Despite fiscal restraints, the government’s budget for education has stayed at consistent levels. However, with coverage expansion at all levels of education remaining a high priority, expenditure efficiency will be of the utmost importance. By strengthening financing mechanisms and access to early education, with a focus on rural areas and those most affected by the country’s civil conflict, the…
Despite Colombia’s extensive natural beauty and bustling cities, its tourism industry has traditionally underperformed relative to its actual potential; however, international visitor arrivals rose by 70% between 2010 and 2015, contributing to the 17% increase in employment during those years. Overall, the coming years are expected to be marked by double-digit growth in tourism indicators. The devaluation…
The telecoms sector is adapting to the move from voice to data. Although this is set to affect operators’ financial results in the near term, rapid expansion of smartphones and 4G accessibility is set to enlarge the potential for new offers. Furthermore, the merger of different entities into a single regulatory body would simplify the rules for operators, ease procedures and remove the need to interact…
Despite the difficulties in securing long-term financing for research, Colombia’s innovation environment is starting to benefit from structural measures. Efforts to raise IT usage in companies and households is supporting innovation efforts and galvanising domestic entrepreneurs. Modernisation schemes targeting industrial clusters are helping to develop a culture of innovation within established…
Poised to grow at an exponential rate, Colombia’s agriculture sector will be the first to see the benefits of the signing of a historic peace agreement between the government and FARC. Vast untouched areas that have been inaccessible and unproductive for decades could well become the motor of growth the sector needs. Well-targeted investment could increase agricultural production by 8-10%. Many in…
The transport sector is the third-largest sector as a source of new employment and employs 8.5% of the workforce. The sector is poised to continue to grow over the coming years, which makes the issue of infrastructure expansion critical. High logistical costs make Colombian businesses less competitive internationally, but infrastructure investment programmes, such as the 4G programme and the PMTI,…
Located in northern Colombia, the Atlántico department is one of 32 departments in the country. It is part of the Colombian Caribbean region, with the port city of Barranquilla as its capital. According to the National Administrative Department of Statistics, the population is estimated at 2.5m. In recent years, Atlántico has stood out for its positive economic performance in both absolute and relative…
For a country with three Andean mountain chains and a history of gold and silver production, mining has remained a relatively small contributor to the modern Colombian economy. Between 2012 and 2015 the sector contributed around 2% to GDP and 20% of exports, with the vast majority coming from two giant coal projects: the Cerrejón mine in La Guajira department and La Loma mine in César department.…
The Colombian energy sector can look forward to increased investment in 2017 and 2018. With a crisis in the electricity sector narrowly avoided, the government is reassessing its strategy to improve energy security. In the hydrocarbons segment, 2017 will see major investments in offshore exploration, which represents the best possibility for the country to maintain energy self-sufficiency, especially…
Colombia is the fifth-largest insurance market in Latin America by premiums collected. However, it features weak penetration and density – measures of premiums compared to the size of the economy and the population, respectively – compared to other large markets in the region. Nonetheless, the fact that the country has been able to weather the recent economic storms better than many in the region,…
