Held at a time when Colombia’s agricultural exports continue to reach record levels, the exhibition will provide a platform for business development, investment, innovation, and knowledge exchange across the region’s agri-food ecosystem.

The event is expected to welcome more than 350 exhibiting companies and approximately 14,000 specialized visitors, alongside international buyers and representatives from the financial, technology, and agribusiness sectors. Dedicated business platforms such as AgroMatch and AgStar will facilitate commercial partnerships, investment opportunities, and networking throughout the exhibition.

One of the main additions to this year’s edition is the transformation of FIXA into a comprehensive Knowledge Ecosystem, featuring six specialized areas focused on topics including agricultural technology, livestock, agribusiness, finance, productivity, and innovation. The programme will include conferences, TED-style presentations, startup pitches, advisory sessions, case studies, and networking activities.

Discussions throughout the event will cover key issues shaping the future of agriculture, including artificial intelligence, precision farming, biotechnology, regenerative agriculture, food security, rural finance, export markets, and AgrifoodTech innovation.

Dates: October 21–23, 2026
Venue: Corferias, Bogotá, Colombia

For more information, visit https://expoagrofuturo.com.

Historically, not only in Colombia but around the world, incoming presidents and prime ministers typically achieve only a fraction of what is promised during their campaigns. Even if 30% of commitments are delivered, Abelardo could still disappoint some of his supporters, particularly those in Medellín who became deeply disaffected with Gustavo Petro’s administration. Ultimately, only time will tell. Much has been promised, but the pudding still has to be proven.

One major challenge will be the currency, which has moved to levels not seen in many years. The peso reached COP 3,100 against the dollar on Friday, and while many had feared a move toward COP 3,000, the surprise decision by Banco de la República to leave interest rates unchanged at 12%, despite rising inflation, quickly reversed that trajectory. COP 3,200 appears possible as the week begins.

These are extremely challenging levels for exporters and, in turn, for Abelardo, who has promised a golden age for overseas sales. Key sectors such as coffee and flowers have already publicly expressed concerns about declining competitiveness. Even if the new administration succeeds in creating a new oil boom, revenues generated at current peso levels will be significantly lower than anticipated.

The past four years have been dominated by discussions around debt and deficits, which economists understand are the cumulative result of decisions made by previous governments. These pressures are unlikely to ease if the peso remains at current levels.

Consumer confidence from Fedesarrollo remains solid. Retail sales are supporting imports of durable goods, particularly vehicles and electronics, adding more than $1 billion USD to the monthly deficit.

Other sectors likely to feel pressure include tourism and real estate, both of which have experienced significant growth in recent years. Colombia has become an increasingly fashionable destination, and many visitors have later returned to invest in houses and apartments. Today, however, those investments have slowed, while visitors are finding hotels, restaurants and excursions considerably more expensive than they were two years ago.

The reasons behind the peso’s current level are many, but a key factor has been investment flows into Colombia’s attractive local TES bond market through carry trade strategies. That said, profit-taking could soon emerge, particularly if investors begin positioning for a stronger dollar.

Let’s see how “The Tiger” addresses the challenge.

My regards,

Roops

The event will serve as a forum for dialogue on the future of the mining sector, bringing together perspectives from across the industry to address challenges, opportunities, and the sector’s contribution to Colombia’s economic and social agenda.

You may register by filling out this form.

Colombia’s June 21 presidential runoff will have a significant bearing on the country’s economic policies and prospects, Fitch Ratings said in a commentary published this week.

In the first round of voting on May 31, right-wing candidate Abelardo de la Espriella — running under the Defensores de la Patria movement — received 43.7% of votes, defeating leftist senator Iván Cepeda of the governing Pacto Histórico, who received 40.9%. Neither candidate reached the absolute majority required to win outright, sending the election to a runoff.

De la Espriella’s stronger-than-expected first-round performance prompted a positive reaction in financial markets, reflecting expectations that he may be better positioned to address Colombia’s macroeconomic challenges that have intensified under outgoing President Gustavo Petro.

The next president will face the challenge of addressing Colombia’s wide fiscal imbalance. The central government deficit reached 6.4% of GDP in 2025, or 7.8% when net of a temporary reduction in interest costs from liability management operations. Fitch estimates that debt stabilization will require a fiscal adjustment equivalent to 4% of GDP. Higher global oil prices are expected to boost revenues via taxes and dividends in 2027, but Fitch cautioned that this support may not last.

