Committee will pass first report of the Productive Development Bill
8 junio 2018

The Economic Development Committee worked daily this week in order to pass the first report of the Productive Development urgent economic bill. The Committee summoned representatives of the public and private sectors to hear their opinions and the report will most probably be approved June 8th. On June 12th, the first debate will take place in the floor of the National Assembly.

Since last Friday, the Committee received the visit of, among others, the Minister of Economy, Richard Martinez, as well as entities from the private sector, such as the Industrial Chamber of Ecuador, the Chambers of Commerce of Quito and Guayaquil and the Stock Exchange of Quito. All this with the objective to create a bill that includes all the sectors involved in reactivating the Ecuadorian economy.

In the first meeting, held on Friday, June 1st, Minister Martinez explained the content of the bill. He assured that “the bill is a vehicle to improve the well-being of the population, but for this all parts must make efforts to ensure a future joint prosperity.

The most interesting imput of the private sector was that of Gilberto Pazmiño, representative of the Stock Exchange of Quito. Although he considered it positive in general, he urged the committee to present some modifications. Among the suggested amendments, Pazmiño considered that the obligation to register in the Single Taxpayers Registry (RUC) should be eliminated to stimulate investments in financial assets, since they are “bureaucratic instances that discourages investment”.


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