Investors should see Rafael Correa’s victory in Ecuador’s recent presidential elections as a sign of stability, the country’s investment promotion authorities say.

During his five years in power, Mr Correa’s actions, such as his decision to default on the country’s sovereign debt, have caused concern among foreign investors. But Mr Correa’s economic development plan, known as the ‘citizenship revolution’, has resulted in robust economic growth in recent years.

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“The name [of the plan] might be a bit misguiding, but it is all about implementing a real development plan that lifts up the economy. And it clearly works, as our economy grew by nearly 8% in 2011,” said Juan Diego Stacey, Ecuador’s trade commissioner to the UK.

According to Mr Stacey, although the third term of Mr Correa will still be revolving around the “citizens revolution”, it does not mean that the country’s economic growth will be connected exclusively with public spending. “We have investment opportunities in the whole range of industries, from biotech and software to logistics and mining,” says Mr Stacey.

Since 2009, Ecuador has been improving its inward FDI record, as data from greenfield investment monitor fDi Markets shows. In 2012, the number of greenfield crossborder projects doubled to 14 new ventures. But, the last new investment in mining sector was recorded in 2008.