Foreign Direct Investment (FDI) in sectors other than those of mines and energy, between January and August, registered an increase of 11.4%, according to Colombia’s Banco de la República (Bank of the Republic), going from $1.4 billion USD the same period last year to $1.564 billion USD.
These sectors accounted for 24% of the total foreign capital that landed in Colombia during that period.
In the first eight months of the year, total Foreign Direct Investment amounted to US $6.5 billion dollars, for an increase of 12.1% in relation to the same time last year.
The Minister of Commerce, Industry and Tourism, José Manuel Restrepo Abondano, pointed to these statistics and others relating to retail trade, manufacturing and services, to justify the government’s claim of an economic recovery. The minister explained that the growth is a result of a series of specialized instruments created by the government to attract more high-impact external resources.
“These are mechanisms that include tax benefits for mega-investments and permanent support to the investor. This occurs through advice, guidance or the identification of priority internationalization regions, in which the strengths and advantages of each area of the country towards foreign trade and international investments are sought, said the minister in a statement.”
“In addition, we are implementing sectoral incentives for creative industries with technological value, typical of the naranja (orange) economy, focused on developing creativity, science and technology,” said the minister.