Organized by the National Union of Colombian Livestock Associations – UNAGA and Corferias, Agroexpo 2025 will bring together more than 600 direct exhibitors, nearly 3,000 live animals on display and judging, and an attendance of more than 200,000 visitors, including agricultural professionals, businessmen, buyers, media, and the general public.

The field that drives

This edition will have as its theme “The field that drives”, a concept that transcends the slogan to become a living experience that reflects transformation, resilience, and vision of the future. The fair will highlight the role of agriculture as an economic, social, and environmental engine, and will focus on innovation, sustainability, inclusion, and generational renewal as pillars of the new Colombian agriculture.

“The countryside is not only territory: it is an engine of transformation and progress. Its richness, diversity, and innovation propel people, industries, and communities toward a more prosperous and sustainable future. From small producers to large agribusinesses, Colombian agriculture offers real opportunities to grow, compete, and improve the quality of life,” said Doris Chingaté, Agroexpo project manager in Corferias.

A complete, multi-industry experience

Agroexpo 2025 will offer a comprehensive program with commercial, technical, and experiential spaces, designed to generate real connections, boost business, transfer knowledge, and make good practices visible. The agenda includes:

• Agricultural and livestock trade show
• Animal Exhibit & Judging
• Agricultural Experiential Center (CEA)
• III Agroexpo Innova Forum – INNOVATION, SUSTAINABILITY AND GROWTH – The Path of Colombian Agriculture (In alliance with La República) space to make entrepreneurship and innovation in agriculture visible
• World Congress of Swiss Brown Cattle (18 July)
• XIV Porkcalidad Congress (9 and 10 July)
• Auctions, business roundtables, activations, and family activities
• Virtual showroom and digital presence through Econexia

“Agroexpo is more than a fair: it is a platform to do business, learn, innovate, and interact with other subsectors. It is the meeting point of agriculture that drives Colombia and the entire region,” said Daniel Espinosa, president of UNAGA.

A fair for everyone

Agroexpo aspires to be a stage where tradition, future, and identity converge. A space for producers, technicians, entrepreneurs, institutions, unions, families, and consumers to connect with the countryside, learn about its challenges, discover opportunities for transformation, and strengthen their commitment to rural development.

Photo credit: Agroexpo website.

Sources told Chilean daily El Mercurio that private equity firm Caoba Capital, backing both Sky and Avianca that it was “obvious” the shareholders would seek synergies between the two South American airlines, and Elliot Management has is also backing both airlines along with Caoba. Local and industry journals report that Sky Airlines President and shareholder Holger Paulmann would lead the merged company, becoming the alpha lead in the binational partnership.

In response to all the buzz, Avianca filed a Form 6-K with the United States Securities and Exchange Commission on October 4^th, reminding interested parties that current shareholders will be wiped out by the proposed reorganization plan in favor of DIP creditors, who will become the new shareholders; but the firm also said that Avianca has not participated in any negotiations with Sky.

According to Colombian daily La República, Caoba Capital and Elliot Management are set to control 70% of Avianca & 40% of Sky.

However, Avianca company management is not necessarily privy to negotiations or decisions taken by outside shareholders, and it would behoove those DIP (Debtor In Possession) shareholders to keep preliminary negotiations outside of the company. Were the company management at this stage directly involved in any merger talks, it could complicate bankruptcy proceedings, but shareholders are free to do and say as they wish.

Avianca denied company-to-company negotiations but did not flatly deny talks.

“Avianca has no knowledge of any future decisions the Tranche B investors may take, as potential controlling shareholders of the Company, once the Plan is confirmed,” the company said in its 6-K filing, going on to clarify:

“Avianca has no knowledge of any investment of its Tranche B investors in Sky, nor the terms and conditions of any negotiation that any of the Tranche B investors may have pursued with Sky or its shareholders.”

Current shareholders, likely to be wiped out by any agreement, have until October 19 to object to the reorganization plan, and votes may be submitted to approve or reject the reorganization plan up until October 15, both 4pm Eastern time. The court will hold a hearing October 26 at 10am to consider approval of the reorganization plan.

Court filings and other documents related to the Chapter 11 process in the US are available at www.kccllc.net/avianca.

