With more than 1,000 business meetings held at Colombia’s recent Colombia Investment Summit 2019, Colombia’s national Investment Promotion Agency (IPA) ProColombia announced over US$1 Billion in new foreign direct investment (FDI).
S conglomerate Glenfarne Group is investing US$420 million in a power generation project in the Colombian Caribbean while two other investors in the renewable energy sector made announcements worth US$100 million, and Peruvian company Camposol expanded its investments worth more than US$150 million for the production of Hass avocados, Finance Colombia reports.
Argentine concern the Pegasus Group, with projects in the hospitality and cosmetics industries, will invest in an elderly care facility with a US$20 million investment.
The academic track of the event was attended by more than 500 international investors, doubling the previous edition.
“These figures show the interest international companies have in the business opportunities Colombia has to offer. The doubling of the number of investors, when compared to the 2018 version, ratifies our country as one of the most attractive investment destinations in the world,” said Flavia Santoro, President of ProColombia.
14 regional investment promotion agencies from Antioquia (Medellin), Boyacá, Quindío, Bogotá, Bolívar, Huila, Caldas, Nariño, Orinoquía, Córdoba, Atlántico, Magdalena, Risaralda, Valle also participated, along with 12 free trade zones and logistics projects.
“Colombia is taking steps in the right direction, working to attract investments that have an impact and benefit its people, with greater technology and supporting entrepreneurship. Colombia is a developing country; there is a lot to be done, a lot of talent, and this is the right time to invest,” said Frédéric Cuq, representative of the French company Thales Group.
Cao Yijing, executive of the Chinese CCCC Shanghai Dredging Company, stated that, compared to other countries, “Colombia has the right conditions in place for investment: legal certainty, economic growth, and stability. This is a good time to begin operations in Latin America, and the right place is a country like Colombia.”