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Chapter | Construction & Real Estate from The Report: Colombia 2019

As the economy made a recovery in late 2018 it is likely that construction will soon follow suit, with initial estimates for the first quarter of 2019 already showing signs of improvement. Social housing and infrastructure will likely receive the most attention from investors, with both segments addressing crucial deficits in the country. Likewise, the advent of new vehicles to channel private sector funding is expected to continue driving the sector’s growth. Moreover, changes in retail and office management and rising demand for flexible, bespoke industrial spaces are likely to leverage and sustain new trends in the ways that firms physically conduct their business in Colombia. While cross-segment growth may not accelerate significantly in 2019, developers have demonstrated foresight that should help the supply side adjust to ongoing structural changes in the property market. This chapter contains an interview with Roberto Moreno, President, Amarilo.

Chapter | Transport & Logistics from The Report: Colombia 2019

Notable progress has been made in expanding the country’s road system, and increasing port and air transport capacity. Furthermore, new projects are set to increase the transit of goods along Colombia’s railways and rivers. Rising investment in these segments has boosted the competitiveness of the country and contributed to growth. Nevertheless, Colombia faces high logistics costs and ongoing bottlenecks to connectivity. The transport infrastructure gap is large and set to grow further as demand rises. Significant investment will be needed across the sector to close this gap and ensure that the country can sustain its economic development. While this presents a challenge, the country stands to benefit from its mature public-private partnership framework and openness to foreign direct investment. Leveraging private sector expertise and investment within the framework of a long-term national strategy presents a promising formula for an integrated transport network. This chapter contains an interview with Ángela María Orozco Gómez, Minister of Transport.

Chapter | Mining from The Report: Colombia 2019

With broad political support and efforts to improve the licensing process, the mining industry looks set to experience a rebound in 2019. While investments in coal production are unlikely to increase substantially in the coming years, segments such as gold, copper, nickel, emeralds, and other metallic and non-metallic minerals will provide attractive targets for investment. Government efforts to curb illegal operations, formalise small-scale mining and create a more attractive business environment have already begun to yield results, but the success of new and incoming projects will dictate whether the industry’s momentum will continue. This chapter contains an interview with Kelvin Dushnisky, CEO, AngloGold Ashanti.

Chapter | Energy & Utilities from The Report: Colombia 2019

With the new administration’s pro-business, pro-investment stance, in addition to improvements in international prices, the Colombian oil and gas sector is anticipating increased investment over the coming years. Its efforts to diversify and strengthen its energy mix by capitalising on the country’s abundance of renewable sources and further developing its hydropower segment will likely continue to attract the interest of new industry players. As Colombia’s proven oil and gas reserves begin to decline after having reached their peaks, the announcement of new exploration activities and the first fracking pilot project are reassuring signs that the sector is moving in the right direction. This chapter contains interviews with María Fernanda Suárez, Minister of Mines and Energy; and Astrid Álvarez Hernández, CEO, Grupo Energía de Bogotá.

Chapter | Economy from The Report: Colombia 2019

Colombia is poised for expansion in 2019 and 2020, despite some internal and external challenges that have not abated since 2018. Growth of the Colombian economy will be determined by which side of the scale advances further in the short term: strong consumer spending and increased investment in the construction sector due to the ongoing Fourth Generation road programme, or a deepening current account deficit and strained labour market due to the influx of Venezuelan refugees. As the country tries to advance its international competitiveness to secure greater investment and job growth, the government must battle inflation, unemployment and a fluctuating peso. Still, if the current National Development Plan is implemented successfully, the Duque administration is likely to leave behind a stronger Colombia with increased opportunities for all. This chapter contains interviews with Alberto Carrasquilla, Minister of Finance and Public Credit; Flavia Santoro Trujillo, President, ProColombia; and Juan José Echavarría Soto, General Manager, Banco de la República.

Report | The Report: Colombia 2019

Since the drop in commodity prices in 2014, Colombia’s economy has been recovering and is set to expand in 2019 and 2020. In May 2018 Colombia was invited to become the 37th member of the OECD, a positive development that should increase the country’s international political and economic prominence in the coming decades. However, challenges to ensuring Colombia’s continued economic progress remain.