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"There has been a lot of progress," said Lagos. "In Chile, the fact that [legalizing] the personal consumption of medicinal cannabis is being discussed is a sign of progress."

This is a fall from 2015, when Colombia ranked 103rd overall, and a substantial drop from its ranking of 84th in 2010.

Despite the drop — from 57th in 2017 to 60th this year — Colombia's overall score in the Global Competitiveness Report actually increasing by 0.1 points to 61.6.

UruIT, a Uruguayan software and mobile app development company, entered the Colombian market a little more than two years ago. The firm’s first office was launched in the Ruta N innovation complex in Medellín. Marcelo Martínez, who heads the team in Colombia, says the...

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

"It is difficult to see a domain where it couldn’t be applied nowadays," said Waldemar López of UruIT about the future of machine learning adoption.

While the rest of Latin America is going one way, Colombia is still lagging behind. Only Ecuador, with a 6.1% drop in the first quarter, performed worse.

Bogotá-based airline Avianca completed the first flight on its new daily route between the Colombian capital and Montevideo today.

While the number of Colombians traveling to the small South American nation has been meager in the past, the figures are growing.

The jump, if fully realized, would be enormous, adding some 57% to the current capacity in nine Latin American nations.