El Comercio Quito - Ecuador | 22 de abril del 2008

http://tinyurl.com/5md5qp

Foreign investment fell 34% during the past year

Although president Rafael Correa proposes safe surroundings for foreign investment, this has not arrived to the country. The flow of resources were even reduced during the last year, according to data from the Central Bank of Ecuador.

Direct foreign investment in 2007 left a net balance of USD 178.4 million, where the previous year had reached USD 270.7 million.

This new number left without floor [failed to support] Correa's speech at the beginning of the year in his report to the nation, when he said he was satisfied with the amount of growth and foreign investment. In that [speech] then, the President indicated that foreign investment was situated near USD 400 million, which assumed growth with respect to 2006 and reflected a change of trend in this indicator.

In his visit to Mexico two weeks ago, Correa indicated that the foundation of a secure environment for foreign investment is the creation of new productive institutions and a change of public policies. These actions, nevertheless, did not achieve an effect, basically in the oil sector, which registered a net exit of capitals.

translation - ebear

***
Note to Senor Correa:

The foundation of a secure environment for foreign investment is RESPECT OF THE LAW as it pertains to private property and legitimate contracts as recognized in all civilized nations. Futhermore, a foundational principle of civilized nations is CONTINUITY OF THE LAW ACROSS ADMINISTRATIONS. If you don't understand these concepts, have your Mexican hosts, or your neighbors in Peru explain them to you.

ebear