Why Colombia?

Colombia has the fourth-largest economy in the region and stands out for being one of the most stable economies in Latin America. Also, Colombia offers an attractive domestic market of more than 52 million inhabitants, being the 3rd largest country in Latin America and has multiple regions and business centers with a wide variety of sectoral demands. Furthermore, the attractive incentive policy and the preferential access that Colombia offers to more than 60 countries and 1.5 billion consumers around the world boost the arrival of investments.

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Latest News

Economy & Business

UAE-Colombia trade and investment to accelerate as Latin American markets beckon

The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (Cepa) to boost trade and investment in sectors like food, IT, fertilizers, and precious metals. Additionally, Emirates launched a new flight to Bogotá, strengthening ties as the UAE diversifies its economy from oil and Colombia leverages its agricultural and mineral wealth. Juma Al Kait, assistant undersecretary for international trade affairs at the UAE Ministry of Economy, emphasized the need for private sector involvement to maximize the agreement's potential. Key sectors for collaboration include renewable energy, agriculture, tourism, artificial intelligence, environment, and free zones (The National News 2024)

AmCham Colombia to Bring 200 U.S. Buyers for Business Round in Colombia

AmCham Colombia is inviting U.S. businesses to the Colombia-U.S. Business Matchmaking event on September 10-11, 2024, in Bogotá, to explore supply chain opportunities with Colombian companies in manufacturing and agrifood sectors. The event will host 400 Colombian exporters and 200 U.S. buyers, promoting business and investment opportunities under the Free Trade Agreement. AmCham Colombia President María Claudia Lacouture emphasized the event's role in strengthening U.S.-Colombia trade relations, highlighting Colombia’s strategic importance due to its advanced port infrastructure and competitive logistics (AMCHAM Colombia 2024).

ANDICOM 2024 ICT Conference to Focus on AI in Cartagena, Colombia, from September 4-6

Artificial intelligence has dominated the tech landscape this past year and will be the focal point of ANDICOM 2024, Colombia's largest ICT conference, taking place from September 4-6 in Cartagena. Organized by CINTEL, the event will explore AI's transformative potential in business and society, emphasizing innovation, responsible technology use, and sustainable development. With Japan as the honorary guest country, ANDICOM 2024 will feature thematic tracks, industry exhibitions, and networking sessions, highlighting its pivotal role in advancing technology across Latin America (Finance Colombia, 2024).  

Frontera Reports $97.2 Million USD in Earnings in the First Quarter

Frontera Energy Corporation (TSX: FEC) reported quarterly operating EBITDA of $97.2 million USD. Gabriel de Alba, chairman, emphasized strategic goals focused on value creation, including significant dividends and a key agreement with Ecopetrol for the SAARA facility. CEO Orlando Cabrales highlighted operational achievements despite challenges, such as record production at the CPE-6 block and ongoing growth in heavy crude oil. Looking forward, Frontera reaffirmed its 2024 production and capital plans, aiming for increased profitability through continued development in Colombia and Ecuador (Finance Colombia, 2024)

Politics

Colombian Government and ESCAP partner to promote climate smart and gender responsive economies

The Presidential Agency for International Cooperation of Colombia (APC Colombia) has renewed its partnership with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), highlighting the strengthening ties between the Asia-Pacific and Latin American regions. In a bilateral meeting in Bangkok, APC Colombia's Director-General Eleonora Betancur González and ESCAP's Executive Secretary Armida Salsiah Alisjahbana outlined their shared vision for building gender-responsive and climate-smart economies. This collaboration aims to enhance knowledge exchange and policy support for promoting inclusive, climate-resilient livelihoods, and sustainable MSMEs. Emphasizing the role of the private sector in achieving the 2030 Agenda for Sustainable Development, the partnership seeks to integrate environmental objectives into business practices and place women at the core of economic development. This initiative, backed by the Government of Colombia, builds on previous successes and aims to foster resilient and inclusive economies, particularly benefiting women and indigenous populations disproportionately affected by climate change. (UNESCAP, 2024).