“De la Espriella’s stronger-than-expected first-round performance prompted a positive reaction in financial markets, reflecting expectations that he may be better positioned to address Colombia’s macroeconomic challenges.” — Fitch Ratings

De la Espriella has pledged fiscal consolidation through a 40% reduction in the size of the state, while Cepeda has proposed restraining public-sector salaries and benefits. Budget rigidities and spending pressures tied to pensions, healthcare, and subnational transfers will make either adjustment difficult. Both candidates have also proposed higher spending — on defense and social welfare respectively. Capital spending could be trimmed as an adjustment variable, but only to a limited extent, with 2025 outlays of 2.7% of GDP.

The interest bill will be another source of pressure amid a higher local yield curve. Recent liability management operations have replaced lower-coupon bonds with higher-coupon ones, providing an up-front financial benefit while increasing future interest costs.

Given these spending constraints, durable fiscal consolidation is likely to require revenue-side measures. Colombia has a history of tax reforms, but new legislation is far from assured. De la Espriella has pledged to cut taxes, and while Cepeda supports revenue-raising measures, he could face obstacles in advancing reforms through Congress — as Petro’s administration found.

Uncertainties about Colombia’s trend growth persist. The economy expanded at an annual rate of 2.5% in 2019–2025, below the ‘BB’ median and below its own prior average of 3.5%–4%, supported by government transfers, a strong labor market, and minimum wage increases that kept private consumption buoyant at +4.2%. In contrast, investment contracted by an average of 1.6% annually, falling to 16% of GDP from 21%, affected in part by business concerns about the Petro administration’s more interventionist policy stance.

De la Espriella has pledged to boost growth through promotion of hydrocarbon development — including fracking — alongside tax cuts and steps to reduce administrative burdens on businesses. Cepeda has pledged continuity with Petro’s state-led development model, without concrete proposals to revive private investment.

Both agendas face implementation challenges. The next legislature will remain fragmented, requiring negotiation to pass any major legislation. As a political newcomer, de la Espriella could encounter difficulty advancing his program should he win. Social protests are a risk, particularly regarding his plans to cut spending and adopt a tougher security stance.

The election could also influence monetary policy, with implications for financial conditions and thus for public finances and growth. Despite rising inflation, the Banco de la República (Banrep) voted to hold its policy rate at 11.25% after swift prior increases of 200 basis points, amid explicit pressure from the executive branch for looser policy. The elections could influence Banrep’s next steps starting with its June 30 board meeting, and will also determine who fills two vacancies on its seven-member board in 2029.

Fitch’s downgrade of Colombia to ‘BB’/Stable in December 2025 reflected the agency’s view that the starting point for public finances had weakened considerably, and that improvement would take time regardless of the election outcome. Faster-than-expected fiscal adjustment, higher growth, and lower real rates that support debt stabilization could be positive for the rating. A worsening of these variables that steepens the debt trajectory could be negative.

Above image: Fitch Ratings

Grupo Energía Bogotá (BVC: GEB) and La Caisse, the investment arm of Caisse de dépôt et placement du Québec, have signed a final agreement to merge their respective Brazilian power transmission assets into a single 50/50 jointly controlled platform operating under the name Verene Energia S.A. The transaction was announced May 15, 2026, from Montréal and Bogotá.

The combined entity will consolidate 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and a workforce of over 400 employees across 17 Brazilian states. At that scale, Verene will rank among the five largest power transmission operators in Brazil, a market that has drawn sustained interest from international infrastructure investors as the country advances grid modernization programs.

Verene, which had previously operated as La Caisse’s dedicated transmission platform in Brazil, will continue as the reference vehicle for the combined portfolio. The partners have indicated that the platform will be positioned to pursue acquisitions and network expansions in Brazil’s transmission concession market, with grid modernization and decarbonization cited as the broader policy context driving new investment opportunities.

“By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing.” — Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse

Grupo Energía Bogotá, headquartered in Bogotá and listed on the Bolsa de Valores de Colombia (BVC: GEB), has operated in Latin America’s energy sector for more than 130 years. The company holds assets in electricity generation, transmission, distribution, and gas transportation and distribution across Colombia, Peru, Brazil, and Guatemala. Its entry into the joint venture contributes its existing Brazilian transmission concessions to the merged platform alongside La Caisse’s Verene assets.

