Finance Colombia

Colombiá’s travel industry trade organization ANATO holds a mammoth event every year called the “Vitrina Turística” (Tourism showcase), where all the different sectors of the travel and tourism agency gather to do deals and make contacts. Everyone from individual tour guides to giant international airlines and cruise lines were on hand to negotiate packages and forge connections. Official government delegations and tourism representatives were present from towns, villages and parks to hotels, resorts, cities, regions and even international governments were on hand.

Finance Colombia Executive Editor Loren Moss is your guide through the 2025 edition of the event, which had 55,000 industry movers and shakers in attendance. To read more about the Vitrina Turistica or the travel business in Colombia, visit: https://www.financecolombia.com/?s=anato&id=25319

The Juan Valdez coffee chain is proceeding with its expansion strategy in the United States, aiming to increase its number of locations and consumer base. The company, owned by the National Federation of Coffee Growers of Colombia (FNC), a non-profit organization representing over 548,000 Colombian coffee-growing families, intends to reach 16 stores by the end of the year in cities including Miami and Orlando.

This expansion occurs within the context of a growing US coffee market. According to the United States Department of Agriculture, the US is projected to increase its coffee bean imports by 800,000 bags, reaching 22.3 million. In 2023 and 2024, the primary suppliers of coffee beans to the US were Brazil, Colombia, Vietnam, and Honduras.

Data from the National Coffee Association (NCA) and Grand View Research indicates that 67% of the US adult population consumes coffee daily, with 45% of that group choosing specialty coffee. The consumption of specialty coffee has seen growth, particularly among younger demographics such as Gen Z and Millennials, with approximately 66% of adults aged 25 to 39 who are regular coffee drinkers having tried specialty coffee within the past week.

Sebastián Mejía, Vice President of International Business at Juan Valdez, stated, “The United States represents considerable market potential for us, due to both the high number of coffee consumers and the increasing consumer interest in innovation, experience, and sustainability.”

Current Juan Valdez store locations include Miami International Airport, the Florida Mall in Orlando, CityPlace Doral, and International Drive. The company has announced plans to establish new stores in Miami Springs, near Miami International Airport; Fulcrum Orlando, a business center; Wynwood The Dorsey in Miami; and Sawgrass Mills in Sunrise.

Juan Valdez was established in 2002 by the FNC and is named after the long-standing icon representing Colombian coffee. In 2021, the company received B Corporation certification, an achievement of its social and environmental performance. The company’s business model aims to provide added value to Colombian coffee growers through brand recognition and royalty resources generated from global sales.

Headline photo: A Juan Valdez Coffee Shop in Jardines mall, Llanogrande, near Medellín. (@ Loren Moss)

In February 2025, Colombia’s rural sector reached its lowest level of unemployment in six years, with an unemployment rate of 7.6%, improving 1.7 percentage points compared to the same month of the previous year (9.3%). This result is complemented by the historic increase in employment in the rural sector, which reached 4.9 million employed people; which represents an increase of 267 thousand people (+5.8%) compared to February 2024; a figure that constitutes the highest level of employment recorded for February since 2001, when comparable data began to be available.

In addition, agriculture, livestock, hunting, forestry and fishing, one of the country’s main economic activities, registered its highest employment figure in February in the last six years, with 3.4 million people employed; which represents an increase of 131 thousand people (4.0%) compared to the same month of the previous year. This sector remains the second economic activity that employs the most people in the country, with a share of 14.3% in the national total.

Dora Inés Rey, acting director of the UPRA, highlighted: “The record employment in the rural sector and the significant improvement in the unemployment rate show the progress we are making to strengthen employment in rural areas of Colombia. These results reflect the commitment of Colombians to agricultural productivity and the countryside; and, from the UPRA, we continue working to generate information that allows the planning of the sector and, in turn, its development to promote more formal and quality employment”.

In terms of the employed population at the national level, in February 2025, the unemployment rate was 10.3%; an improvement of 1.3 percentage points compared to February 2024. And the country’s employed population reached 23.5 million, which represents an increase of 977 thousand people (+4.3%) compared to the same month of the previous year.

Photo credit: Colombia’s Rural Agricultural Planning Unit.

Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) has announced assay results from drill hole DH451 at the Los Mangos discovery within its 100% owned Santa Ana high-grade silver project in Colombia.

According to the company’s announcement on April 1, 2025, drill hole DH451 intercepted 7.18 meters grading 358 grams per ton of silver equivalent (AgEq), including a higher-grade section of 3.40 meters grading 671 g/t AgEq. Outcrop Silver stated that this intercept is one of the most significant encountered in the Los Mangos area.