The low-cost carrier that flies an all-Airbus fleet has not canceled its planned deliveries of new planes on the way, equipped with highly efficient General Electric turbofan engines. The airline has new international and domestic routes in the pipeline and has not laid off any of its 800 employees (though 70% of them have taken voluntary temporary leaves of absence).

Colombian airline Viva Air is now carrying humanitarian aid in empty passenger seats as well as cargo holds of its aircraft to supply food and school supplies to famine-stricken La Guajira, Colombia

The airline has asked for a $60 million USD bridge loan from the Colombian government, roughly half the cost of a new Airbus A320 aircraft to assist with liquidity, and insists it does not need a “bailout.” Unlike Panamá based publicly traded Copa  Airlines (NYSE: CPA) which raised money in capital markets, Viva Air is still a private company backed by Irelandia Aviation, the same low-cost pioneer behind Europe’s Ryanair and Allegiant Airlines in the US. Legally named Fast Colombia S.A.S., Viva air actually is a Colombian company, while competitor LATAM (NYSE:LTM, IPSA: LTM) is Chilean and even Avianca is legally domiciled in Panamá as it goes through bankruptcy procedures in the US, home of its controlling shareholder United Airlines (NASDAQ: UAL).

Finance Colombia’s executive editor Loren Moss was able to catch up with Viva Air’s CEO for an update on the airline’s plans and status during Colombia’s national curfew, and to present the question countless Finance Colombia readers have asked: “When will the skies open to travel again?” The exclusive in-depth interview follows:

Finance Colombia: Thank you for your time. I know that you are extremely busy. I saw that for example, today you published on LinkedIn an open letter to the passenger public, because everyone is still asking when we return to the air. I do know Copa Airlines in Panamá said: “that they think that by June they are going to fly,” but, what do you think about that?

Felix Antelo: Loren with dates, we are, as a group of airlines, through ATAC (Association of Colombian Air Transport), we are talking with the Ministry of Transportation and with Aerocivil, about restarting operations, always talking about national domestic operations. It takes a lot more for the international operations. So, for national operations, what is being talked about without any definite or fixed date is June, the beginning of June, but there’s where complexities appear. Once we start we are not going to be able to fly through all the airports, we are going to be able to fly to 5 or 6 airports that are the largest ones, most likely, there are going to be hourly operational restrictions, so when you could normally fly in an airport 30 or 40 times per hour, we will operate between 5 and 6 times, obviously there is the whole issue of biosafety protocols that we are discussing, which is going to happen; the issue of an empty middle seat, then all of that adds complexity Loren, and also the biggest situation: the country situation with the pandemic.

“YES in capital letters! We are going to be able to expand our service on international routes and domestic routes and why? Because we have the most efficient structure, the most efficient aircraft operating in Colombia…”-Viva Air CEO Felix Antelo

Colombia so far has tried to control it and they have done a good job, but it all depends on when the country is ready and the government wants to reopen the country, all that obviously adds complexity to establishing a fixed date. And I also add Loren, that the airlines need at least three weeks to go out to promote and sell the capacity we have to sell. I mean, then they can’t tell me on May 28 or May 30 they begin to fly on June 1, we need some time to be clear about which itineraries we publish and which itineraries we are going to sell. So I am, sorry I can’t answer your question with something more specific, but I estimate that it will be June sometime and until that moment we are waiting for the authority to say when we can do it.

Finance Colombia: I understand, and aviation is always a sector with a lot of competition, with very small margins, but you are in the process if I understand well, of negotiating with the government, possibly a bridge loan of up to $60 million dollars and that is a very small amount. For example, Copa just issued short term bonds for $350 million dollars in the private markets. I understand it is a bigger airline; the other airline here in Colombia is in need of billions of dollars, so my question is: $60 million? Does that demonstrate your strength? Because, that’s relatively small, that would be enough for you to endure this pandemic, this recession that we are facing?

Félix: It’s a good point Loren, and indeed if you look at other companies as well, , in the conversations we’re having, it is a bridge loan as you well mention, of less than $60 million dollars, I mean in the market it’s being said that Colombian airlines need between $1 and $1.2 billion dollars, right?. In the case of Viva Air, as I mentioned in (Colombian business daily) La Republica, it’s less than 5% of that total amount, an amount close to $50 million dollars, it is a low amount for aviation, but for commercial aviation, like you, you are a person who the understands the market, you know that this is a very small amount, very reasonable for a government, it is an amount that for Viva, with the cost structure that we have, effectively helps us to go through this pandemic and get ahead, which is what we need.

