Foreign direct investment in Colombia increased by 79.6% in the first half of 2011 compared to the same period last year totaling $7.3 billion, economic magazine Portfalio reported.
From January to June Colombia received $7.3 billion in foreign investment up from $4.1 billion for the same period last year. This puts Colombia on track of meeting its goal of $9.7 billion in 2011.
Most of the growth occured in Colombia’s mining sector, which received $6.3 billion up 59.3% from the same period last year. Colombia’s other sectors received less money but grew at a much greater rate, up 88% from last year.
The increase in investment coincides with an upgrade in Colombia’s debt rating and is thought to be fueling the rise in the nations currency.
Analyst Luis Ojeda warned that investment in Colombia’s economy could fall off later this year due to economic uncertainty in Europe and the United States, which are the largest source countries for Colombia’s investment.
According to Colombia’s finance minister, from January to April Colombia had record levels of investment, with $3.7 billion invested, 57% of which was invested in the mining and oil sector.