European and Colombian Entrepreneurs Leverage Current Trade Agreement
The trade agreement between these two markets aims at increasing the exchange of goods, services and capital with the European Union market, regarded as the largest in the world. In addition, investment flows between the EU and Colombia will be promoted through stability, transparence, and protection policies. Clear, non-discriminatory procedures will also be established so that both parties have the chance to bid in government procurement.
Thanks to Colombia’s strategic location with access to the Caribbean and Pacific coasts and to competitive connection costs and times, European companies will consolidate their relationship with the country and concrete opportunities to reach third party markets with the help of Colombia as an exporting platform.
To leverage the trade agreement’s benefits, approximately 250 Colombian and European entrepreneurs from 10 different countries attended the Matchmaking Forum organized by PROCOLOMBIA in Frankfurt, Germany and Paris, France last October 22nd and 24th. At the end of the event, 1,300 appointments were reported with business expectations worth $60 million USD.
A Niche for Every Market
Based on the advantages of every country, PROCOLOMBIA has found the key sectors to attract European resources into Colombia. For example, the United Kingdom may be able to develop projects in domains like equity funds, BPO, IT services, infrastructure, and oil and mining goods and services.
Germany can find investment opportunities in renewable energy sources, energy production and transmission equipment and the automotive/auto parts industry.
Belgium, for its part, has opportunities in chemical products and the automotive/auto parts industry of Colombia. Also, investment opportunities in Colombia for Danish entrepreneurs focus on the biofuel and food and beverages sectors.
Spanish investors have identified potential in processed foods, business process outsourcing (BPO), cosmetics and toiletries, construction materials, software and IT services, telecommunications, and tourism.
As for France, investors have discovered alternatives in Colombia for sectors like hotel and tourism, agribusiness, processed food, software, and IT services. Holland has the chance to invest in chemicals, while Ireland may step in with renewable energy sources and BPO&O.
Italian entrepreneurs may engage in business operations related to sectors including the textile, automotive, or oil-related services.
Colombia currently has signed trade agreements with the USA, the EFTA (Switzerland and Liechtenstein), Canada, the Northern Triangle (Salvador, Guatemala and Honduras), the Caribbean Community (Caricom), the Andean Nations Community (Comunidad Andina de Naciones, CAN), the Common Market of the South (Mercado Comun del Sur, Mercosur), and an economic complementarity trade with Venezuela. Click here to check the special report by PROCOLOMBIA on the opportunities from the trade agreement with the EU