Why Colombia?
Colombia is the fourth largest economy in Latin America and has been characterised by its political stability and strong entrepreneurial spirit. The country also boasts the accolade of being the fourth friendliest place to do business in Latin America and with a burgeoning middle class there a number of reasons why Colombia is an attractive destination for your business to expand.
- Fourth largest economy in Latin America with an average GDP per capita of $15,719
- Population of over 49 million people including a middle class of 30% of the total population and expected to grow to 37% by 2020
- The country has a stable investment outlook with an Investment Grade rating from all three major rating agencies
- Economic growth for Colombia expected at 3.6% for 2019-2020
- Stable economy with government generally receiving high praise from overseas commentators for solid financial management and commitment to reforms
- In Latin America, Colombia is the country with the most reforms to improve its business and investment environment. Since 2006, the country has implemented 34 reforms.
- Only fourth largest export market for the UK in Latin America and 57th globally, so there is huge growth potential with under $600 million of UK exports to the country
- Very open to international trade and investment with numerous free trade pacts in place
- There is an EU - Andean Pact trade agreement already in place
- UK Government negotiated a trade continuity agreement for post-Brexit relationship
- Relatively concentrated market in the major cities: Bogota, Medellin and Cali will generally account for over 50% of the market for most high quality imported goods.
