Due to its quickly improving security, public, educational, judicial and infrastructural conditions and constantly growing economy, Colombia today can be called a free market, with increasing FDI from all over the world.
It is the only country in South America with two sea coasts (Pacific and Caribbean) providing tactical shipping advantages in today’s global market, offering big industrial ports and a number of commercial hub-cities, mostly located on the coast-line: Bogota, Medellin, Cali, Barranquilla, Cartagena.
International business community attracts hundreds of well-known companies and helps to develop commercial segment. 2012 is marked by high investment in hospitality and real estate. The Government has a $100bn investment infrastructure programme. The country has a pressing need for new technologies and Colombian industry needs to modernize and to upgrade obsolete equipment. New capital equipment and modern technology is being bought.
Meanwhile at the moment Colombia still remains resource-based economy highly dependent on mining and oil exports, which accounted for two-third of all exports in the past years, while commercial sector growth is slowed by illegal business practices, such as contraband and parallel markets. Low level of protection of intellectual property rights and weak banking system also influence on international business development.
The EU signed a trade agreement with Colombia and Peru in order to wipe out 270 m Euro in annual duties paid by European exporters.
Market Access, through its local representative in Bogotá, provides assistance to international companies willing to do business in the country.