QUITO (Reuters) – Daniel Noboa, the scion of a prominent business family, will achieve a longstanding family aspiration when he becomes Ecuador’s president. He won the election on Sunday by promising to create jobs and tackle crime gangs. Noboa, 35, resigned from his position at his family’s massive conglomerate when he was elected to the national legislature in 2021. He secured more than 52% of the vote, defeating leftist candidate Luisa Gonzalez by a narrow margin. Gonzalez conceded defeat and congratulated Noboa, who addressed his supporters in the seaside town of Olon after securing victory.
Noboa stated, “Tomorrow we start work for this new Ecuador, we start working to rebuild a country seriously battered by violence, by corruption and by hate.” He added, “From tomorrow Daniel Noboa starts work as your new president.” Noboa’s victory marks a significant departure from his father’s populist rhetoric and his rival’s call to revert to the social policies of former President Rafael Correa.
Throughout his life, Noboa accompanied his father Alvaro, a prominent banana magnate, during multiple unsuccessful attempts to become president. His unexpected qualification for the second round run-off was a surprise. Noboa, a native of Guayaquil, has committed to attracting foreign investment and boosting Ecuador’s business sector.
According to analysts, Noboa’s triumph will have an immediate positive impact on markets. However, the long-term market outlook will likely be influenced by his choices for his cabinet, which are currently unknown. Noboa has pledged to create employment opportunities, particularly for young individuals, and his supporters have emphasized his fresh perspective on the country’s challenges.
Ecuador’s economy has struggled to recover from the effects of the COVID-19 pandemic, resulting in a surge in crime. Outgoing President Guillermo Lasso attributes this rise in crime to disputes between drug-trafficking gangs and a sharp increase in emigration. Noboa has vowed to establish a new intelligence unit to combat gangs, equip security forces with tactical weapons, and house the most dangerous convicts in prison ships at sea.
The incoming president is scheduled to take office in December.
Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb; Editing by Gerry Doyle