La Caisse manages net assets of 517 billion CAD as of December 31, 2025, on behalf of 48 depositors representing more than six million Quebecers. The fund is active across major financial markets, private equity, infrastructure, real estate, and private credit, and has built a significant infrastructure portfolio in Latin America through investments including the Verene platform.

Juan Ricardo Ortega, president of Grupo Energía Bogotá, described the rationale for the transaction in terms of combining complementary strengths. “By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition,” he said. “We believe this alliance will generate sustainable value for our stakeholders and contribute to Brazil’s economic and energy development.”

Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, framed the deal as a consolidation play. “By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing,” Jaclot said. “GEB brings more than 130 years of operating heritage and ranks among Latin America’s leading energy infrastructure groups, with deep expertise across the region’s transmission sector. Together, we share a vision to strengthen Verene’s footprint in Brazil through value-creating acquisitions and continued support for the country’s energy transition.”

Financial close is expected by the fourth quarter of 2026, subject to customary closing conditions, regulatory consents, and approvals. BTG Pactual (BVMF: BPAC11) acted as financial advisor to La Caisse, with Pinheiro Neto Advogados serving as legal counsel. Citibank (NYSE: C) advised Grupo Energía Bogotá on the financial side, while Mayer Brown provided legal advice to GEB.

The manufacturing sector was among the quarter’s strongest contributors, posting year-over-year growth of 2.9% and adding 0.3 percentage points to the annual variation in GDP. The sector’s performance placed it among the primary drivers of national economic output for the period.

Within manufacturing, two subsectors recorded particularly pronounced gains. Motor vehicle production expanded 27.8% year-over-year, while metallurgy grew 6.6%. Both categories function as inputs to broader industrial supply chains, and their recovery carries implications for upstream and downstream productive linkages, including employment in skilled manufacturing roles.

“What is notable about the first-quarter results is not solely the magnitude of the growth, but its composition. The performance of sectors such as motor vehicles, metallurgy, and machinery is particularly significant because it demonstrates a recovery of industrial capacities with greater effects on productive linkages, skilled employment, and economic sophistication.” — Diana Marcela Morales Rojas, Minister of Commerce, Industry, and Tourism of Colombia

Separate monthly data from statistical agency DANE’s índice de producción industrial (IPI) showed that real industrial output grew 3.9% in March 2026 compared to March 2025. The expansion was distributed across multiple subsectors, including motor vehicles, metallurgy, machinery and equipment, chemicals, pharmaceuticals, rubber, plastics, and non-metallic minerals, indicating that the manufacturing recovery was not concentrated in a single production category.

Wholesale and retail trade expanded 6.0% in the first quarter, reflecting increased domestic market activity and business commerce. The trade sector’s performance complemented the manufacturing gains and contributed to the overall breadth of the quarter’s expansion.

Not all sectors contributed positively. Construction contracted 5.4% compared to the first quarter of 2025, the weakest result among major economic categories for the period. Public administration, defense, social security, education, and health services grew 5.7%, and reporting by Colombian media citing DANE data indicated that public spending accounted for approximately 46% of total first-quarter growth — a concentration that introduces a structural caveat to the headline figure, as private-sector momentum remains uneven across the economy.

Diana Marcela Morales Rojas, minister of the Ministerio de Comercio, Industria y Turismo, addressed the composition of the results in a statement issued alongside the data release. “What is notable about the first-quarter results is not solely the magnitude of the growth, but its composition,” she said. “The recovery of manufacturing, metallurgical, and industrial production activities demonstrates a greater role for sectors associated with transformation, productive capacity, and value-added generation within the national economic dynamic. The performance of sectors such as motor vehicles, metallurgy, and machinery is particularly significant because it demonstrates a recovery of industrial capacities with greater effects on productive linkages, skilled employment, and economic sophistication. These are meaningful indicators of strengthening of the manufacturing structure and national production.”

The first-quarter data were released as Colombia continues to manage elevated monetary policy rates and fiscal pressures that have weighed on investment activity in recent quarters. The Ministerio de Comercio, Industria y Turismo indicated that the quarter’s results reflect progress on an agenda oriented toward strengthening industry, domestic production, and commercial activity, though the degree to which private-sector industrial recovery can sustain these gains independently of public spending remains a key variable for subsequent quarters.