Finance Colombia: Yes.

Felix Antelo: We entered this crisis with in a good way, let’s say a good first quarter until March 20, with a profitable position, the costs are very controlled as you know, and indeed it is an amount that sounds very reasonable for the state and that  satisfies the needs that Viva has and meets the needs that Viva has to survive and to continue growing in the future.

Finance Colombia: But that’s even less than just half the cost of a single Airbus aircraft that you fly.

Felix Antelo: Yes, it is.

Finance Colombia: We can see the drama happening around the globe even before the crisis like the struggles of Avianca or South African Airways, even before the Coronavirus COVID-19 Pandemic they were already in a bad state…speaking of which, nobody hopes for misfortune upon their competition but what opportunities are there for Viva? Will there be opportunities for those airlines that are in a growth stage such as Viva? Will VIVA be able to take advantage of, or serve any excess demand here in Colombia or in the broader region for example more routes between Colombia and Peru?

Felix Antelo: The short answer Loren is “YES” in capital letters! We are going to be able to expand our service on international routes and domestic routes and why? Because we have the most efficient structure, the most efficient aircraft operating in Colombia is the Airbus A320. It also has a very efficient configuration due to the number of seats we have and, as you well know, they consume less fuel, they have more reliability, they fly more hours (between maintenance), so for the unit cost of Viva the answer is: We do believe that there are going to be more opportunities in the market and business opportunities as well because the market is going to be reconfigured, and we have to be vigilant and agile to take advantage of those market opportunities, and as I repeat, it is going to involve national and international routes too, so that’s what I predict.

Good things to come

Finance Colombia: I know that you were already about to launch new routes in places like the United States, the Caribbean and Ecuador, but do you still have these plans or did you have to postpone that for months or years? What is the status of those new routes?

Felix Antelo: Well, indeed, as you mentioned, we were days, days literally, not even weeks of announcing and luckily we were able to adjust our plans before announcing, but the answer is Loren, that the plans have not been canceled, they have been postponed. I would tell you that we think of retaking those plans, but it will depend a lot on how demand evolves, surely it will not be a launch with four routes at the same time, but rather it will be somewhat more phased in, with some routes launched before others, and also seeing a lot of how international demand is evolving. What we are seeing around the world is that domestic traffic will be the first to fly for various reasons, and the people feel safer flying inside their own country.

Second because people also feel, from the issue of feeling close to home, being covered by a health plan, a third issue the cost system is cheaper to fly domestic flights than international ones; due to these factors the first traffic that will fly will be domestic traffic so seeing how the domestic scenario will evolve first and then the international one…we are going to take these international routes, but I would say that it will surely be, let’s say from the original date of when they were going to fly that we were going to start flying them from July to September of this year. On average, everything will be shifted I would say between 9 and 12 months.

Viva Air CEO Felix Antelo welcomes passengers on the airline’s inaugural flight from Medellín to Cali

Finance Colombia: You will be pleased to know that the number one question I have from the readers of Finance Colombia is “when can we fly to Colombia?” So many people: executives, tourists, yes, I see the demand.

Felix Antelo: International or domestic flights?

Finance Colombia: Internationals, there are people who, even tourists, who have unfinished business, deals to do here. There are people who have pending matters, meetings, or private matters, but the demand is there contrary to what a lot of people fear. I think that there are many who say that there is no demand but people need to see family, to do business. I hear from them.

Felix Antelo: Hopefully. I hope Loren, I hope you are right and that demand is stronger than we all anticipate, I would tell you that international flights—and this is not a formal or official date, my estimate is that they will be for Colombia I would tell you between the end of July and the end of August, it will be around that time. I hope I am wrong and it is sooner, but I estimate that it will be for the end of July or between July and another time in August.

Finance Colombia: With Avianca’s departure in Peru, is Viva’s strategy changing or how are things going there in Peru?

