Colombia's economy could grow around 5 percent in 2014, President Juan Manuel Santos said on Monday, more than the official government target of 4.7 percent and above last year's 4.3 percent expansion. "We're going quickly and I hope that if this pace keeps up, the growth figure this year will be around 5 percent," Santos told reporters while commenting on data published on Monday that showed a 2.8 percent pick-up in industrial production in February versus a year earlier and 6.7 percent rise in retail sales.
GeoPark Ltd. reported the successful drilling and testing of the Aruco 1 exploration well on the Llanos Block 34 in the central Llanos basin in Colombia.
Fitch Ratings expects stable growth for the Colombian telecommunications sector over the medium term, given the favorable macroeconomic environment and rising revenues from Internet data traffic. Fitch forecasts that mobile data revenues will continue to increase, representing about 25% of total revenues by 2017, driven by rising smartphone penetration and the rollout of the 4G long-term evolution (LTE) services.
Colombia's tax revenue in the first quarter of 2014 rose 19 percent from the same period last year to 27.35 trillion pesos ($14.24 billion), Finance Minister Mauricio Cardenas said on Tuesday, helped by higher rates of employment and consumption. The Andean nation's economy grew 4.3 percent in 2013, one of the fastest rates in Latin America.
… That vision has helped them reach a combined GDP of more than $2tn – or approximately 40 per cent of Latin America’s combined total – earning the Pacific Alliance a place among the world’s 10 largest economies.
The World Bank Board of Directors approved a US$200 million loan today to continue to support the Colombian Institute for Educational Credit and Technical Studies Abroad (ICETEX, in Spanish) and to finance access to higher education for close to 206,000 students from low income families, including native persons, Afro-Colombians and victims of violence.
The four pension funds that operate in Colombia will invest $12.7 billion in road infrastructure projects over the next seven years, the president of the Colombian pension funds association said on Wednesday.
In a bid to increase its competitiveness, which has been undermined by the rising value of the peso, Colombia has set aside $8 billion USD to overhaul its road infrastructure. Once completed, the infrastructure program is expected to add 0.7% to Colombia’s GDP, Finance Minister Mauricio Cardenas was quoted as saying in an Emerging Markets report.
Colombia will embark on a multi-billion dollar package of infrastructure investments next month in a bid to unleash an economic growth spurt, the country’s finance minister has told Emerging Markets. Mauricio Cardenas said that the first package of slightly more than $8bn in 12 roadway projects would be offered in April. Two other packages, one in the second half of this year and another in 2015, will include a similar number of projects and require similar investments.
Brazilian investment bank BTG Pactual is strengthening its presence in Latin America, paving the way for broader banking operations in Chile and Colombia. In the next few weeks, BTG Pactual will apply for a banking license in Colombia, where it already operates as a broker-dealer, said Mateus Carneiro, a partner at BTG Pactual responsible for integration in Latin America. It also expects approval from Chilean authorities to operate a local bank before the second half of the year, he said.
… While United States’ investors have been singing Colombia’s praises for several years, they’ve been primarily focused on two things: the country’s improved security situation and opportunities in energy and mining. But Colombia is also earning a reputation for sound economic policy – one that’s helped it weather global economic turbulence better than many of its neighbors.
Argentina, once the third-strongest economy in the western hemisphere, extended its decades-long decline by ceding the No. 3 spot among Latin American economies to Colombia later this year…
Sacyr expects to invest around $1.5 billion in road projects in Colombia, the CEO of the Spanish construction company, Manuel Manrique, said at the end of a visit to the South American country. Sacyr views Colombia as a country that offers opportunities and is a "key to its international growth process," Manrique said in a statement. "We see Colombia as a totally attractive country for foreign investment and strongly believe that our participation in the different infrastructure sectors will bring innovation, development and the best practices to the market," the Sacyr CEO said.
Colombia's economy grew 4.3 percent in 2013, one of the fastest rates in Latin America, beating market expectations on momentum driven by nearly a year of low interest rates.
Today, Colombia boasts the region's third-largest economy and a growing middle class ... Colombia has become Florida's No. 2 trading partner and a potential investment hot spot for Metro Orlando, home to nearly 38,000 Colombians.
Unlike in the United States, where technology has helped create new divisions between rich and poor, Colombia wants to use the Internet to close the wealth gap.
Many investors have been stampeding out of emerging-market bonds, but they’re falling in love with Colombia.
Minister of Commerce, Industry, and Tourism, Santiago Rojas Arroyo, upheld that average growth maintained itself this year, like the three previous years. Colombia will reach the goal of four million international travelers, keeping in mind that currently the completed percentage is 93%.
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.
Colombia's finance minister said some $12 billion in investment on infrastructure projects this year will boost this Andean country's gross domestic product even as the U.S. signals an end to easy-money policy and some analysts predict a drop in commodity prices.
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.
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.