Business in Colombia Bogota. Colombian Economy Foreign Trade Exports Imports

Summary

Some of the most important publications of the world such as the New York Times or The Guardian, have given special attention to the new image Colombia is projecting to the world.

This shift of perception is based on true facts such as the economy growth and the political and economic stability of the country added to the improvement in the security levels, and has produced a positive reaction on the image the Country portrays all over the world.

Colombia is one of the most stable economies in Latin America, as shown by its above average steady economic growth that last year reached 6.8%. Macroeconomic indices also reflect the country’s stability. The inflation rate has been substantially reduced over the last few years to reach 4.5%. Foreign debt has been reduced by more than 20% of the GDP in the past few years.

Colombia is known as the Latin American oldest and most stable democracy. According to the World Competitiveness Yearbook, Colombia ranks number-one in the Latin American region in terms of consistent and transparent government policies.

Colombia is strategically located at a middle point between North and South America. Colombia is in the same time zone as the East Coast of the United States which is an advantage compared to other countries as it facilitates Call-Center activities and Business Process Outsourcing (BPO) from Colombia to the entire continent.

Thanks to various Free Trade Agreements (FTA) and some unilateral tariff preferences, Colombia has access to a 1.2 billion-people market. Free Trade Agreements with:

• FTA with the United States, currently under ratification
• FTA Colombia - Chile
• FTA Colombia – Central America (Honduras, Guatemala and El Salvador)

Bogota is the cultural and political center of Colombia, and its leading city in terms of education and investment. Over the last few years more than 600 multinational companies have had excellent results doing business in the capital of Colombia. Bogotá has access to US$29 million market, a 2006 growth of 6.8% and GDP per capita income of $4,238.

Foreign direct investment  FDI has grown significantly; in 2006 it stood at US$ 6,295 million. More than 700 multinational companies have investments in Colombia. Of note among them are Procter & Gamble, Johnson & Jonson, 3M, SABMiller, Telefonica and Nestle. Recently, other multinational companies such as Falabella, Millicom Internacional Celullar and Glencore have put their vote of confidence in Colombia.

The country provides investors with the possibility of entering into 3- to 20-year legal stability agreements which ensures that rules related to investment determinants will remain unchanged and will continue to apply for the duration of the agreement.

Proexport took the mission of giving support to potential foreign investors  in Colombia and  to the already established ones, by promoting investment opportunities and by  identifying obstacles in the investment mood always aiming to improvement; tasks that until that moment had been performed by "Convertir".

Invest in Bogotá is the investment promotion agency for Bogotá, Colombia, founded by the City Government and the Bogotá Chamber of Commerce. Their mission is to provide support for investors who wish to locate in Greater Bogotá.

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