COLOMBIA INSIDE OUT: building alliances for foreign direct investment
COLOMBIA INSIDE OUT 2021 is the international flagship event for promoting foreign direct investment (FDI) opportunities in Colombia. During the virtual summit, between June 22nd and 24th, participants took part in conferences and started building strategic alliances and partnerships to invest in Colombia.
With participants from 25 countries across Europe, North America, Asia, and the Middle East, the event bolsters the investment opportunities that continue to place Colombia as an attractive destination for international companies.
Highlights from COLOMBIA INSIDE OUT 2021
During COLOMBIA INSIDE OUT, over 400 attendees, from around the world, gain a broader perspective on the country’s current conditions for FDI. These conferences allowed participants to update themselves on the Colombian fiscal policy and regulation, the economic recovery plans, and the opportunities for sustainable investment.
During the Investment Matchmaking Forum, there were 83 Colombian projects from 12 different regions available for holding meetings. These one-to-one meetings allowed to build partnerships between international investors and Colombian projects and start-ups.
Key messages from Colombia’s keynote speakers
COLOMBIA INSIDE OUT 2021 speaker line-up included business and political leaders from the Colombian and British Governments, as well as private sector. They presented their views towards the country’s economic recovery plans, strategies and projections.
In this light, Paola García, Foreign Investment Vice-president of ProColombia, emphasized the county’s vows to FDI: “The Colombian Government is committed to protect and promote foreign investment and ensure that your projects in Colombia become prosperous and profitable businesses. We are ready to continue joining efforts with companies interested or already established in Colombia.”, she stated.
Additionally, figures regarding foreign direct investment projects in 2021 are showing a promising future. “This year, as of May 2021, we have facilitated the arrival of 11 European and three British projects, one of them considered a mega-investment, for more than US $1 billion”, ProColombia’s FI vice-president Paola García, added.
ProColombia is working with the Foreign Ministry and the Ministry of Trade, Industry and Tourism, as well as the President’s Office, on advancing the coordination of strategies to promote foreign direct investment in Colombia. María Ximena Lombana, Minister of Industry, Trade and Tourism of Colombia, presented 5 key points crucial for the county’s economic recovery.
Among these, Minister Lombana reaffirmed some of the indicators for the country’s economic growth and stability: “Colombia has proven to be the most stable economy in the region, with the most consistent growth levels. Before Covid-19 the country's GDP had multiplied by 7 in the past 50 years. During 2021, Colombia is already displaying signs of recovery. The International Monetary Fund, precise that, due to the dynamism of the economy during the first quarter, Colombia would end the year with an economic recovery of 98% (when comparing to 2019 GDP), almost reaching pre-Covid levels. This is making it the second country in terms of economic recovery in Latin America.”
COLOMBIA INSIDE OUT was the opportunity for many global stakeholders to connect with Colombia and perceive the value their investments can generate in the country. As FDI has become a major catalyst for the country’s economic development, its connection to other development indicators and goals shouldn’t be ignored. For instance, during the past 5 years, FDI has represented an average of 4.4% of the country's GDP.
As the country transitions out of the current Covid-19 emergency, a reassuring time is expected for the year ahead. Colombia’s President, Iván Duque Marquez, considers: “Colombia, in the year 2021, will demonstrate that we'll come out of the most brutal effects of the pandemic recovering growth. We’ll come out strengthening our institutions, giving opportunities for the youngsters. But will also come out, reaching in just one year, the most important massive vaccination programme in our history”.
Foreign Direct Investment in Colombia
The government has developed different strategies for attracting and promoting FDI into Colombia. For instance, it has designed attractive incentive packages and fostered a stable business environment. Considering the country’s several Free-trade zones and its strategic geographic location, Colombia is a key destination for companies considering relocating their production operations via the nearshore strategy. INSIDE OUT 2021 helps companies and international investors discover these and more benefits of investing in Colombia.
ProColombia has the experience in supporting international companies with their foreign investment plans in Colombia. In 2020 alone, ProColombia accompanied the arrival of 197 FDI projects to the country (investments valued at US $9 billion), surpassing the year’s goal. According to the Ministry of Finance and the Colombian Central Bank projections, 2021’s foreign investment in Colombia is expected to grow up to 22.5% as a result of economic reactivation.
Stay tuned to ProColombia and find your next opportunity to build partnerships with the Colombian industry. ProColombia is your ally to take on investment and nearshoring opportunities, expand your network and build partnerships in Colombia.