New Opportunities in ColombiaNovember 24, 2015
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Laura Ebert is the Colombia Desk Officer in the International Trade Administration.
As a fan of Netflix’s drama series ‘Narcos’, I was both nervous and excited to see just how much Colombia has changed since the days of Pablo Escobar. I visited the country for the first time in July and returned a few weeks ago with John Andersen, Deputy Assistant Secretary for the Western Hemisphere. Our goal for the trip was to identify new business opportunities in cities across Colombia. I was impressed by the new, modern Colombia and can confirm that the country has indeed come a very long way. In fact:
- Colombia is on the verge of completing a historic peace process to end 50 years of civil war.
- Over the past 20 years, GDP has doubled and foreign direct investment into Colombia was more than $16 billion in 2014
- The rate of Colombians in extreme poverty has fallen from a high of 21 percent in 2006 to 6 percent in 2013.
- The country’s young population (25 percent of Colombians are under 14-years-old) means the country is bursting with new ideas, energy, and enthusiasm for the future.
During our visit, I saw many examples of the new and modern Colombia. For example, the city of Barranquilla has become Colombia’s international commercial hub. This city of 2.4 million people on the north Caribbean coast impressed me with its crazy traffic, heavy rains, and multitude of skyscrapers—all under construction. With a thriving port and major waterway, the Magdalena River is a natural hub for commerce. The city looks north, towards the United States, meaning there is a lot of interest in doing business with U.S. companies. Some of the reasons Barranquilla may be the next place a U.S. company does business includes the city’s:
- Commitment to transparency and good governance.
- Ambitious new plans and projects, such as a new 34,500 m2 expo center, Puerta del Oro, which means procurement opportunities for U.S. companies.
- Convenient transportation options including an airport with big plans for expansion.
- Business opportunities in major industry sectors like metalworking, chemicals and plastics, construction materials, transportation and logistics, internet and telecommunications services, health and pharmaceuticals, tourism and health tourism.
Another great example is Medellin, Pablo Escobar’s hometown. Medellin, a city of 3.4 million people, has transformed into an innovation hub for the country. Recently, Medellin was named the most innovative city of the year by the Wall Street Journal. Innovative clusters have developed in industries such as textile and garment manufacturing and design; business tourism and trade shows; electric energy; construction; medical and dental services; and information and communications technologies. Public, private, and academic partnerships are working together to develop new products. One example is public-private corporation Ruta N, which acts as a center of business and innovation in Medellin. The corporation promotes and develops successful knowledge-based businesses. Ruta N anchors a new technology cluster in the north of the city designed to attract businesses in the areas of science, technology, and innovation, particularly in the health, energy, and telecommunications sectors.
If you think the new Colombia holds promise for your growing business, here’s how to get started:
- Do your market research by reading the Colombia Country Commercial Guide.
- Contact your local U.S. Export Assistance Center to learn how we can help your business export to the Colombian market.
See you in Colombia!