Colombia, along with fellow Pacific Alliance members Chile, Mexico and Peru, are embracing free trade and working to diversify exports. Colombian Finance Minister Mauricio Cárdenas spoke to The Wall Street Journal about his country's strong growth prospects despite the tapering of the U.S. Federal Reserve's bond-buying program and a slowdown in China.
Foreign direct investment in Colombia's mining sector grew 21 percent in the first nine months of 2013 from the same period of 2012, President Juan Manuel Santos said.
Colombia will for the first time auction areas potentially containing non-conventional or shale crude in its 2014 oil round in July that it is launching on Wednesday as it seeks to sustain a wave of foreign investment into the sector. Latin America's No. 4 oil producer aims to raise around $2.6 billion by selling more than 22 million hectares for exploration and production at the July 23 auction, the National Hydrocarbons Agency (ANH), which is overseeing the auction, has said.
US-based networking company Cisco (Nasdaq: CSCO) sees strong growth opportunities in Colombia, and is aiming to double its revenues in the country within the next three years, the company's newly appointed general manager for Colombia, Christian Onetto, told BNamericas.
Heads of state from South America's Pacific Alliance, comprised of Chile, Colombia, Mexico, and Peru, signed a deal on Monday that will scrap nine-tenths of tariffs on goods and services traded between them.
By 2007 the world did not know the moderate acidity of Colombian gulupa, a native Brazilian fruit that belongs to the same family as the passion fruit. Currently, almost 3,000 tons of this fruit are being exported to Europe, Asia and America. Six years ago exports only amounted to 523 tons. Exports of Gulupa increased by five throughout the last six years from $3,954 million in 2007 to $20,455 million between January and September 2013.
Israel has been accepted as an observer state to the Pacific Alliance, a trade bloc grouping four of Latin America's fastest-growing economies, officials said Tuesday.
…Well, now that Argentina has officially devalued its currency, the Colombians are at it again. “I think we have settled the question, even if the difference is small,” Mauricio Cardenas, Colombia’s finance minister, told beyondbrics in a recent interview. Using the latest GDP estimates for each country (from the third quarter of 2013), he reckons Colombian GDP stands at $344bn versus Argentine at $338bn. Goal to Colombia!
The presidents of four nations collectively responsible for half of Latin America's economic output have signed an accord to eliminate tariffs on 92 percent of the products they trade.
Latin America's most open economies signed a free-trade pact on Monday in an effort to firm their ties and raise commerce with Asia, a move that also creates a counterbalance to their colossal neighbor Brazil. The so-called Pacific Alliance between Mexico, Colombia, Peru and Chile aims to make 92% of the four countries' goods tariff-free, while phasing in the remaining 8% over the coming years. The accord creates a market of some 210 million people, bigger than Brazil's, with a combined economic output equal to 35% of the total GDP of Latin America and the Caribbean.
Coffee production in Colombia, the second-biggest grower of the arabica variety favored by Starbucks Corp., climbed 15 percent in January from a year earlier to the highest level since 2007.
Representatives from Utah’s finance, manufacturing, telecommunications and other industries will head to Colombia and Panama on Feb. 10 to kick off a four-day trade mission.
The European Union reached an accord to eliminate the visa requirement for brief stays by Colombians and Peruvians, the EU delegation in Bogota said Tuesday.
An attempt to build a stronger British investment presence in Mexico and Colombia will get under way on Monday when more than 40 business leaders accompany Nick Clegg on a trade visit to the two countries.
Computer giant Hewlett-Packard this year will bring to Colombia two innovative programs it is marketing worldwide aimed at entrepreneurs and students.
Chilean energy company AES Gener SA is looking for purchases in booming Colombia and at home, where it is upbeat about incoming president Michelle Bachelet's plans to spruce up the power sector.
Luis Carlos Villegas became ambassador of Colombia to the United States on Dec. 3, 2013 having most recently served as president of the National Business Association of Colombia (ANDI), a position he held for more than 17 years. In addition, Ambassador Villegas is a member of the Colombian government's negotiating team in the ongoing peace talks with FARC rebels.
Globalization is no news but the way it works sometimes is. Colombian largest producer of Arabica coffee Juan Valdez has recently opened its first store in Kuwait, one of the countries located in the Arabian Peninsula bordering the Persian Gulf –or as it has also been controversially named by some Arab countries, the Arabian Gulf.
… One such example is seen in Medellín, Colombia, where a unique partnership between public utility company Empresas Publicas de Medellín (EPM) and the city has yielded economic opportunities in marginalized neighborhoods, fostered inclusive communities, and attracted international recognition and investment.
