SPONSORED SPECIAL REPORT / 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. , 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 , 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 , 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.” , 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, 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. And it’s not just leisure tourism where Colombia is striding forward. According to the International Congress and Convention Association (ICCA), Colombia ranks in the top 30 countries worldwide for holding conventions, having organized 147 in 2018. The country rose three positions in 2017 going from 32 to 29, above Russia, New Zealand, and South Africa. Responsible for promoting tourism is national agency ProColombia, which boasts offices all over the globe.

ike the explorers of yesteryear, languages – each with their own unique participated in global initiatives such as ProColombia is working to open values, beliefs and natural environments – the International Year of Sustainable L up previously unexplored regions Colombia offers experiences that go well Tourism for Development, declared by the of the country. Tourists will then be able beyond the everyday. World Tourism Organization (UNWTO), to immerse themselves in Colombia’s vast the United Nations Specialized Agency southern stretches of jungle, enjoying the Part of the country’s cultural for Tourism. nation’s competitive advantages in the Colombia was mired in conflict sustainable tourism scene. Projects are heritage can be seen in the for five decades of bitter civil war, underway in the provinces of Caquetá, diversity of musical rhythms affecting both the cities and swaths of Putumayo, Casanare, Vichada, Guaviare, the countryside. Roads were impassible Guainía and Meta. Part of this cultural heritage can be seen and vast regions considered unsafe. But The beauty of Colombia’s nature is a in the diversity of musical rhythms across now, in part owing to a peace accord little secret, but now people are beginning the country, which ProColombia is working signed in 2016 and implemented by the to see just how rich it is. It is the world’s pre- to promote through its “Visit Colombia: current Duque administration, a whole mier destination for bird biodiversity – for Feel the Rhythm” campaign. The cities of new world of touristic opportunity is the third year running – with 1920 different , Bogotá, Cartagena, Barranquilla or opening up, supported by ProColombia. species. Costas Christ, editor of National Medellín all boast carnivals and festivals In zones where ex-combatants from Geographic Magazine, described Colombia as which grow each year. The universal the Revolutionary Armed Forces of Noah’s Ark, owing to the incredible variety language of music allows travelers in Colombia are in reintegration programs, of its flora and fauna, and the country’s Colombia to connect their physical journey various touristic projects are underway, to role in protecting it. Earlier this year, Pro- with an intellectual, emotional and spiritual encourage reincorporation, reconciliation, Colombia signed agreements with inter- one. And bringing tourists to such far flung and territorial development. Work is national organizations, including USAID, regions will also bring them investment, currently underway in seven of these to promote both the conservation of bio- generating social projects. ProColombia reintegration zones. Tourism and peace- diversity and the portfolio of is betting on the environment and on building go together in Colombia. experiences worldwide. And Colombia’s local communities. The country has More tourists will come each year feted heritage is not just natural but cul- demonstrated a determined commitment to Colombia, and it has rolled out the tural. With so many indigenous tribes and in both these spheres, having actively welcome mat. All pictures ©ProColombia TOURISM TOURISM SPONSORED SPECIAL REPORT / COLOMBIA COLOMBIA / SPONSORED SPECIAL REPORT

