Colombia Investment Summit 2021: the most important event for attracting foreign direct investment in Colombia
Foreign direct investment (FDI) is crucial for Colombia’s economic reactivation. It has a positive impact on different economic sectors as well as the job market. Colombia’s Government has designed incentives to position the country as an excellent destination for foreign investment. Colombia Investment Summit is the most important event for attracting foreign direct investment. Every year, it is the go-to event for every discerning foreign investor seeking strategic alliances within the country.
This year, in its seventh edition, the investment summit will be held on-site and virtual. The academic agenda will be held from October 20 to 23; the business roundtables, from October 20 to 26, 2021. Attendees will be able to obtain first-hand information about foreign investment in Colombia. Simultaneously, international investors will be able to meet directly with Colombian companies and partners to find the best investment opportunities.
Colombian government officials and representatives of different institutions, free trade zones and regional promotion agencies will present the outlook and incentives on each sector. This invaluable support facilitates the development and closing of international business. Speeding up and promoting the arrival of investments is a priority for the Government and the official investment agency, ProColombia.
Last year’s Colombia Investment Summit closed with 2,000 business appointments and 15 announcements with investment projects totaling US $ 1.34 million. This amount represented a 34% increase compared to 2019’ summit results. There were 1,900 participants and 270 Colombian projects taking part in the event.
Learn ProColombia’s advice on how to invest in Colombia, click here.
Colombia Investment Summit 2021
The summit’s academic agenda will feature different speakers. Among them are the President of the Republic of Colombia, Iván Duque Marquez and the Minister of Finance, José Manuel Restrepo. Additionally, the Minister of Commerce, Industry and Tourism, María Ximena Lombana Villalba, and the President of ProColombia, Flavia Santoro will be attending. These high-profile officials will present the panorama of the Colombian economy and investment opportunities.
During the investment round, investors will be able to attend virtual appointments with representatives of local companies. Consequently, they will be able to create new alliances, close deals and carry out investment projects. The investment roundtables’ virtuality had multiplied the opportunities for the participation of investors from different countries. Meetings are highly effective, as the needs of the investor and the profile of local companies are considered at the time of appointments scheduling.
In addition, participants will have the support and advice of expert advisers in foreign direct investment from ProColombia. For those seeking to gain a broader understanding of the advantages of FDI in home and host country, ProColombia’s experts can be the best guide in sorting the details on how to establish exporting firms in Colombia and the outsourcing of services, among others.
Participation in the investment round is subject to prior registration and approval. To register your company or project, go to: colombiainvestmentsummit.co
Why invest in Colombia?
Despite the effects of the Covid-19 pandemic and its impact on Colombia’s economy, 2021 is expected to be the year of economic reactivation. In 2020, the country's economy closed with -6.8%. However, the expected growth during 2021 is 5.1%, and for 2022 it is projected at 3.6%.
Foreign direct investment has been concentrated in the non-mining-energy sector. In 2019, 69% of FDI was directed to this sector, while 2020 registered 70.1%. The total amount of foreign direct investment in the country registered a decrease: from USD 14.5 million in 2019 to USD 8.1 million. Nonetheless, this year could end with a positive balance. Between January and March 2021, the country registered 33 new investment projects, thanks to the management of ProColombia. These projects represented US $1.595 million, a growth of 66% compared to the first quarter of 2020, which closed with US $960 million in foreign investment.
This is the right time to invest in Colombia and take advantage of the incentives for foreign investment. It is the second country in Latin America with the highest number of free trade zones (120). In these commercial spaces that operate under a special regime, international companies have different benefits. For example, the exemption from Value Added Tax (VAT) and tariffs for the importation of goods to free trade zones. Another example is the VAT exemption on sales made from such free trade zones. And finally, the application of a special rate of 20% of the income tax, and the freedom to sell locally.
Operating from one of the 41 permanent free trade zones, or 79 single-company zones, companies greatly benefit from Colombia’s trade agreements. Currently, there are 17 commercial agreements and 18 investment agreements active between Colombia and different countries within the Americas, Asia and Europe.
Distinguished by its geographic location, Colombia is competitive attracting exporting companies to operate from Colombia. For example, for the outsourcing of BPO services, Data Centers and Shared Services Centers. These are just some of the offshore investment services the country can offer. By establishing in Colombia, exporting firms can grow hand in hand with a young and highly qualified workforce.
The business opportunities that make Colombia a privileged destination lie in its different economic sectors: Infrastructure, energy, the information technology and creative industries, hospitality and tourism infrastructure, real estate, agricultural products and food production, manufacturing industries, and healthcare services and life sciences.
In attending Colombia Investment Summit 2021, you will participate in the most important investment platform in Colombia, register here. As the official agency for the promotion of foreign investment in Colombia, international tourism, and non-mining-energy exports, ProColombia is the best ally for establishing your investment project or company in the country.