A bill presented before Colombia’s congress on Tuesday seeks to increase regulation of foreign investment in Colombia’s land and agriculture.
The proposed bill aims to further regulate foreign investment by protecting Colombia’s sovereignty and food security, thus preventing “indiscriminate appropriation of land for speculative purposes” from foreign investors, reported the Ministry of Agriculture.
Agriculture Minister Juan Camilo Restrepo stated that the bill only attempts to “suitably regulate” foreign investment. “The Government does not believe it should close its doors on the noses of foreign investment in lands and agro business,” said Restrepo.
The proposed law would prohibit certain foreign investment and land purchasing practices that are currently acceptable under Colombian law.
The Agriculture Minister has repeatedly pointed out that the proposed bill would not impede or hinder the majority of foreign investment.
At present, even without the bill, agriculture is not a significant portion of foreign investment. Approximately 2% of overall foreign investment in Colombia goes towards the agriculture industry.