A REVOLUTION AT COLOMBIA’S “Our president Iván Duque is fighting TAPPING INTO AN ABUNDANCE OF hard to assure security and equality in our country. NATURAL RESOURCES NATIONAL HYDROCARBONS AGENCY We are becoming Colombia is abundant in natural resources buried beneath its fertile soils, from gold, to coal, to oil, to emeralds – and everything in between Formed in 2003 to oversee the administration of Ecopetrol, Colombia’s state-owned competitive at a regional – the Andean nation provides a multitude of opportunities for investment in extractive industries. Conflict once meant that the mining petrochemicals company, the National Hydrocarbons Agency (ANH) has swiftly level thanks to that, industry was hamstrung, but with security across the country always improving, that is no longer the case. evolved to become a vital resource for investors of all sizes in an increasingly and we are regaining diversified industry within the South American nation. the confidence of investors table contract legislation means investors can MARÍA FERNANDA SUÁREZ, the Minister of Energy and Mines, is working with President Duque be relaxed, while government institutions fter five years without assigning concession. ANH now accompanies because of that.” are constantly working towards cleaner, to better attract investors and improve energy infrastructure. Previously Vice President of state petrol blocks, ANH is reac- investors through all the secondary Smore environmentally responsible ways of oil company EcoPetrol, Suárez tells Newsweek about her Ministry and what ground it is making. tivating the sector, having signed processes required, from environmental LUIS MIGUEL MORELLI, PRESIDENT OF THE producing and exporting fuels and minerals. A Working with the President 16 contracts for exploration and issues to labour practices. NATIONAL HYDROCARBONS AGENCY Social projects guarantee that those living in “President Duque promotes invest- “Colombia has great production, sparking something of a Morelli previously served as the governor of the Norte de resource-rich zones also reap the benefits. ment, promotes foreign investment, revolution at the agency. MILESTONES geological opportunities in , leaving to join the boards of Canadian While the natural gas revolution continues, and we have generated conditions gold and copper and other Colombia is announcing itself among 17 DECEMBER 2018 energy companies, before becoming head of ANH. and despite the low oil prices, the Colombian of legal certainty, conditions of rela- the most competitive markets in Latin minerals that are fundamental For the first time in two years, the land map of Offshore is the future government remains committed to hydrocarbon tionship with the community. We are in the energy America – behind regional powerhouse hydrocarbon blocks was updated. as oil remains the country’s largest export. State attractive to foreign investors.” “Offshore is something new for Colombia, and transition.” Brazil – given its political stability com- 21 FEBRUARY 2019 oil company EcoPetrol increased hiring 11 pared with its resource-rich but turbulent two companies are really taking a big leap here Electricity: A three pronged Nine contracts were signed with E&P Offshore, – Shell and Noble Energy. For 40 years offshore percent this year, illustrating a commitment approach neighbors of and , and worth up to US$1.7 billion. to growth, while offshore investment and further afield. was essentially not happening in Colombia. “In the electricity sector we have three 29 MARCH 2019 These two companies that we have brought in opportunities abound. Ecopetrol reported pillars, which are efficiency, reliability Colombia produces an average of a rise in crude production in the first half of about 860,000 barrels of crude per day. The first round reached a success rate of 55 will drill the deepest well on the Colombian and sustainability – those are the three percent, 11 contracts were awarded with an Caribbean coast.” 2019 to 726,000 b/d from 711,000 b/d in the pillars of our strategy. Perhaps the Oil is both its top export and source of initial investment of US$431 million. same period last year, in line with the company’s foreign exchange. Foresight is key most important goal is for the country JULY 2019 2019 output target of between 720,000 b/d and to accelerate the entry of unconven- y Minas de Energía ©Ministerio Since the election of President Duque “The investment will generate employment, get to government, ANH has attracted Petroleum production reaches 869,000 bpd the economy moving along, but we need to under- 730,000 b/d. In 2015, the country produced tional renewable energies such as while gas hits 1043 million cubic feet per day. double the number of barrels that it was able to solar and wind.” Tackling climate change millions of dollars, which investors say is stand and foresee the problems that could arise. “The mining and energy sector was the in part due to the country’s robust contract 18 SEPTEMBER 2019 The previous government modified the process of ten years prior, thanks to political security and Diversifying minerals first sector in Colombia that, derived infrastructure. “The thing that makes Bidding on 59 blocks announced at the next granting concessions, involving local communities reduced conflict in rural, oil-rich areas. “Colombia must bet on diversifying from the Paris Agreement, in November Colombia most attractive to us is contract round. and giving them the ability to object to company And meanwhile, Colombia is a regional and the country has great geological 2018 under this administration, stability,” said Charle Gamba, the founder projects. Right now we are looking to reform – to leader in tackling climate change, through opportunities in gold and copper and presented the comprehensive climate and CEO of Canacol, a Canadian gas democratize the economy – so that we can foresee sustainable energy solutions and international other minerals that are fundamental in change plan. What does this mean? company based in Bogotá. “There’s no risk any problems and be more agile.” agreements. the energy transition.” That we who have a goal of reducing of contracts being reneged here.” Invest in infrastructure 17 percent of projected emissions are Colombia also boasts a wealth of “Outside of hydrocarbons, I would love to see more absolutely clear about the axes through conventional fuels beneath its soil and seas investment in transport infrastructure. And within which we will comply.”

that are the envy of competitors due to ©Ecopetrol our industry, it’s something we notice, because American investment is welcome their mineral variety – from heavy, light in transporting gas it becomes a question of what “We are working with American and medium crudes to gas. In September this year, ANH comes first: the chicken or the egg? Do you invest officials and companies to improve our Yet despite its attractiveness to major announced that Colombia will have 59 in gas exploration first or in its transportation? We expertise, signing a memorandum with players, ANH also provides opportunities blocks on offer in its next round of oil have learned a lot from our American collaborators US Secretary of Energy Rick Perry to geared towards smaller companies, bidding, following 11 contracts won by about how to improve this. And by improving it we enforce that. And on our side, what we offering oilfields located in the country’s six companies earlier this year, which the can improve an entire country.” have seen in this year of government interior. Unlike before, investors can agency expects will generate approximately Conflict is that macroeconomic conditions explore any territory they wish, rather US$500 million in investment. “The problems Colombia faced were not related and legal security conditions have than relying on concessions only granted “The offer of blocks in this second to politics but to drug trafficking in places where reactivated the interest of American within regions mandated by ANH. auction is aimed towards ensuring energy the illegal coca crop is grown. And this can affect companies in entering Colombia.” Similarly, changes in procedure mean self-sufficiency in Colombia, increasing the security considerations of the oil industry. that investors now receive assistance reserves and generating critical resources We have worked to anticipate these risks and PRESS throughout the entirety of the process, to maintain fiscal and trade balances,” the generate resources for the regions, which can give MC AMERICA

©Presidencia beyond the initial purchase of the announcement statement said. people an alternative to criminality.” EDITOR: Alfonso Corcuera PROJECT COORDINATOR: Santiago Garre LAYOUT: Anastasia Caramanis [email protected] President Duque speaking on climate change at the United Nations. Exploring a bright, sustainable and prosperous future for Colombia ENERGYNATIONAL HYDROCARBONS AGENCY | COLOMBIA | anh.gov.co/en-us ENERGY & MINES