… Colombia is amazingly beautiful and seems specially created by nature to nurture the dreams of filmmakers in search of the one place capable of providing an entire range of gorgeous scenery perfect for creating a magnificent film.
After a year of efforts from private industry, the Colombian government has decided to include fruit growers in its Program of Productive Transformation (PTP), with the goal of raising seven of the country’s crops to world class export status.
Oleoducto Central SA, owner of Colombia’s largest pipeline, is planning to sell about $400 million in dollar-denominated bonds this year to finance expansion plans, majority stakeholder Ecopetrol SA (ECOPETL) said.
Colombia's ambassador in the United States, Luis Carlos Villegas, met this week with the Editoral Board of the Orlando Sentinel to discuss the economic and social changes that this South American nation has had in the last decade.
El embajador de Colombia en Estados Unidos, Luis Carlos Villegas, se reunió esta semana con la Junta Editoral del Orlando Sentinel [...] "Somos un país completamente diferente al que se conocía hace 15 años y seguimos avanzando en el buen camino", expresó el embajador ...
Imagine waking up in a Marriott or a Decameron hotel, opening the curtains to a modern city skyline, stepping outside your door for breakfast at Dunkin' Donuts or Juan Valdez, taking a rapid-transit bus to your meeting, grabbing a burger at Johnny Rockets or El Corral, and picking up a new scarf at Gap or Arturo Calle.
This sounds like a typical day for an American business traveler, but this isn't a story about America. This happens every day in today's Colombia. Just a decade ago, few would have believed that Colombia would become one of the most dynamic economies in the world. But, what seemed improbable then is now a reality.
Colombia is the third-largest economy in the region, home to nearly 50 million consumers and a rising middle class with significant economic mobility. With gross-domestic product growth over the past four years estimated at close to 5 percent and the lowest inflation in decades, Colombia — soon to become a member of the Organisation for Economic Co-operation and Development — has fast become a major regional power.
During the third quarter of 2013, the Colombian economy grew 5.1 percent, fueled by the dynamism of construction and agriculture. The implementation of the largest infrastructure plan in our country's history will increase the potential growth of our economy.
Our economic growth, coupled with a progressive policy agenda, has increased the well-being of our citizens and created a more inclusive society. Health-care coverage is universal, and life expectancy has dramatically moved up. Between 2010 and 2013, Colombia had a significant reduction in poverty rates, lifting around three million citizens to the middle class.
Unemployment has been continuously decreasing during the past 40 months, reaching a record low of 8.5 percent last November. Over the past three years, the Colombian economy has raised the real minimum wage, while creating nearly 2.5 million jobs, expanding a dynamic middle class that offers enormous opportunities for companies around the world.
A simple example illustrates the vibrancy of our market. As a result of rising available income, more than a third of Colombian households own a pet. The pet-care market is estimated to grow at 13 percent per year; according to industry data, the market for pet foods grew from $68 million in 2008 to $400 million in 2013.
Since 2003, foreign direct investment in Colombia has increased sevenfold, and investment responds for about 30 percent of GDP. Our market is increasingly attractive to investors because of our strong adherence to the rule of law and our independent institutions that guarantee a stable macroeconomic environment within a framework of fiscal sustainability.
As a result, leading U.S. companies such as Starbucks, Hyatt Corp., IBM, Google, Facebook, Hewlett-Packard, JW Marriott, Gap and others are investing in our country. Colombian investment abroad is also growing rapidly.
Strengthening international trade has been important for growth. Last year, we signed trade agreements with three new countries and concluded negotiations on a regional pact with Chile, Peru and Mexico — the Pacific Alliance, an integrated market of 210 million consumers and a GDP of nearly $2 trillion.
The Free Trade Agreement with the United States, implemented only one year ago, has already created significant opportunities for U.S. and Colombian businesses to reach both markets. Colombia is Florida's second-largest trade partner globally; last year, exports from Florida to Colombia exceeded $3 billion, a 50 percent increase over the past five years.
Colombia has come a long way. However, significant work remains to be done in order to become a developed country in the next generation. President Juan Manuel Santos is creating a substantial package of reforms in the judicial, political and rural sectors, which will accompany a peace negotiation with illegal groups in order to achieve the long-lasting peace that our country needs to reach its full potential.
Colombia is firmly on the path to sustained progress and prosperity. I invite Florida businesses to seize the new opportunities in Colombia and continue playing a key role in this shared success story.
Colombia is paying less to borrow for three decades than developing nations with the same credit rating as it capitalizes on a pickup in economic growth and its trading ties with the U.S.