Colombia Business Opportunities

Colombia's economy has experienced growth over the past five years despite a serious armed conflict within the 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

Trade Environment

In 2006, the Country’s leading markets for exports were U.S. 35.8 %, Venezuela 11.4 % and Ecuador 5.4%. Its leading suppliers were U.S. 26.8 %, Brazil 8.6 %, Mexico 8.5 %, China 6.0 %, Venezuela 5.6 % and Japan 4.1 %.

Its pending trade agreements include the North American Free Trade Agreement, NAFTA, and the Andean Trade Pact.

Business and Market Sector Opportunities

Energy • Information Technology • Telecommunications • Banking • Aviation Agriculture • Oil and Gas

Economic Background and Situation

2007 is regarded by policy makers, and the private sector, as one of the best economic years in recent history. 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 problems facing the government 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. However, the business sector continues to be concerned about failure of the US Congress to approve the signed Free Trade Agreement.

Additional Resources:

American Chamber of Commerce Colombia

Latin America Economics

Successful Market Economies in Latin America

Free Trade Agreements

South America Information

South America and Capitals

Information Resources

Latin American Chambers of Commerce

Colombia Fast Facts
Capital:	Bogota
Key Cities:	Barranquilla, Cali, Medellin
Population	45.6 million (2007 E)
GDP Growth %	5.4 (‘08 E) 5.0 (‘09 F)
GDP	171.6 billion US$
GDP per Capita	3,763 US$
Inflation Rate Change (%)	4.6 (’08 E/’09 F)
Exports	37.6 (’09 F) billion US$
Imports	40.0 (’09 F) billion US$
Exchange Rate Local Currency-US$	1,823.0 (’09 F)
E = Estimate F = Forecast