Felix Antelo: Look Loren, Avianca had shrunk a lot in Peru, especially from the year 2000, let’s say until the middle of 2018 and the beginning of 2019 It had been left with only one route to Cuzco with two or three flights daily. Viva had five flights daily. Avianca had already shrunk in the domestic market, and they had practically disappeared in late 2018 and early 2019, so in that sense it does not change much, and the other thing Loren, it is like what happens with the international routes that Avianca flew directly with its Peruvian subsidiary? if those routes were Miami, Buenos Aires, Bolivia, Brazil, it’s not yet clear how it is, so I believe that other opportunities may also arise in the international routes, but it is not clear yet Loren, I would tell you that in the domestic there will be no changes since Avianca was practically no longer flying domestic routes. On international routes there may be new opportunities, but it is not yet clear how that market will evolve.

Finance Colombia: Viva is based here in Medellín at José María Córdova International Airport outside the city in Rionegro. Bogotá has been a victim of its own success and El Dorado International Airport is super-congested and out of capacity. Viva is in growth mode. Can Medellin with its very small international airport (less than 20 gates) still serve your needs as a home-base hub into the future?

Félix: Well that’s a good question, the Rionegro Airport, let’s say it is a good airport, but surely given the growth of Viva, what we estimate for the future…this Pandemic obviously changes all, because traffic is going to be reduced strongly in the first stage, but when it returns to normal and we return to the Pre-COVID levels, if you are talking to the Rionegro airport for an expansion of a first stage of the part of the growth that will have to come, I’d say it would have to happen within the next two or three years so that Medellin does not collapse like Bogotá, we were in those conversations before COVID hit, so I told you now the time, I think that in the next 12 months the traffic is going to have a decrease now, I believe that at the end of this year it is going to start to recover stronger, so this kind of moves everything and delays between one or two years; it delays everything, which gives us a little more time, but going to your point, we have to work together between Viva, the (municipal) airport of Medellin, the Airport of Rionegro and the cities of Medellín and Rionegro to have an airport at the level of (international) expectations that is needed. If we want to continue increasing passenger levels for the next 5 to 10 years within 20 or 30% per year, the greatest growth of that will not all be in Medellin because you know, we operate in many other airports, but if our main base is here and the main airport for Viva is Medellin in Rionegro, then we need the airport to join us in this expansion plan.

Finance Colombia: Yes that fascinates me because they finished, they just finished this growth project, the good thing is that it shows the vitality and energy of the city, Medellin is a city that is progressing, which is increasingly in demand in the area, one thing that fascinates me about the airport is that I was talking to my wife the other day and I reminded her: “You know that it costs more to go from Medellin to Rio Negro in the taxi than the cost of the flight with Viva Air? I pay more for the white cars (dedicated airport taxis) than I pay for VIVA and it fascinates me!

Felix Antelo: Another thing Loren, a thought: either the taxi is very expensive or the ticket is very cheap.

Finance Colombia: (Laughs)

Felix Antelo: Either one, the truth is that the taxi is expensive, and our tickets are very accessible too, they have very low prices.

Finance Colombia: I remember how six years ago I paid about $70,000 pesos for an overnight bus from the north bus terminal of Medellín to Bogotá, but VIVA costs less than the bus and if I am concerned about my health, I can spend 30 minutes on a plane or 12 hours on a bus and buses do not have HEPA filters!

Felix Antelo: Yes that too, exactly then Loren, a final reflection of mine that you just told me, there are few closed spaces safer and healthier than inside a plane, so you just said, you are talking about a modern plane, an A320 plane, HEPA filters keep 99.9% of the air constantly cleaned, free of bacteria and particles, there must be few more closed places, I do not know any place, after being outdoors, that is safer than a plane.

See Also: What might happen to Avianca? Will Copa purchase the Airline? (click)

Since the impact of Lava Jato and elections is starting to dissipate, developers and sponsors feel now is the time to restart discussions on what role the capital markets can play for energy and infrastructure projects in Latin America. Institutional investors are also actively seeking long term investment opportunities in the energy and infrastructure space in Latin America, but many are not sure where to start looking and want to understand how challenges in Latin America will be overcome.

Project Finance & Capital Markets Latin America 2019 plays a crucial role in mapping out the Latin American opportunities and challenges; in the provision of constructive expert industry outlooks for 2020; and in promoting the industry’s continual development by connecting key industry decision-makers with willing counterparties, thus instigating vital business deals.

A growing list of reputable sponsors and partners support the Project Finance & Capital Markets Latin America 2019 event, including: SMBC, CIBC, Atlas Renewable Markets, DNB Markets, Holland & Knight, Latin America Power, Winston & Strawn, Finance Colombia, Finance TNT, La Republica, Slata.

