Colombia’s President Juan Manuel Santos announced a 24% increase in foreign direct investment in the first months of 2012 compared to the same period in 2011, local media reported.
“Foreign direct investment from sectors other than mining is growing this year above 80%,” said Santos at a conference of bankers in the Caribbean coastal city of Cartagena.
He also said that FDI is growing steadily driven by “factors including the [higher] investment grade given to Colombia by the big ratings agencies.”
In March 2011 Standard and Poor’s lifted Colombia’s credit rating to investment grade, followed by Moody’s in May and Fitch in June.
The head of state mentioned 2011’s $13.2 billion FDI figure surpassed that of the previous year by 92%.
Santos also said that Colombia is generating interest internationally, citing his visit to Chile Wednesday to finalize the Pacific Alliance agreement which aims to integrate the economies of Colombia, Chile, Mexico and Peru.
“With this not only will we strengthen our trade and investment with the Asia-Pacific region, but we will further integrate our economies and make it easier to transport goods, people and capital between our nations,” Santos said on the economic agreement.