THE BEVERAGE MARKET IN ECUADOR

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THE BEVERA GE MARKET

IN ECUAD OR

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Market Study

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THE BEVERAGE MARKET IN ECUADOR

Flanders Investment & Trade - Peru

22.04.2020

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TABLE OF CONTENTS

1. ALCOHOLIC BEVERAGES ... 2

BEER MARKET 2 2. NON-ALCOHOLIC BEVERAGES ... 6

3. TRADE STATISTICS ... 7

BEER 7 IMPORT STATISTICS 7 BELGIAN BEER EXPORTS TO ECUADOR 9 ECUADORIAN BEER EXPORTS EVOLUTION 9 OTHER BEVERAGES 10 IMPORT STATISTICS BY CUSTOMS CODE 10 4. DUTIES LEVIED ON IMPORTS ... 12

5. RELATED ASSOCIATION ... 16

6. RELATED EVENTS ...17

7. SOURCES OF INFORMATION ...17

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pagina 2 van 19 The Beverage Market in Ecuador 22.04.2020

1. ALCOHOLIC BEVERAGES

The Ecuadorian industry of alcoholic beverages, which includes distilled liquors, wine and beer, is of great importance for the country. Among these categories, beer is the most preferred. Based on the National Survey of Income and Expenditures in Urban and Rural Households 2011-2012¹, than 900 thousand Ecuadorians consume alcohol, of which 79.2% prefers to drink only beer.

1.1 BEER MARKET

Based on a study carried by Euromonitor on beer consumption in the region 2016, the beer market in Ecuador moves a little more than $1,700 million each year and an average of 35 liters per capita is taken annually.

Nowadays, the beer market in Ecuador is going through a diversity boom, being the imported and craft beers the ones that strengthen the premium offer. Even though industrial beers -according to the Association of Brewers (ASOCERV)- dominate 99.48% of the Ecuadorian market², craft beer is rising in popularity. Based on information from ASOCERV, there are 150 craft breweries which are mainly located in Quito and Guayaquil³.

It is important to mention that Heineken N.V. has just announced that it has acquired a majority stake in Biela y Bebidas del Ecuador S.A. BIELESA⁴. In addition to the beer brand Biela, HEINEKEN intends to market its portfolio of premium and international brands and, in due course, brew Heineken beer locally.

The following image shows the market share of beer brands in Ecuador, being Cerveceria Nacional’s brands the ones that lead and control nearly 100% of the beer market.

Chart 1: PLAN V, extracted from http://www.planv.com.ec/historias/sociedad/la-guerra-la-cerveza

1 Instituto Nacional de Estadística y Censos (INEC)

2 Information extracted from https://revistagestion.ec/sites/default/files/import/legacy_pdfs/269_005.pdf

3 Information extracted from https://www.revistalideres.ec/lideres/cervecerias-artesanales-crecimiento-desafios-informe.html

4 Information extracted from https://www.elcomercio.com/actualidad/heineken-compra-biela-ecuador-inversion.html

Pilsener 41,5%

Pilsener Light 35,5%

Club 20,5%

Imported beer and Miller Lite 1,5%

Others 1,0%

BEER BRANDS IN ECUADOR - MARKET SHARE

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Cerveceria Nacional is the main brewery in Ecuador, its product portfolio includes the following beer brands:

Pilsener, Pilsener Light, Premium Club, Budweiser, Corona Extra, Stella Artois.

Within Belgian beer brands being commercialized in Ecuador, we can mention: Stella Artois, Chimay and Timmermans.

According to an study of preferred brands in homes in Ecuador 2019 conducted by Ekos Group⁵, Pilsener is the most preferred brand in the country, followed by Premium Club and Corona.

The following images show a broader list of beer brands commercialized in some supermarkets in Ecuador:

Image 1: Images extracted from supermarkets in Ecuador

5 Information taken from Ekos magazines p.66, from http://revista.ekosnegocios.com/publication/404e938c/mobile/

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2. NON-ALCOHOLIC BEVERAGES

According to a study conducted by the Association of Non-Alcoholic Beverage Industries of Ecuador (AIBE) and Grupo Spurrier over the economic and social importance of the non-alcoholic beverages sector and its value chain, the non-alcoholic beverage industry has a positive impact on the Ecuadorian economy. In 2017, this industry contributed 1,384 million USD to the economy in sales and 650 million USD to the GDP.

