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Colombia Colombia / Sponsored Special Report SPONSORED SPECIAL REPORT / COLOMBIA COLOMBIA / SPONSORED SPECIAL REPORT Open for business For decades business in Colombia was hampered by political instability and armed conflict – but those days are long relegated to the past. Colombia is truly open for business. nlike other powers in the region, Colombia is still on track to reach its target growth this year, with the IMF stating its U economy will grow 3.4 percent before January, representing the country’s best growth rate since 2014. At a summit in late October, Colombia’s government announced new foreign ©Presidencia ventures worth more than US$1 billion. President of Colombia, Iván Duque addressing the UN General Assembly. Colombia now boasts free trade agreements with a host of nations including the United States, contributing to an investor Colombia is living a moment. With President Iván Duque friendly environment. The government recently reached an one year into his tenure, the Andean nation is shrugging agreement to get SoftBank to match state resources to start with off its unfair reputation and proving just how vast its a fund of US$30 million, with the stated goal of reaching up to previously untapped potential was. Political stability, US$200 million. not possible in previous decades due to unrest, is now a fact of daily life, and the word is getting out. Colombia is on track to eanwhile, a tourist boom continues apace with 6.8 reach its target growth this year million foreign visitors in 2018. Just like explorers of centuries past, they are drawn to experience M And tourism, once an afterthought, is up 8 percent on last year the myriad pristine beaches, colonial towns, and luscious forests firsthand. Bustling and vibrant cities like Bogotá and as tourists come to discover the land of feted Colombian author Medellín are international hubs for business and culture. Gabriel Garcia Marquez’s ‘magical realism.’ Every day visitors The international El Dorado airport in the capital offers from around the world flock to the country’s 59 national parks, connections across the globe. which cover 10 percent of its territory. Its geographical location And with more of the country online than ever, the is also a blessing, making it a growing regional logistics hub. Over digital economy is booming. Andean cities are now hubs for the last three years, airports have added 35 national routes and 14 technological innovation. One delivery application, Rappi, international ones. the brainchild of a group of students is now valued at over Inflation is manageable at 4 percent, and the country’s deficit is a billion dollars. Colombia’s universities – both public and being served by robust international investment. private – are proving to be among the envies of the region, ranking among South America’s finest and bringing in more With exports from minerals to flowers continuing to shift, international students each year. business is a go. Colombia also boasts a healthy economy and business environment, with over 16 trade agreements in force, granting access to more than 60 countries and nearly 1.5 billion consumers. ©Presidencia In the extractive sector, better contract security and a revitalized National Hydrocarbons Agency are bringing in foreign investors that were once wary. Gold, coal and emeralds are just three constituents of the vast wealth of minerals and resources that sit under Colombia’s rich soil. And Colombia is also leading a moral charge, welcoming COLOMBIA millions of Venezuelans fleeing hardship as much of the continent imposes stricter restrictions. With burgeoning success across many industries and consumer confidence high, in Colombia, the time is now. President of Colombia, Iván Duque meets President Trump in Washington, The Time is Now ©diegograndi Photo on page 1: Colombian National Congress and Capitol, Bogotá earlier this year. SPONSORED SPECIAL REPORT / COLOMBIA COLOMBIA / SPONSORED SPECIAL REPORT JOSÉ MANUEL RESTREPO, MINISTER FOR INDUSTRY, COMMERCE, AND TOURISM FONTUR At the forefront of Colombia’s success is the Ministry for Industry, Commerce, and Raquel Garavito is president of The National Fund Tourism, which – with its broad portfolio for Tourism, or FONTUR, oversees the promotion – has been driving growth in the Andean and development of investment in Colombia’s nation. Educated at the London School of tourism industry. Garavito studied law in Colombia, Economics and the University of Bath, José Miami and at New York University, before working Manuel Restrepo worked as a civil servant in the private sector. Now she is on the front lines and columnist, before entering politics. Now @MINCIT of a revolution in Colombian tourism. working alongside President Iván Duque, ©MINCIT Colombia is affordable he tells Newsweek what is bringing in such JULIÁN GUERRERO “Despite high prices in fuel, flights in positive results. VICE MINISTER OF TOURISM Colombia remain competitive. Hotels @diegograndi Originally a lawyer by training and with a master’s also are