Adrian Pérez Salazar, senior associate at Coronel & Pérez in Guayaquil, Ecuador: “Daniel Noboa emphasized job creation as one of his key campaign promises. Accordingly, on Nov. 28, less than a week after he was sworn in, he presented a bill to the National Assembly titled the ‘Economic Efficiency and Employment Creation Act’ aimed at revitalizing the economy and spurring job creation. Some of the bill’s highlights include the creation of free trade zones, a new framework for public-private partnerships and tax incentives for hiring younger workers. The National Assembly must now analyze and eventually approve, amend or veto the proposed bill. While most of these reforms are welcomed, it is still unclear whether they will address the more serious structural problems in the labor markets. In particular, analysts have long pointed out the necessity of reforming the very outdated Ecuadorean labor code. Common-sense amendments such as…”
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