July 6, 2020

Colombia receives investments of 1,477 million dollars despite the coronavirus

The Colombian Government announced on Tuesday that, despite the economic and social difficulties faced by the country due to the emergence of the SARS-CoV-2 coronavirus, 45 new foreign investment projects will arrive, totaling more than 1,477 million dollars and generating nearly 17,000 new jobs.

“We are announcing the arrival of 45 new projects in the country managed by ProColombia in the first four months of the year and which, according to the businessmen, are estimated to generate 17,000 new jobs,” the president of the state promotion agency ProColombia said in a statement. Flavia Santoro.

The initiatives, which will provide “technology, technology transfer and development” in the different regions where they will be established, “come from 21 countries,” said the official.

For the Government, even in the midst of the challenges posed by COVID-19 in terms of transportation and marketing, Colombia continues to be an attractive country for investors, mainly due to the “export platform” conditions that they find in the South American nation, thus as for the tax incentives and the skilled labor that it offers.

According to ProColombia, the entity in charge of promoting non-traditional exports, foreign tourism and the country brand, the 45 new non-mining energy foreign investment projects were managed and captured between January and April of this year.

“Business continues, that has been the slogan of our operation that has migrated to virtual environments to continue advising potential investors and entrepreneurs in the world and that today have materialized that interest in Colombia,” Santoro said.


The projects, which will reach Bogotá and the departments of Antioquia, Bolívar, Tolima, Valle del Cauca, Atlántico, Cundinamarca, Risaralda and Magdalena, come from the United States, Germany, Argentina, China, Spain, United Kingdom, Ireland, Costa Rica, Panama, Australia, Singapore, India, Israel, Guatemala, South Korea, Canada, Venezuela, Chile, Thailand, Japan and Mexico.

ProColombia explained that the segments of the economy to which the projects belong are business process subcontracting (BPO) and shared service centers (18%), renewable energy development (11%), pharmaceutical ( 8%), software and information technologies (6%), metalworking (10%), agribusiness (3%), investment funds (5%) and retail or retail (16%), among others.

Likewise, he said that 20% of these initiatives are “greenfield investments” or companies that had no previous presence in Colombia, and the remaining 80% correspond to new investments by multinationals already established in the country.

Last March, the Colombian Government reported that foreign direct investment (FDI) totaled $ 14,493 million in 2019, the highest figure in the last six years, and its main protagonists were the United States and Spain.

“The United States and Spain led investment flows, concentrating 31% and 6% of the number of projects, followed by markets such as Switzerland, Mexico, Canada, Chile and Germany,” said the president of ProColombia at the time.


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