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The 2016 total was more than half a billion dollars above the $5.2 billion USD reported in 2015 and puts the industry second in terms of foreign revenue generation after the oil sector.

Property values in Cali "are an absolute global bargain, making this undervalued market irresistible," according to Live and Invest Overseas.

Oxitec's genetically modified mosquitos produce offspring that will "inherit a self-limiting gene that causes them to die before reaching functional adulthood."

"Colombia is heavily underinsured. If you look at insurance penetration ... Colombia is about a quarter of where it should be," said John Nelson, chairman of Lloyd's of London.

"We Colombians also have a right to drink quality coffee," said Andres Restrepo of Santo Kaffeto café.

Though adding a strategic partner could be a positive development, Fitch Ratings views Avianca's liquidity as low.

Colombia is poised to further increase its already-substantial market share in South America, outpacing every country except for Brazil.

"I am deeply sorry and ask forgiveness from Colombians for this shameful act," said President Santos.

"Signs for an improvement in credit metrics are slowly emerging for corporates across Latin America following a tough year during 2016," said Jay Djemal of Fitch Ratings.

Some of the funds will be devoted to improving fertilizer production, warehousing, and distribution in Colombia.