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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.

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

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

“With the stock markets booming and GDP predicted to grow in most major markets around the world, it’s no surprise CEOs are so bullish,” said Bob Moritz of PwC.

The selected startups will get the opportunity to attend the World Economic Forum on Latin America in March in São Paulo.

Colombia has joined the World Economic Forum alliance to protect the Amazon from deforestation.

The 2016 total was more than half a billion dollars above the $5.2 billion USD reported in 2015 and puts the industry second in terms of foreign revenue generation after the oil sector.

Medellín-based Bancolombia was honored with a silver award from RobecoSAM in the firm's Sustainability Yearbook 2017.

Colombia can increase its food security and agribusiness by implementing best practices from the developed world to increase yield and improving physical infrastructure.

“Parts of Colombia haven’t grown at all for years because of the conflict and the absence of the state," said President Juan Manuel Santos.