- Language: English
- 136 Pages
- Published: April 2012
- Region: Kazakhstan
OECD Investment Policy Reviews: Colombia 2012
- Published: April 2012
- Region: Colombia
- 150 Pages
- OECD Publishing
Colombia’s efforts towards political stabilisation, improved domestic security and sound macroeconomic policy have enabled the country to boost its economic development, enhance its business climate and make progress in reducing poverty and inequality. This has resulted in the rapid increase of foreign direct investment (FDI) flows, which have also benefited from the commodity price boom. After a temporary decline in 2009-10 due to the world economic crisis, Colombia’s FDI inflows are expected to reach a record level in 2011. With USD 85 billion of cumulated FDI by mid-2011, Colombia is one of the largest FDI beneficiaries in Latin America. The United States is the most important investor in the country, followed by Panama and Spain. With over 40% of the FDI stock, the primary sector, including oil and natural gas and mining, continues to absorb the largest part of international investment.
The surge in Colombia’s FDI outflows reached almost the same level as its FDI inflows in 2010. This is in line with a more general trend shared with other Latin American countries, which have become an important source of FDI abroad. These developments reflect the growing internationalisation of these countries’ enterprises, notably in basic industries, mass consumption goods, and services, such as telecommunications.
This Investment Policy Review examines Colombia's achievements in developing an open and transparent investment regime and its efforts to reduce restrictions on international investment. The Review shows that, in the past few years, Colombia has made tremendous progress in promoting investment liberalisation and improving its investment policy framework. Colombia has also recently undertaken important policy reforms in many of the areas covered by the Guidelines for Multinational Enterprises, including human rights, labour issues and bribery.
In recognition of its progress in pursuing policy reforms to promote investment liberalisation and improving the business climate, Colombia became the 43rd country to adhere to the OECD Declaration on International Investment and Multinational Enterprises. As an adherent to the Declaration, Colombia commits to providing national treatment to foreign investors and to promoting responsible business conduct, in line with the Guidelines for Multinational Enterprises. In turn, the country benefits from similar assurances from other adherents to treat Colombian investors fairly. SHOW LESS READ MORE >
Introduction and Summary
The Role of Foreign Direct Investment in Colombia's Economic Development
Colombia and the National Treatment Instrument
Colombia and the OECD Guidelines for Multinational Enterprises
Colombia's Policy Framework for Investment
Investment Framework in Support of Green Growth
Colombia's Exceptions to the National Treatment Instrument
Colombia's Participation in International Organisations and International Conventions