New Delhi, July 18 (UNI) Confederation of Indian Industry (CII) today signed an MoU with the Export and Investment Corporation of Ecuador (CORPEI), to give a new dimension to the bilateral trade of two countries.

With this, India could export value-added manufactured products to Ecuador, including machinery and engineering goods and services, while it could assist Ecuador in upgrading its refineries, oil, gas and power.

The MoU was signed by CII's International Head Jayant Bhuyan and CORPEI's Executive VP Richard Hall in the presence of Ecuador's Minister of External Affairs Francisco Carrion Mena.

Speaking on the occasion, Mr Mena said India and Ecuador can cooperate on eco-tourism, as Ecuador is developing the Joint Tourism Promotion Fund. India's strengths complemented the goods and services offered by Ecuador, he added.

''The two countries can establish strategic alliances in areas of food and food products, wood, flowers and software,'' the visiting Minister said.

He said his meeting with MoS External Affairs Anand Sharma was ''excellent'' and both the nations were positive about bilateral economic relations.

Meanwhile, Tata Services Ltd Group Resident Director M A Pathan said the bilateral trade had grown to 42 million dollars in 2004, but there was potential for much more.

UNI VJ RA DB2019