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BCG’s impact initiative, running since 2013, has supported over 40 social enterprises in Colombia.

"We are pleased to find that there are more and more opportunities to grow our operation in the country, specifically in the destinations that most need connectivity," said Santiago Álvarez of LATAM.

The nonstop three-and-a-half-hour flight departs Colombia's second largest city each day at 12:30 pm local time.

The competitors are primarily concerned about a concentration of slots in Avianca's hands in Bogotá.

According to aviation publication Simple Flying, LATAM Airlines (NYSE:LTM, IPSA: LTM) has reduced its order for Airbus A350 XWB aircraft from 25 to 15.