Ecuador: National Production up substantially, import substitution working

Favorable results of import substitution are occurring in Ecuador.

telesurtv.net reported as part of a larger policy of import substitution to change the nation’s productive model, it has been revealed that Ecuador has managed to reduce imports of primary materials and other goods by US$1.7 billion dollars, since the beginning of this year. The reduction of imports far surpasses the initial goal of US$849 million dollars. The achievement is the result of agreements signed between the Ecuadoran government and 905 businesses across the country to support national production. In the industrial sector alone, Minister of Industries Ramiro Gonzalez said that savings of US$872 million have been reported. Read Article

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