Headline photo credit: Tecnoglass

In Colombia’s local fixed-income market, the Títulos de Tesorería (TES) fixed-rate curve appreciated across its entire structure over the last month. As of March, the total balance of TES in circulation stood at 747.9 trillion COP. Despite this positive market valuation, macroeconomic headwinds remain a central concern for the Ministerio de Hacienda y Crédito Público. The fiscal balance of the Gobierno Nacional Central (GNC) reported an accumulated deficit of 1.7% of GDP through February.

These persistent fiscal imbalances were cited as the primary driver behind the recent decision by S&P Global (NYSE: SPGI) to downgrade Colombia’s sovereign credit rating. The administration continues to manage these debt instruments against a backdrop of tight monetary conditions, which remain a primary focus for institutional investors holding Colombian sovereign paper.

Colombian fixed-income markets show valuation gains despite a recent S&P credit downgrade linked to ongoing fiscal imbalances.

The international fixed-income landscape experienced notable shifts between March 25 and April 23, 2026. The yield curve for US Treasury bonds displayed mixed performance, defined by a decrease in short-term rates and an increase in long-term yields. Analysts attribute this volatility primarily to conflicting signals regarding the ongoing conflict in the Middle East.

Economic indicators released by the Bureau of Labor Statistics show that annual consumer inflation, measured by the Consumer Price Index (CPI), accelerated by 0.9 percentage points to reach 3.3% in March. This data triggered a rebound in short-term inflation expectations within the Treasury bond market, while medium and long-term outlooks remained stable. Consequently, the Intercontinental Exchange (NYSE: ICE) MOVE index—which tracks public debt market volatility—and the Cboe (NYSE: CBOE) VIX—which monitors S&P 500 equity volatility—both registered significant declines during the period.

The upcoming monetary policy meeting of the Banco de la República, scheduled for April 30, takes place as the balance of financial risks has shifted significantly compared to the first quarter of 2026. Analysts from Bancolombia (NYSE: CIB) expect the Junta Directiva to increase the benchmark interest rate by 75 basis points, bringing the policy rate to 12.00%.

The convergence of elevated inflation, recent reversal episodes, and misaligned market expectations has reinforced the perceived need for a restrictive monetary stance. This strategy aims to contain domestic demand while preserving the institutional credibility of the central bank. Unlike previous sessions, the current decision-making process is influenced by a shifting global environment where markets have moved toward a higher-for-longer interest rate scenario amid increased uncertainty.

Recent discussions regarding the participation of the Ministro de Hacienda in the Junta Directiva sessions have introduced an additional element of analysis. However, current assessments suggest this does not alter the fundamental policy diagnosis, and no disruptions to the decision-making process are anticipated. Monetary policy is expected to maintain consistency, with the strategic focus shifting from reaching a contractive level to determining the necessary duration of that posture.

Analysts project Banco de la República will raise rates to 12.00% to combat inflation despite slowing domestic economic growth.

The international economic context provides a mixed backdrop for the Colombian decision. Private sector activity in the US appeared to accelerate in April, following a 1.7% monthly increase in retail sales during March. In contrast, the Eurozone reported a contraction in economic activity during April. Energy markets have also seen volatility, with US crude inventories rising in the second week of April while gasoline stocks saw a significant decline. Furthermore, crude prices surged following reports of new security incidents in the Strait of Hormuz.

Domestically, the Departamento Administrativo Nacional de Estadística reported that the Índice de Seguimiento a la Economía grew by 1.6% in February. While imports maintained growth during the same month, the urban unemployment rate across the 13 primary metropolitan areas continued a downward trend through March 2026. In the fixed income market, the central government reported debt levels at 64.2% of GDP for the first quarter, with internal debt accounting for 71.2% of that total.

Market movements reflected these broader trends as the US Treasury curve saw valuation increases driven by investor caution. In the region, Colombia, Brazil, and Uruguay emerged as the primary beneficiaries of the J.P. Morgan (NYSE: JPM) GBI index rebalancing in March. Locally, fixed-rate Títulos de Tesorería experienced devaluations across the entire curve last week. According to the April Encuesta de Opinión Financiera, these devaluations are expected to persist in the coming months. In currency markets, the COP appreciated last week against a backdrop of global and local factors, while the Euro lost ground against the USD.

Headline photo: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica

Aris Mining (TSX: ARIS; NYSE: ARIS) confirmed the completion of an underground infrastructure connection at its Marmato gold mine in Colombia. The development involved connecting a new surface decline to the existing underground mining workings.

