Colombia’s Trade Minister announced foreign direct investment (FDI) stood at $3.9 billion in the first quarter of 2012, a rise of 26% compared to the same period in 2011.
Sergio Diaz-Granados said “This result is in line with the goals of the government which is to register FDI of $15 billion this year, although expectations are growing as we move closer to the free trade agreement with the United States coming into force.”
Impressive growth was seen in the mining and energy sector where FDI grew by 177% and now stands at $1.1 billion.
The Trade Minister also said the Summit of the Americas, taking place in Cartagena on April 14 and 15, is an important event which has already begun to encourage investment and will help Colombia reach its goal.
The directors of Grupo Techint, who will be speak at the summit, announced their decision to invest $200 million in a factory near Cartagena which will make gas and petroleum pipelines.
Diaz-Granados added that the current flows of investment are an indication of the good performance of the local economy.