Additionally, at a depth of 110 meters, the same drill hole intercepted 0.53 meters grading 617 g/t AgEq at the Mangos fault. Outcrop Silver suggests this indicates the potential for fault-related structures within the vein system to host high-grade mineralization. The vein intercept, located approximately 200 meters below the surface, reportedly confirms the vertical continuity of the vein system.

Figure 1 of the company’s announcement shows a plan view of the Los Mangos vein target with drill holes and surface exploration samples. Hole DH447 reportedly intercepted a vein with no significant results (defined as an intercept lower than 200 g/t AgEq), while hole DH449 encountered a void. Figure 2 displays geological cross-sections of the Los Mangos vein system. Figure 3 shows a geological map of the El 20 historic underground mine at the Los Mangos vein target.

Figure 2. Geological cross-sections showing the Los Mangos vein system. The section width is 75 meters. Hole DH447 intercepted a vein with No Significant Results, while hole DH449 encountered a void. No Significant Result means an intercept lower than 200 g/t AgEq. (CNW Group/Outcrop Silver & Gold Corporation)

The silver equivalency formula used by Outcrop Silver incorporates metal prices of $1,800 USD per ounce for gold and $25 USD per ounce for silver, with metallurgical recoveries of 97% for gold and 93% for silver based on the company’s test work. The formula provided is: AgEq g/t = Ag g/t + (Au g/t * Au price per gram * Au recovery) / (Ag price per gram * Ag recovery).

Key drilling highlights from the announcement include:

Hole DH451 intercepted 7.18 meters grading 358 g/t AgEq, including 3.40 meters of 671 g/t AgEq.
Hole DH451 also intercepted 0.53 meters grading 617 g/t AgEq at the Mangos fault-vein.
The vein intercept at Los Mangos reportedly confirms the presence of mineralization at 200 meters depth below historical mine workings.

Guillermo Hernandez, Vice President of Exploration at Outcrop Silver, stated in the release, “The results from hole DH451 are a breakthrough for our exploration in the central region of the Santa Ana project. Intersecting 7.18 meters at 358 grams per ton silver equivalent, including 3.40 meters at 671 grams, confirms the scale and the strength of the Los Mangos vein system. Hitting this kind of mineralization over 8 kilometers from the nearest resource area opens a new frontier for discovery.”

The Los Mangos vein is described as a high-grade silver-gold system situated in the southwestern part of the Santa Ana project, approximately 8 kilometers south of the nearest defined resource area. Outcrop Silver notes that this drilling represents a significant step-out within the project, with the vein currently having a verified strike length of over 350 meters.

The vein structure is reported to be oriented between NE40° and NE60°, dipping from 60° to 80°SE, with localized northwest-dipping segments. The main mineralized zone typically ranges from 0.30 to 1.20 meters in width, with recent drilling indicating broader intercepts, such as the 7.18 meters in hole DH451 and 2.36 meters at 404 g/t AgEq in hole DH442. The host rock is identified as green schists and intrusive dikes of granodioritic to dioritic composition, with argillic and sericitic alteration in the surrounding areas, particularly around the historical El 20 underground workings. Mineralization is associated with quartz veins, breccias, and fault-related structures.

To date, Outcrop Silver reports that fourteen holes have been drilled at the Los Mangos target, totaling 2,608 meters, with five holes yielding significant results (grades > 200 g/t AgEq) with an average length of 1.69 meters (not estimated true width). The majority of drill holes (12) have intersected the Los Mangos and Mangos SE veins, while holes DH434 and DH449 encountered a void or potential backfill in historical workings.

Outcrop Silver employs standard protocols for sampling and assaying, including core sawing, sampling, and tagging. Samples are shipped to Actlabs in Medellín, Colombia, an accredited independent laboratory, for assaying. Quality assurance/quality control measures include the insertion of blanks, duplicates, and certified reference materials.

The Santa Ana project covers 27,000 hectares in the Mariquita District of Colombia. According to the company, this district is known as the largest and highest-grade primary silver district in Colombia, with mining records dating back to 1585.

Outcrop Silver’s maiden resource estimate, detailed in an NI 43-101 technical report dated June 8, 2023, indicates an estimated indicated resource of 24.2 million ounces of silver equivalent at a grade of 614 g/t and an inferred resource of 13.5 million ounces at a grade of 435 g/t. The identified resources span seven major vein systems.