This cross-cut connection serves as a technical step for the ongoing expansion project, which includes the construction of a 5,000 tons-per-day carbon-in-pulp (CIP) plant. The company stated that the infrastructure is currently on schedule to support the initiation of gold production in the fourth quarter of 2026.

Neil Woodyer, Chair and CEO of Aris Mining, stated: “The on-schedule connection of the new surface decline to the existing underground development is a major milestone for Marmato and an important step in delivering our expansion plans.”

The Marmato expansion is part of a broader strategy intended to increase the company’s annual gold production. Aris Mining aims to achieve a combined output of approximately 500,000 ounces per year from its Segovia and Marmato operations. The Segovia mine previously expanded its operational capacity following the installation of a second mill in June 2025.

The company maintains a long-term production objective of approximately 1 million ounces of gold annually. This target incorporates potential production from the Toroparu gold project in Guyana, where a prefeasibility study is currently underway. Aris Mining expects a construction decision regarding the Toroparu project in early 2027.

Regarding its portfolio in Colombia, the company is finalizing environmental studies for the Soto Norte gold project. Aris Mining plans to submit these documents for the licensing process during the second quarter of 2026.

Photo (© Loren Moss) illustrative only (Not marmato mine)

The city of Medellín is scheduled to host the second edition of the “WOBI on AI and Business Transformation” summit on April 28, 2026. The event, which will take place at Plaza Mayor, represents the sixth major collaboration between the Alcaldía de Medellín and WOBI since the partnership began in 2017. This year’s forum focuses on the integration of artificial intelligence into corporate leadership and operational strategy, reinforcing the city’s status as a Special District of Science, Technology, and Innovation.

Martha Lucía Maldonado Nieto, Managing Director of WOBI Colombia, detailed the evolution of the event series, noting that previous editions held between 2017 and 2019 attracted more than 4,300 business owners. “Since last year, we have shifted these digital transformation conversations toward an unavoidable topic: Artificial Intelligence,” Maldonado stated. She emphasized that the summit is designed to analyze how AI supports macro-management themes rather than providing purely technical instruction. “WOBI is not about providing technical content. Our goal isn’t to teach people how to operate a specific AI tool, but rather to support them in their roles as leaders.”

“We are certain that only by sensitizing our leaders will we achieve real changes in organizations.” — María Fernanda Galeano Rojo

The upcoming summit features a lineup of international speakers covering diverse facets of the technology. Terry Gutiérrez, the General Manager for Tesla (TSLA) in Mexico and Latin America, will present on leadership algorithms. Nathan Furr, a professor at INSEAD, is set to discuss using AI to scale business models. Other speakers include marketing expert Giuseppe Stigliano and Andrew Mayne, a former prompt engineer at OpenAI, who will provide insights into the development of ChatGPT. Maldonado noted that the curation of this content is managed by WOBI’s team in New York to identify global trends relevant to executive decision-making.

María Fernanda Galeano Rojo, the Secretary of Economic Development for Medellín, will also address the assembly on the role of “Cities that Think.” Galeano Rojo highlighted the city’s commitment to ensuring high-level technological discourse reaches multiple sectors of the local economy. “We will have 600 leaders, more than 70% of whom will be from our city,” Galeano Rojo said. “At the same time, we will have parallel activities where we will be talking with these same speakers, as well as with entrepreneurs and university students. What we want is for all this knowledge to reach different sectors of our city.”

The event structure has transitioned to a membership model as of 2024, though individual tickets remain available. Maldonado confirmed that the average cost for participation is approximately $1,990,000 COP. The summit aims to build on the success of the inaugural AI edition, which saw 800 attendees from 350 companies and has since been exported to Madrid and Milan. “Artificial Intelligence is not just another trend; it is a new reality,” Maldonado added. “It is going to change and impact us in much the same way that the internet at some point changed the way we function.”

The Secretaría de Desarrollo Económico continues to prioritize digital skills and AI training as part of its broader economic strategy. According to Galeano Rojo, the objective of the Alcaldía de Medellín is to use these international platforms to drive social and organizational transformation. “We are betting on digital skills training and AI training,” she remarked. “We are certain that only by sensitizing our leaders will we achieve real changes in organizations.”

The one-day academic session will begin at 9:00 AM. Key regional entities including Rappi, McKinsey, and Procter & Gamble (PG) were cited as background for the expertise being brought to the stage, reflecting the professional trajectories of the invited speakers.