This sector also generates 56,316 jobs throughout the production value chain and for each direct job created, two indirect jobs are generated⁶.

The aforementioned study states that in a year, Ecuadorians drink about 1 560 million liters of non-alcoholic beverages (soft drinks, waters, teas, isotonic drinks), being neighborhood stores, bodegas and distributors the largest marketing channel for non-alcoholic beverages (71% of total sales)⁷.

Chart 2: Information extracted from El Universo Newspaper

According to a study conducted by Euromonitor International, nowadays Ecuadorians drink more bottled water than soft drinks⁸.

The difference between these two drinks began in 2014 when the annual consumption of bottled water stood at 39.7 liters per person, compared to 37.1 liters in soft drinks. In 2018, Ecuadorian consumption of bottled water was 41,2 liters while the consumption of soft drinks was 24,6 liters.

6 Information available at https://www.aibe.ec/2019/04/16/la-aibe-presento-su-huella-economica-y-social-2017-2018-logrando-un-impacto-positivo-para-el-pais/

7 Information available at https://www.eluniverso.com/noticias/2019/04/12/nota/7281038/1560-millones-litros-bebidas-se-toman-ano

8 Information available at https://www.eluniverso.com/noticias/2019/08/05/nota/7458042/consumo-agua-embotellada-supera-bebidas-gaseosas-ecuador

Sodas 56%

Natural mineral water

19%

Fruit-scented drinks 9%

Artificial mineral water 6%

Moisturizers and energizers 6%

Others 4%

SALES VOLUME (per thousand liters)

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Image 4: Images extracted from El Universo Newspaper

3. TRADE STATISTICS

3.1 BEER

3.1.1 IMPORT STATISTICS

From 2015 to 2019, Ecuadorian beer imports grew at an average rate of 78%.

Chart 3: Statistics carried out based on data taken from Veritrade

According to import statistics of 2019, the largest suppliers were Mexico, the Netherlands and Belgium, which together supply 76% of all beer imports to Ecuador.

3 201

7 157

12 532

18 395

4 943 0

5 000 10 000 15 000 20 000

2 016 2 017 2 018 2 019 2 019

EVOLUTION OF IMPORTS (in thousand USD)

EVOLUTION OF SODA AND BOTTLED WATER CONSUMPTION (annual liters per person)

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The 5 largest importers are Cerveceria Nacional, Fraganlicor CIA LTDA, Almacenes Juan ElJuri, Corporacion El Rosado and AJECUADOR S.A. The following chart shows the participation of each of the aforementioned companies.

Chart 5: Statistics carried out based on data taken from Veritrade MEXICO

31%

NETHERLANDS 29%

BELGIUM 16%

COLOMBIA 7%

GERMANY 6%

OTHERS 11%

COUNTRY OF ORIGIN (based on CIF value 2019)

CERVECERIA NACIONAL 59%

FRAGANLICOR CIA. LTDA 21%

CORPORACION EL ROSADO S.A 4%

ALMACENES JUAN ELJURI CIA. LTDA 5%

IMPORTADORA EXPORTADORA NESTLER Y HAHL IMMSE CL 1%

OTHERS 10%

MAIN IMPORTERS (based on CIF value 2019)

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3.1.2 BELGIAN BEER EXPORTS TO ECUADOR

Belgium is one of the main suppliers of beer to Ecuador. Belgian beer exports to Ecuador has shown a positive evolution since 2016 with an average growth rate of 155%.

YEAR TOTAL CIF TOTAL L

2015 116 918 110 547

2016 205 477 196 654

2017 578 652 528 734

2018 633 140 562 390

2019 2 865 795 2 726 448

Grand Total 4 399 982 4 124 773 Table 1: Statistics carried out based on data taken from Veritrade Regarding importers and distributors of Belgian beer we can find the following ones:

Nro COMPANY 2015 2016 2017 2018 2019

1 CERVECERIA NACIONAL 551 743 526 805 2 642 714

2 BFS ECUADOR S.A. 24 730 87 425 52 609

3 RODRIGUEZ ORTUÃ‘O KARLA MERCEDES 18 910 11 367

4 DISTRIBUIDORA COMERCIAL DEL NORTE TRICOMNOR S.A. 11 665

5 BIELA Y BEBIDAS DEL ECUADOR S A BIELESA 116 918 205 477

6 CORPORACION EL ROSADO S.A 128 427

7 IMPORTADORA EXPORTADORA NESTLER Y HAHL IMMSE CL 19 013

8 IMPORTADORA BELBREWS CIA. LTDA. 2 180

Grand Total 116 918 205 477 578 652 633 140 2 865 795 Table 2: Statistics carried out based on data taken from Veritrade

