Ecuador is Russia’s leading economic partner in Latin America and the two countries invest heavily in joint projects. Putin and Correa signed an agreement on financing and building a new hydro power plant in Ecuador. They have also pledged to invest in future oil and gas exploration in the natural resource-rich South American nation.
The last time the two presidents met was four years ago in Moscow. Since then the two countries have widened their contacts, politically and among their drug control agencies. Russia and Ecuador signed a visa free agreement in November 2012. Thousands of Ecuadorians live in Russia now and many attend universities here.
Correa has also visited St Petersburg. He is scheduled to attend various events and to meet with Ecuadorian citizens living in the Russian capital.