Free Trade Agreement: Opportunities
Although it is too soon to analyze the investments since the FTA was implemented, it is evident that the perspective on foreign investment has been good since October 12th, 2011 when the agreement was signed. During the first three months of the year (January – March), foreign investment in Colombia experienced a 3.8% growth compared to the previous year reaching USD $ 3.6 billion. Petroleum, mining, and quarrying continue to have a greater participation over the total (45.3%) followed by electricity, gas, and water which represented an 11.5% and Financial establishments 9.3%.
According to JP Morgan, World Bank, and Wall Street Journal, Colombia is one of the most attractive countries for investment in Latin America.
In return, Colombia has been developing a policy for global integration with a clear objective: to diversify the economy through agreements and entrepreneurship promotion facilitating trade and investment. By 2014, the government hopes to reach over 1.5 billion potential consumers who will have access to Colombian products at competitive prices also generating more employment within the country.
As a result of the identification of sectors with high exporting levels, there is great opportunity for companies to establish operating centers in Colombia benefiting from the preferential access permitted by the FTA with the US.
For more information on the Free Trade Agreement between the United States and Colombia, visit: www.proexport.com.co/en/FTA-USA-Colombia