Ecuador promotes sustainable mining investment during “Ecuador Day” in Toronto

Communication from the Secretariat of the Presidency

This is an automated translation of the press release issued in Spanish

Continuing with his agenda in Canada, today the President of the Republic, Daniel Noboa Azin, participated in the "Ecuador Day" event, organized by the Chamber of Mining of Ecuador, within the framework of the World Exploration and Mining Convention in Toronto.

The purpose was to highlight Ecuador's mining potential and encourage foreign investment in the sector.

During the event that is part of the convention recognized as one of the most important in the world in the mining industry, the President highlighted the crucial role that mining plays in the Ecuadorian economy.

He explained that this activity has established itself as the country's fourth export product, generating employment, royalties for communities, income for the State and profits for companies.

Therefore, participation in this event, which brings together experts, businessmen and investors from all over the world, is an opportunity to identify sources of investment and present the main benefits that Ecuador offers to this sector.

In this edition of the convention, key topics such as sustainability, technological innovation and corporate social responsibility in mining were addressed.

Advances in environmental and community practices were also highlighted, as well as the need to adopt cleaner and more efficient technologies to reduce environmental impact.

Precisely, New Ecuador aims to develop sustainable mining, focused on the country's progress through the outlining of a strategic plan that strengthens the mining sector; including the analysis of current mining policies, projects that are underway and the fight against illegal mining as public policy.

In relation to these illicit activities, it was pointed out that these practices not only destroy the environment but also the social fabric. For this reason, efforts are redoubled in the country to restore security on a national scale and establish formal activities to discourage crime.

The Minister of Energy and Mines, Andrea Arrobo, indicated that, under the leadership of President Noboa, the parameters established in this new national mining policy are raised in collaboration with other actors involved, in order to contemplate real initiatives and concerns of citizens. .

In that sense, he highlighted the relevance of social impact as a key pillar for the formation and implementation of mining projects: “Connecting with the community is only the starting point. It is not just about talking about the project or obtaining all the permits, but about involving society, making them part of the story, listening to their demands and connecting with their needs.”

The Head of State agreed on this by highlighting that all projects in strategic areas must implement social impact measures.

Noboa also explained that his Government is working to continue strengthening the growth of strategic sectors such as mining and energy, through clear decisions on economic matters.

For example, currently five economic emergency laws have been sent to the Legislature and three of them have already been approved with a majority, which also reflects important political management for governability.

One of these regulatory proposals proposes initiatives to strengthen the electricity sector. In addition, the Government of New Ecuador works to establish alliance mechanisms with complementary industries such as mining and energy, electrical transmission, water, logistics operations, among others.

The President explained that these proposals will make the operations of these sectors more profitable and benefit the country.

Another law that is already in force provides tax incentives for more companies to generate employment for young people. And the first results are already becoming evident.

Along the same lines, the Minister of Production, Foreign Trade, Investment and Fisheries, Sonsoles García, provided details about the trade and investment policy open to the world, dollarization, tax incentives for entrepreneurs who generate jobs for young people, and the location privileged of the country in the region; as positive aspects for investment.

President Noboa concluded his speech by inviting the companies participating in this meeting to believe in the opportunities that Ecuador offers and in the processes it is undertaking to become a new country.