A Colombian mission consisting of the Ministry of Trade, Industry, and Tourism, ProColombia, and regional investment promotion agencies Invest Pacific and ProBarranquilla will visit Japan and China between March 21 and 30 to attend the annual Inter-American Development Bank meeting in Chengdu, China. During the visit, they will present Colombia's competitive advantages as a tourism, business, and investment destination, as well as its status as an export platform to regional third markets.
"During this visit we will present the most attractive sectors for investors in Japan and China, which are the first and third largest Asian investors in Colombia. We want to focus particularly in the infrastructure sector, including projects for highways, main, secondary, and tertiary roads; railroad rehabilitation, and port and airport modernization. We will also show opportunities in renewable energies, creative industries, and E-commerce, as well as the potential for agribusiness in Colombia-considered a potential global food pantry by the FAO," says Flavia Santoro, ProColombia president.
The Colombian team will hold meetings with the World Economic Forum in order to review the progress of the Centre for the Fourth Industrial Revolution of the WEF (C4IR) in Japan and review possible partnerships for innovation with the new WEF center in Medellin, the first of its kind in Latin America.
Subsequently, the team will participate in a meeting with the Inter-American Development Bank (IDB) in Asia to review the plan to support Colombia's promotional activities in that region and discuss the IDB's 2020 Board of Governors meeting, which will take place in Barranquilla, Colombia.
The agenda will include meetings with companies from Japan and China's manufacturing sectors as well as with Japanese conglomerates and banks to present the business opportunities, reforms, and incentives promoted by the Colombian government to attract direct foreign investment.
Colombia's economy is robust and is on the rise. Entities such as the International Monetary Fund estimate 3.6% growth, one of the highest growth forecasts in the region, exceeding the 1.7% expected for Latin America.
President Ivan Duque's government recently promoted the Law on Financing, a tool that aims to attract greater investment as well as strengthen and stabilize Colombia's economy. This law establishes the progressive reduction of the nominal rate of corporate income tax; states tax exemptions as applicable to mega investments, agricultural, forestry, and technological projects, and creative industries; and also applies a differential income tax for hotel projects.
Colombia has been working to increase foreign investment, especially in non-mineral and non-energy sectors. It seeks to attract mega projects and anchor companies that have the capacity to incite other investors' interest along the value chain and contribute to Colombia becoming an attractive investment and business destination as well as an export platform.
There are investment opportunities to strengthen the country's road infrastructure and modernize rail corridors, ports, and airports.
Colombia's need to generate more clean energy production is driving numerous projects focused on renewable energies. Chinese and Japanese companies with extensive international experience have a lot to offer by participating in these projects' implementation.
Asian capital funds are key because they support the capitalization of companies and entrepreneurship. They are essential for growth, both in the big industry as well as in small and medium-sized businesses, where there are important opportunities throughout Colombia.
Segments such as film, performing and audiovisual arts, software and IT production, design, publishing, culture, video games, fashion, jewelry, and handicrafts have the potential to capitalize and make a name for themselves in the local and international market.
Colombia offers opportunities in sectors such as engineering services, equipment for the mining and oil industry, capital goods, and agri-food and consumer products.