A report listed the U.S., Mexico, and France as the top sources of foreign direct investment in Colombia, economic magazine Portafolio reported Tuesday.
Colombia’s Superintendency of Businesses published the report which noted that between 2001 and 2010, investment in Colombia had grown to $57 billion. A separate report stated that in 2010 foreign business made about $16.5 billion from operations in Colombia.
The U.S. remained the top source of investment. Among the top American companies with investment in Colombia were ExonMobil, Drummond, Occidental Petroleum, and Chevron Petroleum. General Motors, which currently accounts for a third of the Colombian auto market, sold $1.6 billion worth of auto products in Colombia last year.
Mexico rose to second place in Colombian investment with nearly $13 billion worth of assets in Colombia, only $3.5 billion less than the United States. Mexican companies have significant investment in Colombia’s construction sector as well as cellular phones and soft drinks.
France took third place with about $8 billion worth of assets in Colombia. French supermarket chains, which include French-owned supermarket giant Exito, have invested significantly in the country, as has automaker Renault, which accounts for 15% of all Colombian vehicle sales per year.
Spain, South Africa, Brazil, Canada, and Chile finished off the list in descending order of investment. Spain has invested heavily in Colombian telecommunications, South Africa in gold mining, and Brazil in steel and fuel distribution. Canada has also invested in gold mining and Chilean companies have developed Colombian propane and utilities.