Outcrop Silver states that its current drilling campaign aims to expand known mineralization and explore new high-potential areas along the project’s 30-kilometer mineralized trend to substantially increase the resource.

Photo credit: Outcrop Silver.

Through the Colombia Más Competitiva program, implemented by Swisscontact, Switzerland is promoting a structural transformation of the sector, promoting economic growth, social inclusion, and biodiversity conservation through innovative methodologies and strategic alliances with public and private actors. Swiss Cooperation finances projects and strengthens local and national capacities to generate a sustainable impact on Colombian tourism.

“Sustainable tourism is a powerful tool for transformation in the territories, generating opportunities and conditions for peace. For this reason, Switzerland supports this chain in Colombia, a country with extraordinary natural and cultural wealth,” said the Swiss ambassador, Eric Mayoraz.

The program impacts 13 destinations in the departments of San Andrés, Providencia and Santa Catalina, Atlántico, Magdalena, La Guajira, Sucre, Cundinamarca, Quindío, Casanare, Antioquia, Huila, Putumayo, Meta, Boyacá, Guaviare and Caquetá, promoting the sustainability and competitiveness of the sector. To date, the achievements have been significant: more than 1,000 jobs generated and retained in four key destinations (Huila, La Guajira, Magdalena, and Quindío), 357 companies with an 81% increase in revenues, and a 400% increase in tourist spending in these territories.

In environmental management, 80 companies have adopted good practices, and 55 people have been trained in methodologies for competitive and sustainable destinations, consolidating an innovative model of cooperation and development. “Swisscontact strengthens tourism in Colombia with a market approach, ensuring that destinations develop an offer aligned with demand and access tools and knowledge that position them as benchmarks in sustainability and competitiveness,” said Claudia Sepúlveda, general coordinator of the Colombia Más Competitiva program.

According to the Ministry of Commerce, Industry, and Tourism, in 2024, Colombia received approximately 6.7 million tourists, 8.5% more than the previous year. A growing percentage of these visitors are looking for ecotourism and responsible tourism experiences, which represents a unique opportunity to strengthen the competitiveness of destinations and incorporate sustainability criteria.

“Tourism in Colombia not only depends on its natural wealth, but also on its ability to generate value in the markets. We are promoting the necessary conditions for regions to transform their potential into real opportunities for growth and international projection,” concluded Enrique Maruri, director of Swisscontact Colombia.
Swisscontact at ANATO 2025: sharing experiences and learnings.

In the ANATO 2025 Tourism Showcase, the Colombia Más Competitiva program will present its main learnings together with local partners, who will share the impact of Swiss cooperation in their territories. One of the most relevant milestones is the strengthening of the Network of Destination Managers, whose official presentation will take place in April.

As part of ANATO’s academic program, Swisscontact, in partnership with the Chamber of Commerce of Santa Marta and Magdalena, organized the panel “Territorial perspectives in the competitive management of sustainable tourism” at the stand of Magdalena, a special guest destination in 2025. Entrepreneurs and members of the Network of Managers will discuss governance, sustainability, and product development.

Swisscontact’s destination management methodology has articulated the private sector around the creation and marketing of highly competitive tourism experiences. As a result, nature and culture products have been developed, such as the Safari Llanero in Casanare, Macondo Natural in Magdalena, and San Agustín Enigmático in Huila, among others. In addition, entrepreneurs and managers have received support to implement strategies aligned with the standards of the Global Sustainable Tourism Council (GSTC).

This impact has been possible thanks to public-private articulation at the local, regional, and national levels. Swisscontact has promoted the creation of networks, cluster strategies, and territorial governance models, making progress in destinations such as La Guajira, Quindío, Choachí-Ubaque in Cundinamarca and Atlántico. In addition, it will facilitate an exchange between representatives of the 13 destinations of the Network of Managers to identify trends and improve the marketing of tourism products.

According to Enrique Maruri, director of Swisscontact Colombia, “Nature tourism is one of the great bets of Swiss cooperation in Colombia, and we believe in its potential to promote sustainable development. At Swisscontact, we continue to work on the structuring of collective management models that strengthen tourism products and services, always in partnership with the private sector. Our goal is to consolidate ourselves as a benchmark in consulting for the competitiveness and sustainability of tourism in the country.”

For Swisscontact, it is also key to continue strengthening responsible tourism through innovative methodologies and strategic alliances with actors such as the GSTC, the Ministry of Commerce, Industry and Tourism (MinCIT), the National Tourism Fund (FONTUR), the Colombian Association of Responsible Tourism (ACOTUR) and Chambers of Commerce throughout the country, said Enrique.

