Ambassador of Ecuador stresses on joint ventures

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Kolkata, Aug 1 (UNI) India and Ecuador have identified education, pharmaceuticals, food processing and energy as prominent areas of bilateral cooperation, Ambassador of Ecuador to India Carlos Abad said today.

Interacting with the members of the Indian Chamber of Commerce (ICC) here, Mr Abad said the two countries could also come together in fields such as eco-tourism, floriculture and software because of their inherent strengths and comparative advantages in these sectors.

'' I am optimistic about a significant improvement in bilateral economic relations between the two countries and I believe there will be increased mutual cooperation in trade, investment and education,'' Mr Abad observed.

He also said there was a good scope for cooperation between the two countries in the manufacture for third country exports.

'' India could brand bulk drugs in Ecuador for sale to third countries as it was doing in the Commonwealth of Independent States (CIS) countries,'' Mr Abad maintained.

He informed that trade between Ecuador and India in 2006 was USD 99.25 million, recording a growth of 42.85 per cent over 2005.

India's exports to Ecuador amounted to USD 49.69 million (up by 48.05 per cent over 2005) and imports were USD 49.63 million (up by 37.49 per cent over 2005), Mr Abad added.

UNI ADG KK RN1912

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