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Business Opportunities in Colombia. Larry Farris Commercial Counselor US Embassy, Bogotá May 2006. Colombia. Land mass - 440,000 square miles GDP per capita of $2,574 ($6,100 in Bogotá) Population 46 million (90% under 50 years old) 71% urbanized. 2005 GDP US$ 118.1 Billion

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business opportunities in colombia

Business Opportunities in Colombia

Larry Farris

Commercial Counselor

US Embassy, Bogotá

May 2006

colombia
Colombia
  • Land mass - 440,000 square miles
  • GDP per capita of $2,574 ($6,100 in Bogotá)
  • Population 46 million (90% under 50 years old)
  • 71% urbanized
colombian economy
2005 GDP US$ 118.1 Billion

Growth estimated at 4.3%, US$ 2,574 per capita

Manufacturing 14.2%

agriculture 13.5%

financial services 17.2%

Commerce 11.4%

Transportation/communications services 8.2%

mining and quarrying 4.8%

construction and public works 5.3%

government, personal and other services 19.5%

electricity, gas, and water 3.0%.

Colombian Economy
consistent economic growth
Consistent Economic Growth
  • Colombia has registered nearly 70 years of consistant economic growth.
  • Lowest inflation volatility in Latin America (6.5%).
  • Successfully weathered economic shocks that affected other Latin American economies.
  • Steady economic growth at about 4.0%.
us trade with colombia
US Trade with Colombia

$US Billions

  • Total US-Colombian trade in 2005 was $13.7 billion.
  • Colombia ranks #31 trade partner with US.
  • 4th largest market for US goods in Latin America (after Brazil, Mexico, Venezuela).
  • 56% US imports from Colombia are in hydrocarbons sector
  • Primary US exports – industrial machinery, chemicals, grains, transportation equipment.
  • Primary Colombian exports to US – hydrocarbon prods., gem stones, coffee, cut flowers, clothing, fruits.
us investment in colombia
US Investment in Colombia
  • Colombia #6 destination of US FDI in Latin America (after Brazil, Mexico, Argentina, Chile and Venezuela).
  • Total US FDI in Colombia $6.5 billion (28%).
  • Jan-Aug ’05 $ 1.9 billion in new US investment in Colombia, 42% above previous year.
  • Colombia lifted remittance controls, national treatment, eased prior approval requirements.
  • Recent increases in European share of FDI.
major us multinationals in colombia
Major US Multinationalsin Colombia

Company NameAmount Invested (In millions)

  • Exxon Mobil 1,333
  • Chevron Texaco 717
  • Drummond (Coal) 518
  • General Motors 497
  • Colgate Palmolive 289
  • Citibank 272
  • Hewlett Packard 258
  • Coca Cola 248
  • Liberty Insurance 239
  • Occidental Petroleum 213
  • Smurfit-Stone Containers 199
political stability
Political Stability
  • Congressional Elections March 12
    • Strengthened Congressional support for President Uribe
    • Continuity, support for reforms
  • Presidential Elections May 28
    • Uribe running for second 4 year term
    • If needed, second round June 18
security
Security
  • Greatly improved, but still serious issues
  • 2005 homicide rates lowest in 18 years
  • Kidnappings down by 40% in last 4 years
  • Paramilitary demobilizations nearly complete
  • Attacks on infrastructure on downward trend
us colombia tpa
US-Colombia TPA
  • 14 rounds, 22 months of negotiations
  • Good deal for both sides
  • US market access, APDEA continuity
  • All products (except sugar) to reach zero tariff in no more than 19 years, most immediately
  • Services, IPR, Government Procurement
opportunities for colorado companies
Opportunities for Colorado Companies
  • Oil & Gas.
    • Emphasis on new exploration and production, offshore.
    • $3 billion refinery expansion/modernization and Petrochemical Projects. $1.4 billion Ecopetrol investments for 2006 (up 56% from 2005).
    • Colombia-Venezuela Gas Pipeline Project.
    • Natural gas market development.
  • Energy.
    • Thermal (33%) to supplement hydro (67%)
    • Renewables, wind power projects.
opportunities
Opportunities
  • Safety and Security
    • Residential and commercial alarm systems
    • Biometrics
    • Transportation and logistics security
  • Food Processing and Packaging Equipment
    • Rapidly expanding export market is driving need for state-of-the-art food processing equipment
  • Telecommunications
    • Broadband technologies, services and equipment
opportunities13
Opportunities
  • Healthcare Services and Medical Equipment
    • Hospital upgrades
    • Preventative care & early diagnosis
  • Business and other Services
    • Legal, real estate, franchising
  • Processed Foods
  • Cotton/yarns
  • Wheat/corn/soy/oilseeds

For detailed information on all “Best Prospects” Sectors, go to:

http://www.buyusa.gov/colombia/en/best_prospects.html

upcoming events
Upcoming Events
  • May 15-17 US-Colombia Matchmaker
  • June 27-28 Transportation Mission
  • August 3-5 Logistics Exhibition and Conference
  • Sept 24-27 Oil & Gas Symposium
  • Oct 3-6 Bogotá Industrial Fair
  • Oct 25-27 Andiacom Exhibition and Conference
  • Dec 3-5 Oil & Gas Investment Conference
useful links
Useful Links

www.export.gov

www.buyusa.gov/colombia/en

www.proexport.com.co

www.amchamcolombia.com.co

www.ceacolombia.com

www.presidencia.gov.co

contact us
US Commercial Service Bogotá

Unit 5120

APO AA 34038

Tel: (571) 383-2684

Fax: (571) 315-2171

www.buyusa.gov/colombia

Larry Farris, Commercial Counselor

[email protected]

Geoffrey Bogart, Commercial Attaché

[email protected]

Contact Us
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