Colombia Looks to Advance Commercial Relationship with Austria

The Colombian government has signed a memorandum of understanding with counterparts in Austria to promote cooperations in renewable energy, including biomass and hydropower projects.

The signing was the most tangible outcome of a meeting earlier this year, following the World Economic Forum in Davos, between Colombian President Juan Manuel Santos and Austrian President Alexander Van der Bellen as well as various other governmental and private sector stakeholders.

The head of state categorized the discussions as encouraging and hopes that it will be the start of more commercial relationships being formalized in the months and years to come. The meeting also focused on topics including the potential for trade agreements, Colombia’s push to join the Organization for Economic Cooperation and Development (OECD), and the Andean nation’s transition into its so-called “post-conflict” era of economic development.

The document was signed by representatives of the Colombian Ministry of Mines and Energy and the Federal Ministry for Sustainability and Tourism of Austria.

“Our goal is for Austrian businessmen to put their eyes on Colombia,” said Colombian Commerce Minister María Lorena Gutiérrez, who joined Santos on the visit.

“Strengthening relations with Austria opens up new opportunities for our entrepreneurs,” she added. “The arrival of foreign investment in various sectors of our economy favors development and competitiveness.”

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