The Inter-American Dialogue will host a private conversation with José Manuel Restrepo, Colombia’s Minister of Trade, Industry and Tourism, and Flavia Santoro, the President of ProColombia, the country’s leading foreign investment institution.
The meeting is an opportunity for members of the Dialogue’s Corporate Program to explore opportunities for involvement in Colombia’s post-pandemic economic recovery.
Last July, the administration of Ivan Duque launched a plan to attract more than $11 billion in non-energy related foreign investment per annum over the next two years. The plan includes tax exemptions and steps to ease business activity in the Andean nation. Meanwhile, the Inter-American Development Bank has advocated for global sourcing that is “made in the Americas,” suggesting multinational companies would be better served by diversifying supply chains and locating them closer to customers and base operations in the Western Hemisphere. Among other countries in Latin America and the Caribbean, Colombia is positioning itself to benefit from this potential trend and attract new foreign investment as an increasing number of global companies consider shifting production and manufacturing from Asia to Europe and Latin America.
It remains to be seen, however, whether companies can extract themselves from their commitments in Asia soon, and whether Latin American countries can provide the sort of business climate and incentives that will draw them to the region for the longer term. What sort of motivations, assurances, and financial guarantees will investors receive from Colombia amid economic uncertainty in the period ahead? What sorts of sectors and businesses are best suited to Colombia’s specific needs and priorities? What advantages does Colombia have that other countries in the region, and elsewhere in the world, do not?
President, Inter-American Dialogue (@MichaelShifter)
Colombia’s Minister of Trade, Industry, and Tourism (@jrestrp)
President, ProColombia (@FlaviaSantoroT)
Director, Energy, Climate Change & Extractive Industries Program, Inter-American Dialogue (@lviscidi)