Foreign direct investment could grow 9.8% this year: govn’t

Foreign direct investment (FDI) in Colombia could reach $14.5 billion in 2012, is up 9.8% from last year, the government has said.

Commerce Minister Sergio Diaz-Granados said FDI reached $6.0559 billion in the first four months of 2012, up 24.5% from last year for the period ending May 4.

Investment in Colombia’s oil and mining sectors drove the growth, Diaz-Granados said, according to media reports. The oil and mining industries accounted for 80% of investment and grew 15.5% compared to the same four-month period last year.

He highlighted the fact that FDI in other industries accounted for 20% of total investment, up from just 13.7% in 2011.

“That amount of investment reflects momentum in the Colombian economy and the legal certainty now provided to foreign investors,” the minister said.

A United Nations report released in early May ranked Colombia 4th in Latin America for direct investment.

The government believes the Free Trade Agreement with the United States and other trade deals in the works with the European Union, Korea and possibly China, will fuel a continued increase in FDI, Diaz-Granados said.

Colombia’s economic growth is expected to figure prominently in the government’s new branding campaign to attract investment.

Advertising agencies Omnicom Solutions and WPP were awarded the contract to re-shape Colombia’s international image. The campaign is expected to launch July 20, according to reports.

 

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