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The agreement intends to give Colombian companies the same access conditions as local firms to the markets of Brazil, Argentina, Uruguay, and Paraguay.

The agreements coincided with Colombian President Juan Manuel Santos’ trip to Brasilia to meet with Brazilian President Michel Temer.

This figure represents a 5.4% increase compared to the $5.5 billion USD in revenues in 2016.

The agreements focus on erasing regulations and “tramites” that slow down time to market across borders.

Colombia has signed a memorandum of understanding with Austria to promote cooperations in renewable energy.

Colombia set an all-time modern monthly record for record hotel occupancy rate, with 62.5% of the rooms being filled last November.

Though the 57 billion pesos allotted for 2018 are substantially below the 161 billion pesos invested last year, Colombia's commerce ministry stressed that the investment is critical.

“This is a sign of the road to recovery,” said Colombian Minister of Commerce, Industry, and Tourism María Lorena Gutiérrez.

With nearly 5.8 million foreign visitors from January through November, the country boasted growth of 27.7% compared to 2016.