alliances with that “Cultura Manor is a fusion Accor chain in France, signing concept in Quito rather than a most online travel agencies such of European and Ecuadorian a Management contract until hotel, the Amaranta ApartHotel traditions with marked 2011, and in 2012 the turns into contemporary trends. We franchise of Mercure brand consider ourselves a retreat retaining the name of Alameda ADVERTISING SUPPLEMENT IGM INVESTMENTS INDEPENDENT SUPPLEMENT FOR LOS ANGELES TIMES

“This supplement is printed and distributed in select areas by the LA TIMES. It does not involve the editorial staff of the LOS ANGELES TIMES” 15 TOURISM as Despegar, Booking, Trivago and Expedia. “We are always open to any foreign company willing to create new alliances, always priorizing our prestige, to continue being one of the preferred ones”. The corporative customer also has a lot of choice in Quito with Akros Hotel. It has 128 rooms and suites of different sizes and types, 3 restaurants, 2 bars, and 6 rooms for corporate and Aida Lemarie de Watson Louis Hanna & Luis Hanna Nader Johanna López social events. The hotel has General Manager President & General Manager Comercial Manager been in the market 25 years but Savoy Inn Aparterrazas Suits & Lofts Hotel Doral since May of this year, it made a big step ahead incorporating within BlueBay Hotels and its house began to revolutionize or requirements through the into a strategic alliance with portfolio of 60 hotels in several the offer of entertainment and online platforms, and I am the international hotel chain countries. BlueBay has an gastronomy in the city; next to the person who replies them BlueBay Hotels. Around 95% of important international sales the hotel there is a large and because I like to serve the client its guests are from the corporate and reservations center for all varied offer of restaurants from directly and at any time”, says segment. its hotels, but beyond this, and the Nu Group; among them are Johanna López, Commercial His President, Mr. Winston being a European chain, favors the restaurant “Q”, Azuca Latin Manager of the hotel. Wlodawsky, came to Ecuador a market that has always been Bistro and Urban Kitchen & Bar. And if you are planning to stay after 22 years ascending for important for us”. If we talk about tradition we longer in Guayaquil and you various responsibilities in Westin Nu House is another hotel that must mention Savoy Inn. This would like to have the comforts Hotels, invited specifically by opened its doors in 2007, and is one of the oldest hotels in of an apartment and a hotel a promoter group, led by the it is the first Boutique Hotel in Quito. Its current facilities are in one place, you can stay at renowned architect Fernando Ecuador that was designed with 45 years old, however, the hotel AparTerrazas Guayaquil, Suites Jaramillo, to create Akros Hotel. an avant-garde and minimalist has been present in the city for & Lofts complex, located in one “As a result of my management concept. It has 57 rooms and more than 100 years. The hotel of the most strategic areas of style, I went looking for a Its located strategically in the is located in the north area of the city. They were the pioneers commercial affiliation with a main entertainment square the city center of Quito, it keeps in creating this concept where hotel chain, finally integrating of Quito (Plaza El Quinde). Nu a family atmosphere, excellent you will find all the comfort personalized service, spacious you are looking for, including Photography: Ministry of Turism of Ecuador / Altar Chimborazo rooms and event rooms. wide spaces and excellent Furthermore, the decoration personalized service. is inspired on the work by the artist Mrs. Aida Lemarie de Watson, who has exhibited her work globally maintaining her talent intact. In Guayaquil, we can find in the heart of the city the Hotel Doral, which is located at walking distance to the Malecón 2000. “We are characterized by providing a personalized service, people make different requests

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Joining Arriaga explains, “It is not easy to stay in the market but we Efforts have experience, we have good professionals and we provide reliability in our results, which are In general terms, Ecuador is guaranteed”. The clinic has even experiencing a health revolution, been recognized by the Chamber with important achievements of Commerce. Their results are in terms of infrastructure, known internationally and many technology, and access to people come recommended by medical services. The increase North American companies. in medical care went from 16 Cemoplaf was born on 1974, with million people in 2006 to more the main goal of working on family than 43 million people in 2016. Walter Arriaga planning and then expanding Teresa de Vargas 16 new hospitals were built and Technical Director Executive Director Laboratorio Clínico Arriaga to sexual and reproductive Fundación Cemoplaf 27 were re-powered according health. The interest was to to El Tiempo newspaper, with reach women in less accessible information from the Ministry of Hospital. It has 60 employees communities with little access field of sexual and reproductive Public Health. and 5 branches throughout the to health services. Cemoplaf has health, we need more funding to An important contributor for country distributed in different been a pioneer in working with be able to replicate these actions Health Sector is Laboratorio provinces such as El Oro, Guayas indigenous and Afro-Ecuadorians, for the well-being of women, Clínico Arriaga. Dr. Walter and also in Santa Elena. As something that everyone thought young people and teenagers of all Arriaga, current General Manager, was very difficult. ethnicities”. says “In these 40 years we have It currently has 23 centers in acquired the latest equipment different communities, they and that is why our clientele is continue working with indigenous faithful”. In 2005, they fulfilled people and have an interesting one of their main objectives: to project with young people and obtain the ISO 9001 certification. teenagers, in which they are also The hospital’s highest turnover pioneers; for this purpose they was achieved in 2014 with USD have 900 promoters. 4 million, but for 2019 they As the General Director of see good growth perspectives. CEMOPLAF, Teresa de Vargas, The company is headquartered says: “We are an NGO with an inside the Kennedy Clinic impressive expertise in the