Photo credit: ANATO.

2025 started with good results for exports of non-mining energy goods in Colombia, according to statistical reports. In January, such exports registered a growth of 24.7% compared to the same month in 2024. In addition, they accounted for half of the total exported by the country this month. In the first month, Colombia sold $1,894.2 million USD in this class of goods to the world and shipped 749,386.4 tons, which also increased by 7.3% compared to the same month in 2024.

One of the objectives of the government’s Foreign Trade Policy is to promote the development and export of products from the industrial, agro-industrial, and agricultural sectors, moving toward a decarbonized, inclusive, sustainable, and knowledge-based economy.

Of the sectors that make up the non-mining sectors, according to the Ministry of Commerce, Industry and Tourism (MinCIT) the one that registered the greatest growth in its exports was agriculture, which, although it represents 46.6% of this basket, registered an increase of 43.8% in its foreign sales.

In this segment, products such as beef stood out for their sales abroad, which increased 223.4%; coffee, 108.6%; flowers, 15.4%; and Tahiti lemon, 6.1%, among others. On the side of industrial products, a group that also includes agro-industrial products, exports increased 11.7%, and their participation in this non-mining basket was 53.3%.

Products such as palm oil, with an increase of 35.8%; electrical transformers, 22.9%; beauty preparations, 18.8%; doors, windows and their frames, 15.7%; plastics and their manufactures, 10.3%; refrigerators 8% and chocolates, candies and candies with an increase of 3.2%.

On the other hand, of the 10 main departments that export non-mining energy goods and accounted for 93.5% of those sales in the month, 9 registered growth.

These were: Antioquia, 30.4%; Bogotá, 14.9%; Atlántico, 10.6%; Valle del Cauca, 16.8%; Cundinamarca, 16.5%; Bolívar, 22.3%; Caldas, 109.7%; Huila, 67.8%, and Magdalena, 12.9%.

Photo credit: MinCIT.

Global contact center operator and outsourcing firm Teleperformance (TP) has announced that its operations in Colombia received the Sustainable Business Recognition Award from the Colombian Business Council for Sustainable Development (CECODES) for its commitment to upholding and promoting UN Human Rights Principles through its policies and programs.

TP is a global company in digital business services, and claims to blend the best of advanced technology with human empathy to deliver enhanced customer care that is simpler, faster, and safer for the world’s biggest brands and their customers.

CECODES, an organization in corporate sustainability in Colombia, honored TP at its fourth annual CECODES Sustainable Business Recognition awards. These awards highlight companies leading the transition towards sustainable business models in Colombia.

To grant the award, CECODES conducts the selection process based on secondary sources (website, sustainability report, media outlets, among others) so that national and international judges with extensive business experience can identify the companies that are committed to carrying out actions that contribute to the sustainable development of the country.

This recognition is the result of TP’s achievements in sustainability and the UN Guiding Principles on Business and Human Rights, and it establishes TP in Colombia as a benchmark in promoting and guaranteeing human rights within the workplace at all levels of the organization.

Teleperformance Bogotá. Photo credit: TP website.

The International Air Transport Association (IATA) has released its February 2025 global air passenger demand data, revealing moderate growth of 2.6% year-over-year in Revenue Passenger Kilometers (RPK) against a 2.0% expansion in Available Seat Kilometers (ASK). This performance, while setting record February volumes, represents a deceleration from previous growth metrics. The global load factor improved marginally to 81.1% (+0.4 percentage points), indicating continued optimization of capacity deployment amid evolving market conditions.

Market indications: International Strength vs. Domestic Contraction

We are beginning to see a marked difference between international and domestic market segments:

International markets: Demonstrated a growth of 5.6% year-over-year, with capacity expansion of 4.5% in February 2025.

Domestic markets: Contracted by 1.9% against February 2024, with a corresponding 1.7% reduction in capacity

This divergence suggests potential structural shifts in travel patterns that warrant attention from institutional investors with exposure to airline equities, particularly those with differentiated domestic and international revenue streams.

Regional Economic Performance Indicators

The following regional performance metrics (all percentages refer to RPKs), provide valuable insights into broader economic conditions:

North American market: A 3.2% contraction in this mature market correlates with recent Federal Reserve consumer sentiment data showing weakening discretionary spending amid persistent inflationary pressures. This represents a potential leading indicator for Q2 retail performance. The increased US tariffs are the sword of Damocles that hangs over Tourism North America.

