Over the past decade, Colombia has become an economic powerhouse thanks to improved security, a stable currency, low inflation rates, and strong economic growth. Among Latin America’s five biggest economies, Colombia’s is the fastest growing. It has begun the process for accession into the Organization for Economic Cooperation and Development and helped found the Pacific Alliance, which works to integrate the economies of its members. As the country’s economy has improved, 3.5 million of its citizens have been lifted from poverty.
“Colombia is experiencing the hope of achieving its enormous domestic promise — the hope of economic ascension for the country, of economic opportunity for its citizens, and of a bright future for its young population,” said Under Secretary of Commerce for International Trade Stefan Selig. “But Colombia is also at the point where it cannot achieve everything it hopes to achieve domestically without engaging abroad.”
This is why the United States and its trade and investment partnership with Colombia is so vital. The United States and Colombia are close trading partners. Last year, 34 percent of Colombia’s exports went to the United States, while the largest share of investment into Colombia comes from the United States.
Two initiatives help to increase investment between the two countries. The Look South Initiative helps U.S. business explore markets in Latin America, learn about emerging opportunities, and tap into federal programs that can help companies get deals done. The SelectUSA initiative assists investors from Latin America to expand into the U.S. market.
The United States is also ready to partner with Colombia on the country’s on-going infrastructure upgrades. This is an enormous effort that could help significantly increase Colombia’s economic growth.
Finally, the United States is Colombia’s partner in its transition from a resource-based economy to an economy based on innovation, entrepreneurship and intellectual property.
“We are confident that Colombia will experience the rewards of a new age of peace and prosperity,” said Under Secretary Selig. “Rewards that will be shared by the United States and the rest of the international community.”