The event will bring these groups together (65% of the audience will be developers or investors) so the potential for projects in Latin America can be unlocked, and innovative financing solutions in capital markets can be discussed.

Gain fresh insights from over 30 expert speakers and take away new business solutions and contacts, as Project Finance continues to develop in Latin America.

With over 350 attendees expected this year there is clearly tremendous scope for making advantageous contacts in our business development-driven environment. Jesus Salinas of Acciona Energia stated, “Great opportunity to do networking and to listen to the views of the market and its players”

Claro Colombia parent América Movil reported that its Colombian subsidiary Claro grew its subscriber base by 1.1% in 2018. As of publication, the company offered no response, details or timeline regarding the data center. Should a response be forthcoming, this brief will be updated.

“I don’t have the slightest doubt that the worst has already passed and that perhaps the most serious damage occurred in 2016, because not only was it due to oil but also the phenomenon of El Niño and the trucker strike, and as well as uncertainty about peace and tax reform,” Cárdenas told La República.

Photo: Mauricio Cárdenas, seen here speaking at an IMF event in Medellín last year, expects improvement this year on the 2.5% GDP expansion of 2016, but admits the downturn will still prevent Colombia from returning to the 4.5% growth he expects to see again in the future. (Credit: IMF)

The minister, who calls himself a “realistic optimist” about the economy, said that, “we had a difficult time, and we must not deny it.” But he also noted that the downturn was in many ways unavoidable and has largely been caused by the drastic fall in the price of oil, which has accounted for up to two-thirds of Colombian exports in recent years.

He also pointed out that the country has navigated the devaluation in commodities prices relatively well, with an economic growth last year that outpaced Brazil, Argentina, and Chile. “The country assimilated surprisingly well because we did not fall into a recession,” Cárdenas told La República.

Cárdenas is currently projecting the GDP to grow by around 2.5% in 2017, which is better than the 2.0% seen in 2016 but well below the highs seen during the commodity boom — and the recharged growth of around 4.5% that Cárdenas believes is still ahead in the future.

“The year 2017 will be better and with more growth, but we are still not in top form,” he told La República. “We are still not going to have the ideal and optimum growth to which we aspire, which is 4.5%. This year we will not reach 4.5%, but it will be better than last year.”

According to the Banco de La República, the central bank, the annualized consumer inflation rate in January was at 7.45%, and the average between major inflationary measures at 5.73%, exceeding the forecasts of the central bank’s team of analysts. The target inflation rate for the bank remains at 4.5% for the next year, and 3.7% two years out.

Above photo: Banco de la República’s board of directors. Photo credit: Guillermo Restrepo, courtesy Banrepublica

The increase in food prices make up a considerable portion of January’s inflation rate. For example, according to the Fedearroz—the Federacion Nacional de Arroceros (National Rice Growers’ Federation), a kilogram of rice rose 200 pesos in just one month, from $3,264 pesos to $3,451, as reported in the daily La Republica. Aggravating the fall in the peso, Colombia finds itself in the grips of a very strong El Niño climate cycle, which has led to decreased agricultural output, and in much of the country, a severe drought that has led to fatalities in both humans and livestock.

In its statement, Banco de República also cited the following factors:

• Petroleum prices remain volatile, according to the central bank, and will likely to continue to remain lower than historical averages. As investors become more risk-averse, Latin American economies such as Colombia’s will see a risk premium in currency and interest rate spreads.
• Recent data suggests that global economic growth has slowed, reducing demand from Colombia’s major trading partners. Recovery for Colombia’s export markets is expected to be slower in 2016 than previously projected.
• The fall in oil prices has resulted in a precipitous decline in Colombia’s tax revenues, and dividends from state controlled petroleum assets. This has required a decrease in government spending, and an increase in the urgency for fiscal reform. Budget cuts and adjustments to Colombia’s taxation regime are necessary in 2016, according to the central bank, for the economy to adjust to the new government tax-revenue landscape.
• Production has remained constant in the last two quarters of 2015, however net exports for 2015 should register a modest growth of between 2.8 & 3.2%.

Colombia’s consumer confidence index has fallen to historic lows. This has negative implications for household durable goods purchases. Other economic indicators predict an annual growth rate of 2.7%, or within a range of 1.5%-3.2%.