Language Spanish is the official language, although more than 60 indigenous and Creole languages are spoken in various regions. English is also an official language in San Andrés, Providencia and the Santa Catalina islands off the northern coast. Business executives and senior government officials usually have a high level of English proficiency, while the average Colombian does not speak…
Colombia is in vogue, and its presence in global political and economic scenes is ubiquitous. Beyond the country being chosen by The Economist as its “country of the year” for 2016 and named the second best country to visit in 2017 by Lonely Planet, Colombia is also rising as a cultural and social epicentre in the Latin American region. This trend is especially pronounced when it comes…
Industrial growth has given Colombia a strong internal mechanism for development and an effective way to supply internal demand. Despite its importance in the 1980s and 1990s, when civil conflict and insecurity kept international investors away, the sector has been losing ground as a component of GDP. The opening of the Colombian economy to international trade and a growing number of trade…
Interview:Mauricio Macri What sectors of the Colombian economy are of greatest interest to your government? MAURICIO MACRI: I would like to highlight that we have great hope for the peace process in Colombia, and that we will continue to support this process through international observers, agricultural development and humanitarian involvement in the coming years. We are working within the…
Interview: Bruce Mac Master What is needed for small and medium-sized enterprises (SMEs) to play a bigger role in the economy and have a stronger share of GDP? BRUCE MAC MASTER: The most important thing is to make SMEs part of the country’s economic strategy. Competitiveness and innovation need to be strengthened for SMEs, as well as encouraging businesses, easing access to new markets and easing…
Interview:President Juan Manuel Santos What are the country’s economic priorities following the peace agreement? PRESIDENT JUAN MANUEL SANTOS: The peace agreement with FARC creates great growth opportunities for the economy. We will be able to better develop rural areas and can also expand the depth of our agricultural capacity. The treaty also advances the enormous tourist potential that…
Interview:María Ángela Holguín How will the peace agreement with FARC affect the country’s international presence? MARIA ANGELA HOLGUÍN: Colombia has always been an active member of the international community, and it will remain so in the future. The newly established peace with FARC will hopefully bring global investment opportunities to Colombia. Regions that were never developed,…
Interview:Juan José Echavarría What mechanisms should Colombia establish to better guard against external global shocks? JUAN JOSE ECHAVARRÍA: Monetary policy in Colombia is governed by an inflation targeting scheme and a flexible policy on the exchange rate since the peso was floated in September 1999, following a crisis that impacted our economy. The implementation of these policies changed…
Interview:Rosario Córdoba Garcés How can Colombia better reach the goal it set for itself in becoming the third most competitive country in the region by 2032? ROSARIO CÓRDOBA GARCES: 10 years ago Colombia defined its vision for 2032, to be one of the three most competitive countries in Latin America, with a per capita income equivalent to that of a medium- to high-income country. We have…
Interview:Luis Carlos Sarmiento Gutiérrez How will the new tax and fiscal reforms affect the banking sector in Colombia? LUIS CARLOS SARMIENTO GUTIERREZ: The fiscal reform introduced at the beginning of 2017 brought mixed results for the sector. The main positive outcome is the reduction in corporate tax from the current costly rate of 40% to 33% by 2019, which is still high but more investor…
