Colombia’s central bank announced foreign direct investment in the country reached $11.54 billion for the period between January and October 2011.
Most of the foreign direct investment, 83.4% or $9.63 billion, was directed toward the petroleum and mining sectors.
A central bank representative clarified to Colombia Reports that the figure refers to the period from the start of the year until October 14.
Trade Minister Sergio Granados-Diaz said that if this trend continues, the target of $13.2 billion in foreign direct investment might be reached as early as 2012, instead of the government’s set date, 2014.
The trade minister also said that the increase demonstrates a steady upward trend that has been registered throughout the year.
“The current flows of investment corroborates the good performance of the Colombian economy. Part of this process is a series of reforms we have carried out and we have earned recognition in the World Bank report ‘Doing Business’ as one of the 10 most improved countries in the world.”
Colombia is “more and more attractive” to foreign companies, said Diaz-Granados. He also said that this growth is due to investment agreements the Trade Ministry has worked out with the governments of Japan, China, India and South Korea.
Furthermore, Colombia has been rated investment grade by the big three global rating agencies.