3.1.3 ECUADORIAN BEER EXPORTS EVOLUTION

YEAR TOTAL FOB TOTAL L

2015 17 197 13 412

2016 68 138 57 522

2017 404 518 247 274

2018 394 377 206 309

2019 241 618 161 639

Grand Total 1 125 847,44 686 155,61 Table 3: Statistics carried out based on data taken from Veritrade

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3.2 OTHER BEVERAGES

3.2.1 IMPORT STATISTICS BY CUSTOMS CODE

CUSTOMS CODE CIF USD

2016

CIF USD 2017

CIF USD 2018

CIF USD 2019 2201 - Waters, including natural or artificial mineral waters and aerated

waters, not containing added sugar or other sweetening matter nor

flavored; ice and snow: 132 098 129 210 281 728 431 786

2202 - Waters, including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavored, and other non-

alcoholic beverages, not including fruit or vegetable juices of heading 2009: 4 268 093 6 146 767 14 498 904 20 650 050 2204 - Wine of fresh grapes, including fortified wines; grape must other

than that of heading 2009: 15 921 809 22 669 452 31 863 308 33 175 974

2205 - Vermouth and other wine of fresh grapes flavored with plants or

aromatic substances: 341 665 195 977 371 772 386 115

2206 - Other fermented beverages (for example, cider, perry, mead, saké);

mixtures of fermented beverages and mixtures of fermented beverages and

non-alcoholic beverages, not elsewhere specified or included 193 713 276 181 252 394 235 082 2207 - Undenatured ethyl alcohol of an alcoholic strength by volume of 80

% vol or higher; ethyl alcohol and other spirits, denatured, of any strength: 4 668 643 8 512 885 9 517 192 3 656 503 2208 - Undenatured ethyl alcohol of an alcoholic strength by volume of

less than 80 % vol; spirits, liqueurs and other spirituous beverages: 20 113 242 37 080 412 59 313 512 77 901 636

Grand Total 45 639 263 75 010 884 116 098 810 136 437 146

Table 4: Statistics carried out based on data taken from Veritrade

According to import statistics of 2019 of the aforementioned customs codes, the largest suppliers of spirituous and non-alcoholic beverages were the United Kingdom of Great Britain, Chile and Colombia, which together supply 64.5% of all imports to Ecuador.

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The 5 largest importers are Almacenes Juan ElJuri, Agencias Y Representaciones Cordovez Sa, Quala Ecuador S.A, DFECUADOR S.A. and Servicio A Industria Servindinsa S.A.. The following chart shows the participation of each of the aforementioned companies.

Chart 7: Statistics carried out based on data taken from Veritrade UNITED KINGDOM OF GREAT BRITAIN 45%

CHILE 11%

COLOMBIA 8%

PERU 6%

ARGENTINA 5%

OTHERS 25%

COUNTRY OF ORIGIN (based on CIF value 2019)

ALMACENES JUAN ELJURI CIA. LTDA.

22%

AGENCIAS Y REPRESENTACIONES CORDOVEZ SA 21%

QUALA ECUADOR S.A 5%

DFECUADOR S.A.-DUTY FREE ECUADOR 5%

SERVICIO A INDUSTRIA SERVINDINSA S.A. SERVINDINSA 4%

OTHERS 43%

MAIN IMPORTERS (based on CIF value 2019)

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4. DUTIES LEVIED ON IMPORTS

The Import of goods is subject to the following import duties:

Ad valorem Tax (AV)

It is determined on the CIF value (Value of the goods (FOB) + freight + insurance) FODINFA (Fondo de Desarrollo para la Infancia)

All imports are subject to a 0.5% tax for the Children’s Development Fund applied to the CIF value Special Consumption Tax (Impuesto a los Consumos Especiales - ICE)

Percentage varies according to the imported good.

For customs codes 2201.10 and 2202.99.00.10

▪ Excise duty is levied at a rate of 10% of the retail sales price but at least of 10% of the duty paid value increased by 25%.

