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Doing Business in Colombia: 2014 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2014. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. • Chapter 1: Doing Business In Colombia • Chapter 2: Political and Economic Environment • Chapter 3: Selling U.S. Products and Services • Chapter 4: Leading Sectors for U.S. Export and Investment • Chapter 5: Trade Regulations and Standards • Chapter 6: Investment Climate • Chapter 7: Trade and Project Financing • Chapter 8: Business Travel • Chapter 9: Contacts, Market Research and Trade Events • Chapter 10: Guide to Our Services 1 Return to table of contents Chapter 1: Doing Business in Colombia • Market Overview • Market Challenges • Market Opportunities • Market Entry Strategy Market Overview Return to top The Republic of Colombia is the fourth largest economy in Latin America, after Brazil, Mexico, and Argentina, and has the third largest population with approximately 46 million inhabitants. It is the only country in South America with two coasts (Pacific and Caribbean), which provides tactical shipping advantages in today’s global economy. Aided by major security improvements, steady economic growth, and moderate inflation, Colombia has become a free market economy with major commercial and investment ties to the United States, Europe, Asia and the rest of Latin America. Since the implementation of the U.S.-Colombia Free Trade Agreement (FTA) on May 15, 2012, U.S. exports to Colombia have increased nearly twenty percent. Nevertheless, Colombia may be a far different country than many U.S. exporters expect. In fact, the past ten years have brought extraordinary change to the country in terms of economic development due to improvements in the national safety and security situation. Strong political stability, a growing middle class (35.3 percent of the population), and improved security have created an economic boom in Colombia that, coupled with the government’s conservative fiscal policies, lessened the impact of the global economic crisis. Key economic indicators demonstrating the positive long-term effect of Colombia’s political and economic policies include: GDP growth of 4.3 percent in 2013; and foreign direct investment of US$ 16.8 billion in 2013, a record for Colombia, which is an increase over the previous record of US$ 15.3 billion in 2012. These are all signs of a strong and growing economy. Due to Colombia’s close ties to the United States and Colombians’ appreciation for the quality and reliability of U.S products, consumers in Colombia often favor U.S. products and services over those of our foreign competitors. The United States is Colombia’s largest trading partner and Colombia was the 22nd largest market for U.S. exports in 2012. U.S. exports to Colombia in 2013 topped US$ 16 billion, an increase of more than 14 percent over 2012. Colombia is unique in that there are five bona fide commercial hubs in the country: Bogota, Medellin, Barranquilla, Cali, and Cartagena. As opposed to the majority of Latin American countries that have one or two major cities, Colombia offers U.S exporters access through multiple commercial hubs, each of which has its own American Chamber of Commerce. While these cities, and many other secondary cities, offer unique market opportunities, they are close enough via air routes that is common to have one partner (agent, distributer, or representative) to cover the whole country. Coal mining and oil and gas exploration/production are the principal areas of U.S. foreign direct investment, followed by consumer goods, high tech and 2 tourism/franchising sectors. A sample of the major U.S. companies in Colombia include: Drummond, Chicago Bridge and Iron, General Electric, General Motors, Occidental Petroleum, ChevronTexaco, ExxonMobil, Microsoft, Unisys, Kimberly Clark, Johnson and Johnson, Goodyear, Kraft, 3M, Pfizer, Baxter, Corning, Marriott, and Sonesta Collection Hotels. The next couple of years will bring greater investment in infrastructure projects ranging from roads (US$ 26 billion allocated over the next 4 years), airport modernizations, port construction, and railway projects. New FDI will begin to be reflected in major hotel (Hilton and Hyatt) and infrastructure (highway, mass transportation, ports and airport) projects. The Colombian government has implemented bilateral or multilateral trade agreements with most countries in North and South America, including the United Stated and Canada. The European Union ratified a Free Trade Agreement with Colombia in December 2012, which entered into force in August 2013. An FTA was signed with South Korea in February 2013 and one with Panama was signed in December 2013. Colombia has also initiated FTA negotiations with Japan, and Turkey. The U.S.-Colombia FTA entered into force on May 15, 2012, , which immediately eliminated import tariffs on 80 percent of U.S. exports of consumer and industrial products to Colombia, with remaining tariffs phased out over one to ten years. Other provisions include strong protection for U.S. investors (legal stability), expanded access to service markets, greater intellectual property rights protection, market access for remanufactured goods, increased transparency and improved dispute settlement mechanisms (arbitration). Market Challenges Return to top As with any market, there remain challenges to doing business in Colombia (some of which were eliminated with the implementation of the FTA). Several are listed below: • Colombia has struggled with the requirements of the existing government procurement framework, which calls for open bidding in public tenders. As such there can be a lack of transparency, fairness, and truly competitive bidding conditions in many tenders. • Only firms licensed under Colombian law may provide legal services. Foreign law firms can operate in Colombia by forming a joint venture with a Colombian law firm and operating under the licenses of the Colombian lawyers in the firm. • Economic needs tests are required when foreign providers of professional services operate temporarily; and residency requirements restrict trans-border trade of certain professional services, such as accounting, bookkeeping, auditing, architecture, engineering, urban planning, and medical and dental services. • A commercial presence is required to provide information processing services or to bid on Colombian government contracts. • Telecommunications barriers to entry include cross subsidies, the requirement for a commercial presence in Colombia, and an economic needs tests. • For firms with more than ten employees, no more than 10 percent of the general workforce and 20 percent of specialists may be foreign nationals. 3 • International banking institutions are required to maintain a commercial presence in Colombia through subsidiary offices. • Insurance companies are restricted from offering policies to underwrite risk on government sponsored infrastructure projects due to Colombian regulations that do not recognize insurance policies as equivalent to bank guarantees. • Colombia has been on the Special 301 “Watch List” every year since 1991, reflecting ongoing challenges in the enforcement of intellectual property rights. • Customs duties have been consolidated into four tariff levels: 0 to 5 percent on capital goods and industrial goods and raw materials not produced in Colombia, 10 percent on manufactured goods with some exemptions, and 15 to 20 percent on consumer and “sensitive” goods. Exceptions include automobiles, which are subject to a 35 percent duty. A group of agricultural products is protected by a price band mechanism that offers variable duties as high as 100 percent. The majority of U.S. made products are not subject to an import duty due to the FTA. The duties for some products are being phased out over a period of up to ten years. For these products the duty is being reduced each year until it becomes zero. Market Opportunities Return to top On the other side of the ledger, Colombia provides significant opportunities for U.S. exporters: • Colombia's extensive, planned infrastructure projects will require: project financing, public works subcontracting, logistics, construction equipment for public roads and airports; water treatment, water supply, electric power generation, oil and gas exploration and pollution control equipment, air navigational and port security aids, railway construction, transportation equipment, security and defense items and services, and mass transit systems. The city of Bogota is in the early process of developing a metro and continues to expand its bus rapid system. • Awarded to OPAIN in 2006, Bogotá’s El Dorado International Airport still requires massive upgrades. The Medellin/Rio Negro airport upgrade is underway and the Northeast airports concession has been awarded. All concessionaires are seeking equipment to modernize their facilities. • The United States Trade and Development Agency (USTDA) and EXIM Bank support U.S. companies as they craft solutions to development challenges and make inroads in key sectors such as oil and gas, petrochemicals, renewable energy, telecommunications, and ports. USTDA grants have resulted in big U.S. company wins at the country’s two refineries. EXIM’s preliminary commitment of US$ 1 billion to Ecopetrol and US$ 2.8 billion to Reficar for its refinery project will provide a myriad of export opportunities for U.S. exporters of oil and gas equipment and services. USTDA grants for customs security
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