Canadian Foreign Direct Investment in Colombia Grew by 16.5 Percent between 2011 and 2012
TORONTO, July 31, 2013 /CNW/ - Canadian firms are motivated to invest in Colombia, contributing to the highest FDI flow recorded in the country's history, as reported by the Ministry of Commerce, Industry and Tourism of Colombia. Between 2000 and the first trimester of 2013, Canadian companies invested a total of US$1.614 million in Colombia, with the largest growth occurring between 2011 and 2012. The Canada-Colombia Free Trade Agreement took effect in 2011 and has contributed to easier movement of products and services between the two countries, providing a strong platform for investors.
"Canada is the fifth largest source of global investment in Colombia, said Maria Claudia Lacouture, President of Proexport Colombia. "Canadian companies are taking full advantage of the strength of Colombia's traditional sectors, with new investments in areas such as agribusiness, manufacturing and services."
These developments continue to position Colombia as a leader in Latin America for business and investment. Some key Canadian players already established in the country include Scotiabank, Bata, Trican, SNC Lavalin, MacCain Foods, Brookfield and Genivar.
Proexport has identified opportunities for Canadian investors in agribusiness, where Colombia offers a diversity of climates, advances in technology and governmental incentives for biofuels, horticulture, cocoa and shrimp. Additionally, in the manufacturing sector, Colombia has competitive Free Trade Agreements, providing access to preferential markets for automotive and autopart assembly, cosmetics and toiletries, construction materials, textiles as well as apparel and garments. Lastly, in the services industry, the Colombian government currently leads a Productive Transformation Program developing a world class industry in a diversity of sectors including Software and IT Services, Business Process Outsourcing and Energy.
This dynamic business environment positions Colombia as Canada's sixth bilateral business partner in Latin America and the Caribbean. Given its relevance, Proexport hosts frequent site visits in Colombia for Canadian companies, and organizes business matchmaking events – "Macrorueda"– in Canada and the U.S., designed to strengthen economic ties with the country. On September 4 and 5, 2013, Proexport will hold a Macrorueda in Chicago, specifically targeted at Canadian businesses, expecting 180 importers and 300 exporters from the U.S. and Canada. Simultaneously, the organization will host an investment seminar with the participation of Colombia's regional free trade zones and investment agencies.
For more information on the Chicago Macrorueda and Colombia's business opportunities please visit: http://www.proexport.com.co/en/canada.
SoHo Square Public Relations
SOURCE: Proexport Colombia
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