Colombia's Ecopetrol seeking offshore wind partners

Colombia's state-run oil company Ecopetrol, under CEO Ricardo Roa's leadership, announced plans to engage partners for offshore wind projects as part of the country's energy transition strategy. Roa emphasized during a quarterly earnings call that renewable energy, particularly offshore wind, is a pivotal component of Colombia's 2040 roadmap. Ecopetrol has initiated discussions with experienced industry players and is evaluating various projects as part of its portfolio. The country is preparing for Latin America's inaugural auction for offshore wind concessions, with developers having until June 21 to express interest and a bidding deadline set for December 12, pending potential adjustments in technical and financial requirements coordinated by the national hydrocarbons agency ANH (BN Americas, 2024).

The road to COP16 in Cali with Colombian Minister of Environment Susana Muhamad

Colombia, the world's most biodiverse country per square kilometer, is a key player in global climate resilience and adaptation. In October, it will host the 2024 United Nations Biodiversity Conference (COP16) in Cali, focusing on biodiversity preservation and renewable energy transition. Join a conversation with Susana Muhamad, Colombia’s minister of environment and sustainable development, on May 31, discussing COP16's impact on global climate efforts. Recognized by Reuters as a top climate change influencer, Minister Muhamad addresses Colombia’s environmental challenges and their broader implications. This hybrid event, hosted by the Atlantic Council and partners, will offer both in-person and virtual participation (Atlantic Council, 2024).

Colombia aims high to curb fossil fuels, enhance biodiversity

Colombian Environment Minister Susana Muhamad addressed the Vital Voices Global Partnership leadership awards in Washington, emphasizing the critical link between biodiversity protection and climate change. She highlighted Colombia's upcoming summit in Calí to push for global action on biodiversity, stressing the need to meet ambitious targets to halt biodiversity loss by 2030. Muhamad underscored nature's role in climate mitigation and Colombia's efforts to transition away from fossil fuels while mobilizing international support for climate resilience (AXIOS, 2024).

Travel & Culture

Colombia Once Again Ranks as World’s Number-One Destination for Birding

Colombia has reaffirmed its global leadership in birdwatching, achieving the highest ranking during the Global Big Day organized by Cornell University Lab of Ornithology. With 1,558 species recorded and 12,007 checklists submitted, Colombia has topped the list every year since 2015, except for 2021. This recognition underscores the country's commitment to conserving its rich natural biodiversity and solidifies its position as a premier destination for bird enthusiasts worldwide. The collaboration between ProColombia and USAID’s Destination Nature program further promotes conservation efforts and encourages broader participation in citizen science initiatives (Finance Colombia, 2024).

Avianca and Viva Aerobus Finalize Interline Agreement with More Than 50 Destinations in Colombia and Mexico

Avianca and Viva Aerobus have established a new interline agreement aimed at enhancing passenger connectivity between Mexico and Colombia. This collaboration enables travelers to seamlessly book single tickets through either airline, facilitating smooth connections between Viva Aerobus' key Mexican hubs like Mexico City and Cancun, and 28 additional cities including Guadalajara and Monterrey, and Avianca's network spanning Bogotá and 23 Colombian cities such as Medellín and Cartagena. Unlike traditional codeshare arrangements, this interline agreement allows for a unified booking process, single check-in, and baggage handling to final destinations, providing passengers with greater convenience and expanded travel options across both countries (Finance Colombia, 2024).

World Travel Awards 2024: Colombia Nominees

Colombia is poised for recognition on the global stage as it celebrates a diverse array of nominees for the 31st annual World Travel Awards 2024. Highlighting the nation's excellence in hospitality and tourism, the nominees span across multiple categories including hotels, resorts, and travel agencies. Esteemed establishments such as BH La Quinta and Casa Pestagua Hotel vie for the title of Colombia's Leading Boutique Hotel, while the Grand Hyatt Bogotá and Hilton Bogota compete for the top spot as Leading Business Hotel. The prestigious Sofitel Legend Santa Clara Cartagena is a standout nominee for Leading Hotel Suite with its Grau Suite. In the realm of sustainability, Playa La Roca Ecohotel and NH Collection Bogotá Terra 100 Royal are contenders for Leading Green Hotel. The nominations underscore Colombia's burgeoning status as a premier travel destination in South America, showcasing its commitment to excellence, sustainability, and unparalleled hospitality (World Travel Awards 2024)

Colombia´s Trade Partners

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