Latin American market: 4.6% growth despite regional economic challenges demonstrates resilience in travel demand despite economic challenges in the region. This suggests that travel demand remains strong, even in the face of potential financial instability or slow economic growth. The fact that more people are flying indicates a level of consumer confidence and business activity that supports airline growth.

For Colombian investors, the 8.0% expansion in Brazil’s domestic market is particularly noteworthy, suggesting robust intra-regional business activity that may benefit Colombian export sectors. The significant increase suggests that travel within Brazil is expanding rapidly, driven by strong business activity, tourism, or economic resilience. This could signal increased trade and investment opportunities within Brazil, benefiting Colombian exporters who rely on intra-regional trade.

Asia-Pacific market: 4.2% growth continues to underperform its historical average, indicating that the region’s economic momentum may level off, with implications for global supply chains and commodity demand.

European market: 4.3% growth despite economic headwinds in the region suggesting continued strength in tourism and business travel, potentially providing support for the Euro against the dollar. Here, any North American loss could potentially become Europe’s gain. Watch this space: the tariffs will impact Travel into the USA.

Yield Implications and Revenue Management

The divergence between RPK growth (2.6%) and ASK expansion (2.0%) suggests the potential for yield improvement, a critical metric for airline profitability. It goes without saying that in capacity-constrained environments, pricing power typically accrues to carriers with dominant market positions.

Market-Specific Analysis: United States

The 4.2% contraction in domestic U.S. air travel represents a significant deviation from historical patterns and merits close scrutiny. Possible contributing factors include:

Softening consumer confidence amid continued inflationary pressures
Potential shift in corporate travel policies favoring virtual meetings
Price elasticity thresholds being tested following multiple fare increases

These indicators align with recent retail sales data suggesting consumers are becoming increasingly selective with discretionary expenditures. For financial institutions, this may presage broader pullbacks in consumer spending in Q2 2025.

Market-Specific Analysis: Colombia and Latin American Context

For Colombia’s financial sector, several data points warrant attention:

The 6.7% growth in Latin American international traffic indicates strengthening regional business connectivity
Brazil’s domestic market strength (8.0% growth) suggests regional economic resilience
The relatively high load factors (81.6%) indicate effective capacity management by Latin American carriers

These metrics suggest the potential for a continued strong performance from Colombian carriers with significant international operations, particularly those serving business routes connecting major regional financial centers.

Investment Implications

There are many forces that have investment implications. Here, however, is a broad overview for institutional investors and financial professionals:

Airline equities: Consider overweighting carriers with strong international exposure while underweighting those heavily dependent on North American domestic markets

Airport operators: Companies managing international hub airports may outperform those primarily serving domestic markets

Aircraft lessors: The continued growth in international ASKs suggests stable demand for wide-body aircraft

Foreign exchange: Continued strength in international travel may provide support for currencies of tourism-dependent economies

Economic Indicator Correlation

The divergence between international and domestic air travel correlates with broader economic indicators:

International business travel often leads capital investment by 3-6 months
Domestic leisure travel typically correlates with consumer discretionary spending
Air cargo demand (not covered in this data) often serves as a leading indicator for trade volumes

Financial professionals should integrate these aviation metrics into their broader economic analysis frameworks for improved forecasting precision.

Forward Outlook

While February’s data established volume records, the deceleration in growth rates and negative performance in key markets like North America may indicate the early stages of a broader cooling in the global transportation sector. This aligns with central bank projections of economic moderation in late 2025, suggesting that aviation metrics are functioning as effective leading indicators for broader economic activity.

For financial institutions with exposure to travel sector debt instruments, enhanced credit monitoring may be prudent, particularly for carriers with high operating leverage and significant exposure to underperforming regional markets.

Notes: RPK is calculated by multiplying the number of paying passengers by the distance they traveled in kilometers and ASK by multiplying the number of seats available by the distance flown.

Source – Airline data: International Air Transport Association (IATA)

Photo: Loren Moss

The Colombian foreign minister, along with the minister of Trade, Industry and Tourism issued the following statement this morning, which Finance Colombia has translated and reprinted in its entirety:

In view of the recent unilateral decision of the Government of the United States to impose a base tariff of 10% or higher, on all imports into its country, the Government of Colombia informs the country about the scope of this measure on our exports and about the actions that are being taken in response to it, with the aim of protecting the interests of our producers.