For customs codes 2202.10, 2202.91 and 2202.99.00.90

▪ Excise duty is levied at a rate of 10% of the retail sales price but at least of 10% of the duty paid value increased by 25% for aerated beverages of a sugar content not exceeding 25 grams per litre. Non- alcoholic aerated beverages of a sugar content exceeding 25 grams per litre are subject to a rate of 0.18 USD per 100 grams of sugar.

For customs codes 2204, 2205, 2206, 2208.20.21, 2208.20.22, 2208.20.29.90, 2208.20.30, 2208.30, 2208.40, 2208.50, 2208.60, 2208.70 and 2208.90

▪ Excise duty is levied at a rate of 75% of the retail sales price but at least of 75% of the duty paid value increased by 25%, plus 7.25 USD per liter of pure alcohol. Grape must intended for the manufacture of alcoholic beverages is exempted.

For customs codes 2207

▪ Excise duty is levied at a rate of 75% of the retail sales price but at least of 75% of the duty paid value increased by 25%, plus 7.22 USD per liter of pure alcohol.

For customs codes 2203 (beer), the ICE is compound by: specific tariff + ad valorem tariff:

▪ Industrially brewed beer of a market share of up to 730000 hectolitres is subject to a rate of 75% of the retail sales price but at least of 75% of the duty paid value increased by 25%, plus 7.72 USD per litre of pure alcohol

▪ Industrially brewed beer of a market share exceeding 730000 hectolitres but not exceeding 1400000 hectolitres is subject to a rate of 75% of the retail sales price but at least of 75% of the duty paid value increased by 25%, plus 9.62 USD per litre of pure alcohol

▪ Industrially brewed beer of a market share exceeding 1400000 hectolitres is subject to a rate of 75% of the retail sales price but at least of 75% of the duty paid value increased by 25%, plus 12.00 USD per litre of pure alcohol

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VALUE ADDED TAX (VAT)

12%. It is determined on the CIF value + ad valorem + FODINFA + ICE.

The following table lists the Ad valorem Tax (AV) by customs code. It is important to mention that some customs codes have a mixed tariff, which is compund by 1% Ad valorem + a specific tariff of $0.25 per grade of alcohol/liter.

CUSTOMS CODE DESCRIPTION EU DUTY AV

TAX

22 CHAPTER 22 - BEVERAGES, SPIRITS AND VINEGAR

2201 Waters, including natural or artificial mineral waters and aerated waters, not

containing added sugar or other sweetening matter nor flavored; ice and snow:

2201.10 - Mineral waters and aerated waters 6.7% 20%

2201.90 - Other 6.7% 30%

2202

Waters, including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavored, and other non-alcoholic beverages, not including fruit or vegetable juices of heading 2009:

2202.10 - Waters, including mineral waters and aerated waters, containing added sugar

or other sweetening matter or flavored 10% 30%

- Other:

2202.91 - - Non-alcoholic beer 10% 30%

2202.99 - - Other:

2202.99.00.10 - - - Energy drinks, including aerated 10% 30%

2202.99.00.90 - - - Other 10% 30%

2203 Beer made from malt 0%

Mixed tariff

* 2204 Wine of fresh grapes, including fortified wines; grape must other than that of

heading 2009:

2204.10 - Sparkling wine 0%

Mixed tariff

* - Other wine; grape must with fermentation prevented or arrested by the

addition of alcohol:

2204.21 - - In containers holding 2 l or less 0%

Mixed tariff

* 2204.22 - - In containers holding more than 2 l but not more than 10 l:

2204.22.10 - - - Grape must with fermentation prevented or arrested by the addition of

alcohol 0% 15%

2204.22.90 - - - Other 0% 30%

2204.29 - - Other:

2204.29.10 - - - Grape must with fermentation prevented or arrested by the addition of

alcohol 0% 15%

2204.29.90 - - - Other 0% 30%

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2204.30 - Other grape must 0% 25%

2205 Vermouth and other wine of fresh grapes flavored with plants or aromatic

substances:

2205.10 - In containers holding 2 l or less 0%

Mixed tariff

*

2205.90 - Other 0% 30%

2206

Other fermented beverages (for example, cider, perry, mead, saké); mixtures of fermented beverages and mixtures of fermented beverages and non-alcoholic beverages, not elsewhere specified or included

0%

Mixed tariff

* 2207 Undenatured ethyl alcohol of an alcoholic strength by volume of 80 % vol or

higher; ethyl alcohol and other spirits, denatured, of any strength:

