Yachay: Ecuador builds new tech hub to grow economy

Global Business

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Yachay, known in Ecuador as the “City of Knowledge,” aims to become an international hub for high-tech innovation. President Rafael Correa calls its construction the most important project in Ecuador’s history.

CCTV’s Paulo Cabral has this report.Follow Paulo Cabral on Twitter @PCabralReporter

Yachay: Ecuador builds new tech hub to grow economy

Yachay: Ecuador builds new tech hub to grow economy

Yachay, known in Ecuador as the “City of Knowledge,” aims to become an international hub for high-tech innovation. President Rafael Correa calls its construction the most important project in Ecuador’s history.CCTV’s Paulo Cabral has this report.

The bar is set high: the ambition of Ecuadorian authorities is to use this place to transform the country’s economy.

Modeled after tech parks like Silicon Valley in the U.S. and Shenzhen Park in China, It’s planned to house universities, technology entrepreneurs to be a center for all kinds of advanced research.

The CEO of the public company building it said the idea is to transform Ecuador’s economy from one reliant on the export of raw materials to one based on knowledge and innovation.

Companies are offered incentives to come here: guarantees of stable energy sources and state of the art telecom, along with generous tax rebates.

The creation of Yachay is part of Ecuador’s plan to prepare the country for the future. But those responsible for this project say that preserving and understanding the country’s past and its traditions plays a critical role in its long-term success.

As construction began, a vast wealth of ancient artifacts – some thousands of years old – were unearthed. A team of archaeologists is now working to collect, classify an study the civilizations that have been here before.