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Doing business & staying in touch

Dress in Ecuador is usually smart and conservative, punctuality is important, and greetings are made with a handshake. If possible, have business cards printed in English on one side and in Spanish on the other. Present the card with the Spanish side facing your Ecuadorian colleague. Fine wines and liquors make good gifts (avoid lilies and marigolds, which are used at funerals).

Lunch is the usual business meal. Ecuadorians are used to alcohol with lunch. Women should note that while it is acceptable to drink wine, Ecuadorians are not accustomed to seeing a woman drink whiskey or other hard liquor. If a businesswoman wishes to pay for an Ecuadorian man's meal, arrangements should be made in advance; otherwise the man will refuse to let her pay.

Business hours are usually 0830-1630 Monday to Friday, with some businesses closing during lunch.

Economy: 

Following economic crisis and poverty, the adoption of the US Dollar (in 2000) has stablised the nation's economy. However, 38% of the population are still below the poverty line (2006). Growth was at 3.4% in 2008, with unemployment at 8.7% and inflation at 8.6%.

Ecuador has substantial petroleum resources, which has earned more than a half of the country's export revenue in recent years. It is the world's largest exporter of bananas and also grows coffee, cocoa, palm oil and sugar in significant quantities.

Fishing is another important sector: seafood exports have expanded rapidly to the point where Ecuador is now the world's second-largest producer of shrimps. The mining sector produces gold, silver, copper and other metals.

Ecuador is a member of the World Trade Organisation. In recent years, the country's increasing oil revenues have largely been devoted to paying off the country's substantial foreign debt. Ecuador is a member of the main regional integration bodies: the Andean Union and Asociación Latinoamericana de Integración (ALADI).

GDP: 

US$54.7 billion (2008 estimate).

Main exports: 

Petroleum, bananas, coffee, cacao, cut flowers and shrimp.

Main imports: 

Industrial materials, nondurable consumer goods, fuels and lubricants.

Main trading partners: 

USA, Colombia, China, Brazil and Japan.

Staying in touch in Ecuador

Telephone: 

Public phone boxes are scarce at present, but telephone offices can be found everywhere and are cheaper. Also, cellular public phones can be used with a pre-paid card.

Mobile phone: 

Roaming agreements exist with one international mobile phone company. Coverage is variable.

Internet: 

Internet access is broadly available, especially in Quito where there are a number of Internet cafes.

Post: 

Airmail to Europe and the USA takes anything from a week to a month, while incoming deliveries are even less certain.

Post office hours: 

Mon-Fri 0800-1900, Sat 0800-1200. Shorter hours are likely in rural areas.

Media: 

Under the Ecuadorian Constitution, journalists are given freedom of speech. However, the seizure of three private TV journalists and one radio journalist by the government in July 2008 prompted many concerns. Defamation in Ecuador is punishable by prison sentences of up to three years. By law, the government is given free air time on radio and TV.

Press: 

• Dailies include El Comercio, El Tiempo and La Hora, with regional editions.
• Hoy, El Telégrafo and El Universo, based in Guayaquil.
• There are two English-language newspapers, Inside Ecuador and Q, though both are published irregularly.
• International newspapers and magazines are available at international airports, main post offices and in some bookshops.

Television: 

• TC Television is the national, commercial station.
• Other stations include Ecuavisa, Gamavision, ETV Telerama and Teleamazonas.

Radio: 

• Radio Sucre provides news and information, Cadena Radial Ecuatoriana (CRE) is a Guayaquil-based commercial network and Radio Nacional del Ecuador is government owned.
• Radio Centro is privately owned.

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