2207.10 - Undenatured ethyl alcohol of an alcoholic strength by volume of 80 % vol or

higher:

2207.10.00.10 - - Anhydrous alcohol 0%

Mixed tariff

*

2207.10.00.90 - - Other 0%

Mixed tariff

*

2207.20 - Ethyl alcohol and other spirits, denatured, of any strength:

2207.20.00.10 - - Alcohol fuel 0% 15%

2207.20.00.90 - - Other 0% 15%

2208 Undenatured ethyl alcohol of an alcoholic strength by volume of less than 80 %

vol; spirits, liqueurs and other spirituous beverages:

2208.20 - Spirits obtained by distilling grape wine or grape marc:

- - Of wine (for example, cognac, brandy, pisco, singani):

2208.20.21 - - - Pisco 0%

Mixed tariff

*

2208.20.22 - - - Singani 0% 20%

2208.20.29 - - - Other:

2208.20.29.10 - - - - Alcoholic extracts and concentrates for the manufacture of brandy, in bulk,

of an alcoholic strength of 50 degree Gay Lussac or more, not fit for retail sale 0% 20%

2208.20.29.90 - - - - Other 0%

Mixed tariff

*

2208.20.30 - - Of grape (grappa and the like) 0%

Mixed tariff

*

2208.30 - Whiskies:

2208.30.00.10 - - Alcoholic extracts and concentrates for the manufacture of whisky, in bulk, of

an alcoholic strength of 50 degree Gay Lussac or more, not fit for retail sale 0% 20%

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2208.30.00.90 - - Other 0%

Mixed tariff

* 2208.40 - Rum and other spirits obtained by distilling fermented sugar-cane products:

2208.40.00.10 - - Alcoholic extracts and concentrates for the manufacture of rum, in bulk, of an

alcoholic strength of 50 degree Gay Lussac or more, not fit for retail sale 0% 20%

2208.40.00.90 - - Other 0%

Mixed tariff

*

2208.50 - Gin and Geneva:

2208.50.00.10

- - Alcoholic extracts and concentrates for the manufacture of gin and geneva, in bulk, of an alcoholic strength of 50 degree Gay Lussac or more, not fit for retail sale

0% 30%

2208.50.00.90 - - Other 0%

Mixed tariff

*

2208.60 - Vodka:

2208.60.00.10

- - Alcoholic extracts and concentrates for the manufacture of vodka, packed in bulk, of an alcoholic strength of 50 or more Gay Lusac, not suitable for direct marketing to consumers

0% 30%

2208.60.00.90 - - Other 0%

Mixed tariff

*

2208.70 - Liqueurs and cordials:

2208.70.10 - - Of anise 0%

Mixed tariff

*

2208.70.20 - - Crèmes 0%

Mixed tariff

*

2208.70.90 - - Other 0%

Mixed tariff

*

2208.90 - Other:

2208.90.10 - - Undenatured ethyl alcohol of an alcoholic strength by volume of less than 80%

vol 0% 15%

2208.90.20 - - Spirits obtained by distilling agaves (tequila and the like):

2208.90.20.10

- - - Alcoholic extracts and concentrates for the spirits obtained by distilling agaves (tequila and the like), packed in bulk, of an alcoholic strength of 50 or more Gay Lusac,not suitable for direct marketing to consumers

0% 30%

2208.90.20.90 - - - Other 0%

Mixed tariff

*

- - Other spirits:

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2208.90.42 - - - Of anise 0%

Mixed tariff

*

2208.90.49 - - - Other 0%

Mixed tariff

*

2208.90.90 - - Other 0%

Mixed tariff

* Table 5: Data taken from Market Access Database

Please take into account that if the good meets the origin requirements, you can apply for a Certificate of Origin (CO) and thus obtain preferential tariff treatment. For more information regarding duties, please review the following website: https://www.aduana.gob.ec/para-importar/

5. RELATED ASSOCIATION

▪ ECUADORIAN BREWER'S GUILD (ASOCERV) info@asocerv.beer

T.: (+593) 984 806 645 http://asocerv.beer/

Address: Av. República de El Salvador 406 y Calle Moscú, Quito

▪ ASSOCIATION OF NON-ALCOHOLIC BEVERAGE INDUSTRIES OF ECUADOR (AIBE) Executive President: Francisco Mena

info@aibe.ec

T.: (+593) 2 393 8221 https://www.aibe.ec/

Address: Av. De los Shyris N9-38 y Bélgica Edificio Shyris Century Oficina 12 D, Quito

