Ecuador merges three ministries into new economic development portfolio

Ecuador's government has announced the formation of a new Ministry of Economic and Productive Development, a significant restructuring that merges three key portfolios into the Ministry of Economy and Finance. This move, detailed in Executive Decree No. 427, consolidates the ministries of Production, Foreign Trade and Investments, and Agriculture, Livestock and Fisheries.

The government stated that this reorganization is designed to boost economic growth and create a more efficient structure to strengthen Ecuador's primary economic engines. The new ministry will focus its efforts on supporting a wide range of economic actors, including small farmers, artisanal fishermen, entrepreneurs, business owners, producers, and exporters.

This strategic integration aims to encompass all facets of the economy, from small, medium, and large-scale production to the transformation and industrialization of goods and services. Furthermore, the ministry will actively work on establishing connections with new markets, promoting Ecuador internationally, enhancing export activities, and attracting foreign investment. The government emphasized that maintaining sound public finances remains crucial for supporting orderly economic growth.

The merger is expected to streamline institutional management and concentrate efforts on bolstering the country's productive sectors. The competencies previously held by the ministries of Production, Foreign Trade, Investments, Agriculture, Livestock, and Fisheries will now fall under the purview of this new, consolidated state portfolio, all geared towards driving the various sectors of the Ecuadorian economy.