Colombia Business Opportunities
Colombia's economy has experienced growth over the past five years despite a serious armed conflict within the country. In 2016, a peace treaty was signed ending the conflict; the country is moving forward as a unified country. It is the only South American country with coastlines on both the North Pacific Ocean and Caribbean Sea.
- Key Industries:
- Textiles, Food Processing, Oil, Clothing and Footwear, Beverages, Chemicals, Gold, Coal, Emeralds
- Key Imports:
- Industrial Equipment, Transportation Equipment, Consumer Goods, Chemicals, Paper Products, Fuels, Electricity
- Key Exports:
- Petroleum, Coffee, Coal, Nickel, Emeralds, Apparel, Bananas, Cut Flowers
In 2017, the Country’s leading markets for exports were U.S. 28.5%, Panama 8.6%, and China 5.1%. Its leading suppliers were U.S. 26.3%, China 19.3%, Mexico 7.5%, and Germany 4.1%.
Colombia has free trade agreements (FTA) with 12 countries, among which is the Andean Trade Pact (CAN). The U.S. FTA went into effect in May 2012.
Business and Market Sector Opportunities
Energy • Information Technology • Telecommunications • Banking • Aviation Agriculture • Oil and Gas
Economic Background and Situation
The economy continues to improve in part because of austere government budgets, efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices. Ongoing economic issues include reforming the pension system, reducing high unemployment and funding new exploration to offset declining oil production.
The government's economic reforms and democratic security strategy, coupled with increased investment, have resulted in a growing sense of confidence in the economy. Inequality, poverty and narc trafficking remain significant issues; additionally, Colombia's infrastructure requires major improvements to sustain economic expansion.