According to investment promotion agency Pro Ecuador, Ecuador has become one of the most stable economies in Latin America in the past decade due to economic growth. Amid this success, global greenfield investment monitor fDi Markets reported a record year for FDI in 2018, which further highlights the evolution of the country into an attractive destination for potential investors in the region.

The equatorial country received $1.6bn in capital investment in 2018, an upsurge of almost 51% more than in 2017. Precisely 34% of inflows by capital investment over the course of this record year were in the communications sector, followed by hotels and tourism, metals and the coal, oil and gas sectors. Meanwhile, the top two sectors by number of FDI projects in 2018 were software and IT services and hotels and tourism.

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Data from fDi markets also shows that Ecuador garnered a record 23 greenfield projects in 2018. The country has not seen similar numbers since 2004, when it recorded 21 projects. In the interim period, the country has largely struggled to attract investment but after a notable drop off in 2015  has had successive years of growth in FDI project numbers.

Ecuador’s FDI recovery has been aided by countries such Spain, the US and Switzerland, which have consistently invested since 2015 and accounted for an annual average of 47% of all projects between 2016 and 2018. Notable investors during this period include Spain-based telecommunications giant Telefónica, US-based IT services provider CenturyLink, and Switzerland-based Sika, a provider of chemicals for the construction industry.