The Organization for Economic Cooperation and Development (OECD) has agreed to allow Colombia to become its third Latin American members.
The accession of Colombia to the OECD, an intergovernmental economic organization of mainly western economic powers, had been one of the wishes of outgoing President Juan Manuel Santos.
“Joining the OECD is a milestone in the process of modernization of Colombia,” said Santos in a speech after making the announcement.
The South American country’s membership was confirmed by OECD Secretary-General Angel Gurria.
“The accession of Colombia will contribute to our efforts to transform the OECD into a more diverse and inclusive institution, which will ensure our relevance in the years and decades ahead,” Gurria was quoted as saying by German news publication DW.
The United States, which initially objected the move, congratulated the latest member of the economic organization.
“Membership will bring benefits to the economy and people of Colombia, along with important responsibilities to level the playing field on trade and to enhance protections for investors,” the Department of State said in a press release.
According to Santos, “OECD membership generates confidence, confidence generates investment, investment generates jobs and work [creates] welfare.”
More international investors will seek business opportunities in Colombia. There are many who only invest in OECD countries. We know, for example, that international investment funds are waiting for this news to finance large infrastructure projects.
Juan Manuel Santos
The president announced his intention to join the OECD in 2011. The government formally requested membership in 2013.