Colombian Economy

Colombia is currently one of the most dynamic and fast-growing economies in Latin America. The GDP has been growing steadily over the past years (1,8% in 2017). As a result, consumption increases, while inflation, poverty and unemployment have been decreasing. Having avoided the recessions that hit many Latin American economies in recent years, and also due in part to the high price of its main natural resources, oil and coal, Colombia looks set to continue growth at an impressive pace in the near future. Growth is expected to accelerate at a gradual pace over 2019-2020, and the country is forecasted to be one of the fastest growing economies for at least the next 25 years. This growth will be supported by stronger private consumption, a gradual recovery of non-oil exports, higher oil prices, and a pick-up in the implementation of the infrastructure program. The energy and agriculture sectors, in particular, are expected to grow with increased investments.

Next to being home to one of the most promising economies of the world, Colombia has a great geostrategic location. Colombia is the second most bio diverse country on the globe, housing almost 10% of the world’s biodiversity.

Business in Colombia

Over the past years, Colombia has developed into a country with a dependable and stable financial climate to operate in. Its foreign direct investment (FDI) ranks among the top 30 countries worldwide and it scores 59th place in the ‘ease of doing business’ index. Foreign direct investment is only expected to increase due to the country’s economic growth, development of infrastructure projects, lower corporate taxes and higher oil prices. From around 2010 onwards, efforts by the Colombian government to increase export of Colombian (pop) culture to the rest of the world have improved the country’s international image and helped diversify its economy. Next to this, tourism is increasing fast and becoming a promising sector. This combined with Colombia having the best growth indicators in the Latin-American region, makes it an especially suitable location for companies to invest in or expand to and thrive together with the rest of the country.

Colombia’s business center, Bogotá, is one of the oldest and most successful financial centers in Latin America and is home to some of the world’s leading companies.

The Netherlands & Colombia

Colombia is the 3rd largest investment destination for Dutch companies in Latin America. Many Dutch multinationals are active in Colombia. The relationship between the Netherlands and Colombia involves exports as well as imports. Currently, Dutch foreign investment is mostly focused on the following sectors in Colombia: agriculture, life sciences and health, industrial manufacturing, energy and infrastructure.

These factors combined make Colombia a very promising destination for the FSR International Research Project 2018-2019.

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