Thanks to the overall growth of the economy in Latin America and a diminishing gap in social inequality, investing in Colombia has become very attractive to international investors over the recent years. To add to this phenomenon of investor confidence, Colombia has improved its public image since it has focused on eliminating its internal conflicts. This has further enhanced the perception of the country as a stable business opportunity and given investors yet another reason to invest in Colombia.
Why Invest in Colombia?
Here are some of the reasons why it is worth investing in Colombia sooner than later:
- Economic stability: The Colombian economy has maintained an average 4.8% growth over the past five years, also GDP growth above the estimated average for Latin America
- Investor trust: In 2014, Colombia went from Baa3 to Baa2 on Moody’s rating system which has also been endorsed by Standard & Poor’s and Fitch.
- Investor protection: According to Doing Business 2015 published by the World Bank, Colombia ranked tenth worldwide and the first in Latin America in terms of investor protection. The same report recognizes the country to be the friendliest destination in Latin America to do business in.
- International market: Colombia currently has 10 free trade agreements and 3 pending agreements in the making, which give preferential access to over 45 countries and about 1,500,000,000 consumers in markets located in the United States, European Union, Brazil, Mexico , Chile and Peru; and soon to be with Costa Rica and Korea, nations with which Colombia is currently negotiating.
- Qualified Workers: According to the IMD 2014 ranking, Colombia has most skilled work in all of South America. Colombia surpasses countries such as Brazil, Chile, Peru, Argentina and Venezuela.
- Competitive legal structures: Colombia is a reference point in Latin America for the reforms it has put in place for business development. Since 2005, the country has implemented 29 reforms supported by the Doing Business 2015 publication from the World Bank.
Given the favorable conditions in the country and the region as well as the economic growth, Biz Latin Hub through its company Colombian Business Services offers the experience and support necessary for investors to successful market entry in Colombia. Feel free to contact Craig here.