inexpensive, and because the Productivity is key improving education. Also, a simple in international relations from the London School country is relatively small, you can see “The president has called on Colombia state leads to an agile Colombia, which of Economics, the Vice Minister of Tourism tells much more in a short space of time.” is to say we are looking to streamline the to move forward, from good to better. Newsweek about why Colombia is truly the country All types of tourists are welcome bureaucracy to make investment more He acknowledges that there has been of “magical realism.” attractive. And tourism speaks for itself!” “We welcome business tourists as we are progress in the last 20 years, but that Transporting yourself a regional business hub, and boast state- it is essential to keep on growing, and Business friendly “It is no exaggeration to say that traveling of-the-art convention centers. We have the way to achieve that is by raising “Here we understand that business is not only physically moving to a place, religious tourists, owing to rich Catholic productivity.” development has to achieve a com- but also the intellectual, emotional and heritage. We have nature tourism, mitment for the benefit of an entire spiritual journey that people make when given the richness and diversity of the “Colombia still has a society. And it is a country that is they travel; the secret of a good trip is the country. We have gastronomy. There open to receiving that investment to ability to connect the external journey with are so many reasons to visit!” gigantic potential to develop build, export, generate income and the interior one. Colombia offers that.” opportunities for an entire society.” Infraestructuras @Typsa new infrastructure.” Guillermo Bueso North American infrastructure “We are one of the 17 mega Executive President of Banco Atlántida opportunities A multi-faceted approach diverse countries in the world.” “To promote investment, we want to “North American companies have roll out the red carpet. We are always opportunities on several fronts such as infrastructure – Colombia still has ©diegograndi Biodiversity a gigantic potential to develop new “Colombia’s enormous potential is in infrastructure. There is a very good matters of nature, adventure and culture. ©Fontur relationship with the United States Colombia is a country that has impressive that is also supported by a free trade biodiversity – we are one of the 17 mega Raquel Garavito, President of FONTUR agreement that works successfully for diverse countries in the world. We have New opportunities for American both. It is a relationship that impacts in the largest number of species of birds. investors several directions.” Colombia has 86 different indigenous ©Madrid Cibeles ©Traveler “We would love to see significant invest- communities, two linguistic families, ten A visionary leader ment in La Guajira peninsula, which is isolated languages and two languages of “Colombia is a visionary country, which a paradise to discover due to its nature, African origin.” has a visionary president, who has culture and traditions. And alongside understood that to be successful, not Colombia is a country of regions there, we have the Gulf of Morrosquillo, in today's world, but in the world of “We have so many diverse regions, from another amazing opportunity.” tomorrow, it is essential to move forward the Caribbean to the Pacific, we have the Infrastructure is key in the fourth industrial revolution.” Andes, the Amazon, the Orinoco. If you “As an agency, we oversee the entire Left: Carrera 7, Bogotá go to any other country in Latin America, chain of tourism in Colombia. We Right (clockwise from top): you won’t find all this diversity.” Plaza Bolivar, Bogotá oversee taxis, promote bilingualism, Tayrona National Natural Park, Santa Marta The warmth of the people manage waste, and supervise training Clock tower, Cartagena “But I think that the real difference of in hotels. And that extends to Museo del Oro, Bogotá Colombia when it comes to attracting infrastructure, without which there will ©IDT/Germán Montes Port of Cartagena international tourists is in the people. be no tourism. There we are looking Highway infrastructure ©IDT @garytog Colombia is a country of hospitable, kind, at piers, ports, lookouts, convention and cheerful people.” centers, and so on.” INDUSTRY, COMMERCE, TOURISM TOURISM SPONSORED SPECIAL REPORT / COLOMBIA COLOMBIA / SPONSORED SPECIAL REPORT Colombia: A modern day El Dorado Few sectors in Colombia have seen such wild and rapid change as the tourism sector, widely touted as having among the most potential in the world. Each year more visitors arrive and it’s little surprise why. And the country is reaping the benefits. In 2018, Colombia brought in US$6.6 billion from tourism, including air travel, up 12.7 percent on the year before, according to the Central Bank of Colombia, making it the country’s third largest generator of foreign capital, and the first outside of the energy and mines sector.
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