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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

Larry Farris

Commercial Counselor

US Embassy, Bogotá

May 2006


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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


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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


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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%.


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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.


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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.


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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


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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


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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


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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


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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.


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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


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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


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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


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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


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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

larry.farris@mail.doc.gov

Geoffrey Bogart, Commercial Attaché

geoffrey.bogart@mail.doc.gov

Contact Us