▪ NATIONAL ASSOCIATION OF FOOD AND BEVERAGE MANUFACTURERS (ANFAB) T.: (+593) 2 393 7745

https://anfab.com/wp/

Address: Calle Fco. Andrade Marín y Av. Eloy Álfaro Edif. Carolina Milenium Of. 7F, Quito

▪ ECUADORIAN PLASTICS ASSOCIATION (ASEPLAS) T.: (+593) 4 285 1069

https://www.aseplas.ec/

Address: Av. Perimetral Km5 Campus Prosperina (ESPOL) FIMCP Edif 18-B Of ASEPLAS, Guayaquil

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6. RELATED EVENTS

▪ COPA CERVEZAS DEL ECUADOR https://cervezasecuador.org/

▪ VIVA Cerveza!

https://www.vivacerveza.com/

▪ OKTOBERFEST

7. SOURCES OF INFORMATION

ENCUESTA NACIONAL DE INGRESOS Y GASTOS DE LOS HOGARES URBANOS Y RURALES

▪ http://www.ecuadorencifras.gob.ec/encuesta-nacional-de-ingresos-y-gastos-de-los-hogares-urbanos-y- rurales/

EL UNIVERSO

▪ https://www.eluniverso.com/noticias/2019/04/12/nota/7281038/1560-millones-litros-bebidas-se-toman- ano

▪ https://www.eluniverso.com/noticias/2019/08/05/nota/7458042/consumo-agua-embotellada-supera- bebidas-gaseosas-ecuador

AIBE

▪ https://www.aibe.ec/2019/04/16/la-aibe-presento-su-huella-economica-y-social-2017-2018-logrando-un- impacto-positivo-para-el-pais/

▪ https://www.aibe.ec/el-sector/

OTHERS

▪ https://www.expreso.ec/vivir/cerveza-economia-variedad-consumidores-ecuador-BX2154650

▪ https://www.elcomercio.com/actualidad/heineken-compra-biela-ecuador-inversion.html

▪ https://theworldnews.net/ec-news/el-ecuatoriano-se-inclina-por-las-bebidas-sin-calorias

▪ https://www.eltelegrafo.com.ec/noticias/sociedad/6/cerveza-diainternacional-consumo-ecuador

▪ https://periodismoecuador.com/2019/04/12/empresas-de-bebidas-no-alcoholicas-generan-56-316- empleos/?fbclid=IwAR0TaxlGntKFSZmpchDzHPTMWrT1EKiEC4_z9hkvFCLPLdQN-7oV4nUv6fY

▪ http://revista.ekosnegocios.com/publication/404e938c/mobile/

▪ https://www.revistalideres.ec/lideres/francisco-mena-inversion-industria-economia.html

▪ https://www.revistalideres.ec/lideres/cervecerias-artesanales-crecimiento-desafios-informe.html

▪ http://www.revistagestion.ec/sites/default/files/import/legacy_pdfs/269_005.pdf

▪ https://www.ab-inbev.com/content/dam/universaltemplate/ab- inbev/News/Press%20kit/ABI_FS16_Ecuador.pdf

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▪ http://www.cervecerianacional.ec/content/cervecer%C3%ADa-nacional-130-a%C3%B1os-en-el- pa%C3%ADs-uniendo-la-gente-por-un-mundo-mejor

▪ http://www.planv.com.ec/historias/sociedad/la-guerra-la-cerveza

▪ https://issuu.com/vistazo.com/docs/supl_bebidas/4

▪ https://www.americaeconomia.com/negocios-industrias/ecuador-embotelladoras-calculan-como- enfrentar-el-impuesto-las-botellas

▪ https://gestion.pe/videos/ecuador-botellas-de-plastico-a-cambio-del-precio-de-un-boleto-noticia/

▪ http://stakeholders.com.pe/informes/la-ley-gestion-integral-residuos-solidos-esta-promoviendo-la- economia-circular-en-el-peru/

Disclaimer

The information in this publication is provided for background information that should enable you to get a picture of the subject treated in this document. It is collected with the greatest care based on all data and documentation available at the moment of publication. Thus this publication was never intended to be the perfect and correct answer to your specific situation. Consequently it can never be considered a legal, financial or other specialized advice. Flanders Investment & Trade (FIT) accepts no liability for any errors, omissions or incompleteness, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organization mentioned.