The United States has historically been a strategic trading partner for Colombia. In 2024, exports to that country reached US$14,336 million, which represented 28.9% of total Colombian exports worldwide.

Since the entry into force of the Trade Promotion Agreement (TPA) in 2012, these exports have consolidated a solid and constantly developing trade relationship that continues to benefit thousands of Colombian producers with preferential access to the U.S. market.

2024 exports to the United States, its largest trading partner reached $14.336 billion USD, 28.9% of total Colombia’s global exports.

In this sense, the Ministry of Commerce, Industry and Tourism and Foreign Affairs, together with other entities of the National Government, are leading a comprehensive strategy to expand and consolidate new destinations for our exports.

Thanks to the articulated work with the unions, the producers and our diplomatic representations, Colombian products have achieved a growing presence in Europe, Asia, the Middle East and Latin America, thus strengthening the competitiveness and resilience of the export sector.

The recent imposition of a base tariff of 10% should be taken as an opportunity to accelerate this internationalization strategy and consolidate the presence of Colombian products in more markets around the world.

“This unilateral measure reiterates the importance of continuing to strengthen our export capacity and reinforces the momentum with which we have been advancing in the market diversification strategy. Together with Colombian entrepreneurs, we will continue to expand destinations and products with technical, sustainable and value-added criteria that guarantee stability, competitiveness and well-being for Colombian producers,” said the Minister of Commerce, Industry and Tourism (e), Cielo Rusinque Urrego (at podium, above).

However, work will continue in coordination with the U.S. Government and the private sector to maintain and project the country’s exports into the future, identifying paths of dialogue and cooperation that contribute to mitigating the impacts on Colombian producers.

The Government of Colombia reiterates its commitment to international trade based on principles of openness and mutual benefit. Likewise, it will continue to strengthen internal capacities, together with producers, guilds and State entities, to expand the presence of Colombian products in the main international markets, promoting rural development, decent employment and the well-being of the regions.

Above photo: Colombia’s Minister of Commerce, Industry & Tourism Cielo Rusnique (left) with Colombia’s Ambassador to the US, Daniel García-Peña Jaramillo. Photo & video courtesy of the Colombian government.

Yesterday, April 2^nd, Colombian President Gustavo Petro announced via social media that it had signed an agreement with the Kingdom of Sweden and will pe purchasing a fleet of Saab Gripen model 39 fighters, similar to those deployed in Brazil.

According to Petro, the purchase package also comes with a flexible solar panel factory in Córdoba, Colombia, southwest of Cartagena, drinking water in the La Guajira department of Colombia near the Venezuelan border, and medical equipment for the San Juan de Dios hospital in Bogotá.

The Saab Gripen has been in competition with other 4^th generation fighters such as the Lockheed Martin F-16 and the Dassault Rafale to replace Colombia’s functionally obsolete Israeli-made KFIR fighters, now 50 years old.

Petro ran on a presidential platform opposing the purchase of any new jet fighter fleet for Colombia’s air force, though he quickly reversed course once elected, claiming that new aircraft were needed for the safety of the pilots. At the time of Petro’s election, the Saab and France’s Dassault were finalists, and $678 million USD had been allocated to the project, though the initiative collapsed when the budget allocation expired.

The setback opened the door for US aerospace manufacturer Lockheed Martin to attempt to restart talks with the Petro government for the more expensive F-16 Block 70 fighters, but at $108 million USD per aircraft, the $3.1 billion USD package would be considerably more expensive than the original budget.

Though the F-16 and Saab Gripen are both respected as excellent tactical fighters, the Swedes have touted the Gripen as appropriate for Colombia given both its ability to operate with less infrastructure, and ease of maintenance. Though the Gripen has some air superiority limitations compared to the F-16, it is able, for example to take off from a 500-meter runway—less than the length of three football fields, be maintained at a lower cost and with fewer personnel (according to Saab), and is quite capable in the types of engagements Colombia is likely to find itself involved in, such as air-to ground and anti-insurgency operations.

This morning, Saab head of Media Relations, Mattias Rådström told Finance Colombia in an email exchange that”It is very positive for Saab and Sweden that Colombia’s President Petro has announced his intention to acquire the Gripen E/F advanced multi-role fighter. Saab has the most comprehensive offer for Colombia, and we are convinced that Gripen E/F is the best choice for the long-term defense, security and prosperity of Colombia. Although no contract is yet in place, we look forward to finalizing negotiations with Colombia.”

Above photo: A Saab Gripen E at Colombia’s 2023 F-AIR airshow (photo: Loren Moss)