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To increase bilateral investment flows and create new business, the PROCOLOMBIA president Maria Claudia Lacouture spoke to 230 Israeli entrepreneurs in Tel Aviv on Wednesday in order to explain Colombia' s potential in information technology services, fashion and the current benefits of the free trade zones.
The potential for Israel to invest in Colombia is huge. According to FDI Markets, Israel' s main destinations of Foreign Direct Investment were the United States, India, China and Romania between 2003 and 2012. In Latin America, Colombia occupies fourth place, amounting to USD 30 million according to figures from the Bank of the Republic," said Lacouture in a business opportunity seminar organized by PROCOLOMBIA due to president Juan Manuel Santos' visit to Israel.
" Israel' s investment in Colombia has so far been concentrated in the chemical, renewable energy and information technology sectors," said Lacouture when referencing the FDI Markets figures.
Israel' s economy is globally renown for its technological development and progress, which has allowed it to become a center for important international companies. In fact, PROCOLOMBIA has identified important business opportunities in areas such as Business Process Outsourcing (BPO), given that the Colombian industry created 13,000 new jobs in this sector and a 13.58% growth between 2010 and 2011.
To this effect, Ms. Lacouture told the audience that the Colombian software and information technology market has grown 28% in the last three years. This is the main sector in which Israel invests around the world.
During the investment seminar on Israeli territory she revealed that the textile and clothing sector represents 13% of Colombia&rsquo s industrial production and is among the country' s top 10 investment destinations.
According to the Ministry of Trade, Industry and Tourism, Israeli is its main commercial partner in the Middle East, with a population of 7.9 million and a per capita income of USD 32,212 (Colombia&rsquo s is USD 10,350).
With regards to exports, in 2012, Colombia exported USD 525.8 million dollars-worth of products such as furniture and wood, candy and leather items.
PROCOLOMBIA has found opportunities to export textile and clothing, flowers, animal feed, ornamental fish, household goods, packaging and leather manufacturing to this market.
Likewise, the PROCOLOMBIA president affirmed that the agribusiness, manufacturing and apparel sectors offer opportunities to increase exports between the two nations.
During its presentation, PROCOLOMBIA also made reference to what Colombia has to offer to Israeli travelers in terms of tourism.
" We have seen that Israeli travelers enjoy wellbeing experiences, birdwatching, cultural heritage, religious sites as well as sun and sand. Colombia is one of the emerging destinations in these segments, given that we have the opportunity to increase the arrival of tourists to our country," said Lacouture.
Colombia was the sixth favorite destination for Israelis when traveling abroad and, according to Euromonitor International, it will have a 4% annual growth rate in number of tourists for the 2012-2016 period.
