Canadian firms are investing in Colombia.
They’re contributing to the highest FDI flow recorded in the country’s history, as reported by the Ministry of Commerce, Industry and Tourism of Colombia.
It says between 2000 and the first trimester of 2013, Canadian companies invested a total of US$1.6 million in Colombia, with the largest growth occurring between 2011 and 2012.
That may be due to the Canada-Colombia Free Trade Agreement taking effect in 2011. It’s contributed to easier movement of products and services between the two countries, providing a strong platform for investors.
Canada is the fifth largest source of global investment in Colombia, says Maria Claudia Lacouture, president of Proexport Colombia.
She adds, “Canadian companies are taking full advantage of the strength of Colombia’s traditional sectors, with new investments in areas such as agribusiness, manufacturing and services.”
These developments continue to position Colombia as a leader in Latin America for business and investment. Some key Canadian players already established in the country include Scotiabank, Bata, Trican, SNC Lavalin, MacCain Foods, Brookfield and Genivar.
Proexport has identified opportunities for Canadian investors in agribusiness, where Colombia offers a diversity of climates, advances in technology and governmental incentives for biofuels, horticulture, cocoa and shrimp.
Additionally, in the manufacturing sector, Colombia has competitive Free Trade Agreements, which provide access to preferential markets for businesses that take part in: automotive; cosmetics and toiletries; construction materials; textiles; and apparel and garments.
In the services industry, the Colombian government currently leads a Productive Transformation Program that’s helping develop a world-class industry in a diversity of sectors, including software and IT Services, business process outsourcing and energy.