On Colombia’s National Day, July 20, the Colombian embassy presents a development roadmap that the conflict-ravaged South American nation will pursue as a new era of peace dawns on its horizons.
A new era has begun for Colombia, one of peace and prosperity thanks to the end of long internal conflict. We can now look to the future and forge a new cycle of economic growth.
Exports are expected to grow 12 per cent by 2024, reaching US$61.4 billion.
In 10 years, it is expected that tourism will double, reaching 8.8 million tourists, prioritising former conflict zones:
• Sierra de la Macarena (Meta)
• Trech to Teyuna (The Lost City)
• Urabá– El Darién (Antioquia – Choco)
Peace will have a positive effect on the country’s economy.
|Ambitious targets: Colombia plans significant growth in all key sectors.— Source ProColombia, 2017|
Key factors to grow Colombia’s economy are:
1. A dynamic and stable economy
2. A growing market located strategically to facilitate business transactions within the region.
3. A trade platform with more than 10 free trade agreements enabling investors to reach third markets.
4. Multiple development centres and regions coupled with a growing middle class securing a greater products and services demand.
5. A growing pool of qualified Colombian companies able to partner with international investors to reach out to regional markets.
6. Diverse opportunities for investment in various sectors.
Colombia is the 31st largest economy in the world and the fourth in Latin America.
|Good standing: Colombia is the 31th largest economy in the world and the 4th in Latin Amercia.— Source IMF, 2016|
According to the World Bank’s Doing Business report, within the Latin American and Caribbean region, Colombia is:
#1 in getting credit
#1 in protecting minority investors
#2 in dealing with construction permits
#2 in ease of doing business
#3 in registering property
#5 in starting a business
Colombia was officially invited in May 2013 to initiate the process to become a full member of the Organisation for Economic Co-operation and Development (OECD).
International tourism in Colombia grew three times more than the global rate, going from 3.4 million of tourists in 2012 to 5 million in 2016.
There are some niches with opportunities.
- Ø Airports: US$900 million in rehabilitation, expansion and modernisation of 47 airports (2015-18).
- Ø Fluvial National Plan, consists of 13 river projects with an investment of $2,660 million.
- Ø Roads: By 2021 Colombia will be invested $17 billion in 7,000km of highways, 1,400kms of double lane highways, 141 tunnels and 1,300 viaducts.
- Ø $ 1.8 billion to improve the navigability of the Magdalena River
- Ø $53 million to recover more than 990km of railways network.
A diversified source base and a pivotal location in the Americas.
Colombia ranked first in Latin America and eighth in the world according to the Energy Architecture Performance Index 2016 of the World Economic Forum.
More than 200 Power Generation projects registered in different stages, with installed capacity up to 7,000 MW
- ü Open public bids for power transmission projects in Colombia
- ü High potential in biofuels and alternative energies
- ü Projects focused on renewable energy will have special VAT exemptions, deduction from taxable income and customs exemptions.
Aquaculture, cocoa, cereals, fruits and vegetables, meat, processed food, rubber, and forestry.
- Ø Colombia is the second largest flowers exporter worldwide, with about $1,285 million.
- Ø Colombia is the third largest coffee producer worldwide and the second in Latin America
- Ø Colombia is the fourth largest producer of palm oil over the world.
- Ø Colombia has one of the largest biodiversity per km2 in the world.
- Ø By 2018, there will be one million more hectares due to “Colombia Siembra Plan”.— VNS