Industry & Retail
From The Report: Colombia 2017
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Industry is set to remain an important part of Colombia’s economy, not only for its capacity to create employment, but also for its significant impact on regional development. However, manufacturers face a challenging domestic environment due to fiscal reforms, which are likely to reduce consumer expenditure in 2017. Still, the devaluation of the peso has made the country’s exports more attractive abroad – an opportunity that local manufacturers are looking to capitalise on to solidify their position in foreign markets. Given the number of FTAs the country has signed, Colombian industrialists also face greater competition, the impact of which will vary between segments. Improving competitiveness and productivity is crucial for industrial activities to compete internationally. As for retail, a plethora of new shopping malls bode well for the expansion of sales. However, much will depend on disposable income, with tax hikes set to affect consumer confidence. With the country’s GDP forecast to expand, the sector is likely to continue its rapid growth. This chapter contains an interview with Daniella Souza, President, Dow Chemical, Andean Region.