Colombia is set for a record breaking year in foreign investment as the total reaches over $15 billion from January to November of 2012, local media sources reported Sunday.
Colombian news outlet Portafolio reported that Colombia’s foreign direct investment (FDI) has shown a 12.5% increase from the same period in the previous year, jumping from just over $13.5 billion in 2011 to almost $15.3 billion in 2012.
The highest portion of foreign exports have shown to be in the countries oil and mining sectors, accounting for 81.5% of the total FDI from January to November. Oil and mining stood at $11 billion in the 11-month period of 2011 whereas 2012 shows an increase of 12.1% to almost $12.5 billion in the same period.
Colombian analysts claim the rise is due to a growing global confidence in the country’s economy and clarity in legalities of international business.
Colombia’s FDI showed a 26% growth in the first six months of 2012 compared to the same period of 2011 and a further rise of 15.8% in the first nine months of 2012 compared to the same time in 2011, indicating a promising year for what is now the third largest economy in Latin America.