Interview:Jean Claude Bessudo What will the main drivers be behind the development of Colombia’s tourism industry? JEAN CLAUDE BESSUDO: As far as the business and convention segments are concerned, Colombia is already well equipped, with its wide array of hotels and convention venues, strong gastronomy options and high-quality translators. Virtually all major international hotel chains are…
Interview:Alejandro Moreno Salamanca In what ways have the main weaknesses of Colombia’s education sector been improved? ALEJANDRO MORENO SALAMANCA: The education system is largely focused on theoretical knowledge rather than hands-on teaching. Although efforts have been made to improve this by introducing company internships for professions such as management, it still lags behind other…
Interview: Jaime Vargas How can tax collection become more efficient? JAIME VARGAS: If we look at Colombia’s competitiveness ranking, fiscal regulations are its second biggest weakness, after the tax burden. While the system is inherently complex, it is unacceptable for it to be made more so by the lack of unification between national and regional policies, such as the one requiring entities to…
Colombia began 2019 with a raft of tax and fiscal reforms designed to stimulate local and foreign investment, though there are concerns that some of the measures may hinder growth in the short to medium term. Headlining the changes in the Financing Law, which came into effect on January 1, 2019, is the progressive reduction of corporate income tax from 33% in 2019 to 30% in 2022, along with…
In May 2018 member states of the OECD formally welcomed Colombia as the 37th member of the organisation. The country is the third nation in Latin America and the Caribbean to join the group, after Mexico and Chile. The OECD has traditionally been considered an organisation for developed economies, sometimes being referred to as “the league of rich nations”. However, Colombia’s addition…
Drawing on international best practice, public and private banks in Colombia have begun to develop financial products designed to promote environmental sustainability and achieve development goals. Beginning in 2016 the country has issued a series of green bonds to support environmental projects. Building on this experience, Colombia has more recently begun to issue new financial products aimed…
Gross venture capital (VC) investment in Latin American start-ups reached a record $780m in the first half of 2018, representing year-on-year (y-o-y) growth of 63% from $476m. The total number of VC deals was similarly up by 61.1%, from 90 to 145, according to data from the Association for Private Capital Investment in Latin America (LAVCA). The association projected VC investment for all of…
Colombia is redoubling efforts to include renewable energy in its power supply mix. This has meant moving away from its dependence on hydroelectricity, which has been made unreliable due to shifting climate patterns. Law No. 1715 was passed in May 2014, creating a foundation for the adoption of these technologies by regulating integration of non-conventional renewable energy sources to the…
With no major onshore oil discoveries since 2009, Colombia’s oil and gas reserves have dwindled. The country has thus turned to non-conventional deposits as a means to boost production in the medium to long term. While this segment has historically been dominated by offshore activity, the government’s aim to boost proven reserves, diversify its sources and ensure long-term self-sufficiency…
As Colombia looks to improve investor sentiment and spur an infusion of foreign direct investment (FDI) in the mining sector, the administration of President Iván Duque has outlined detailed plans to reform existing community consultation guidelines, amid legal uncertainty regarding the awarding of project contracts. In May 2019 María Fernanda Suárez, minister of mines and energy, announced…
