Colombia Makes Gains in 2015 Global Rankings for Success, Stability and Business

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Dec 08, 2014, 11:16 ET

IT, Commercial Infrastructure and Tourism Sectors Fueling Record Growth

BOGOTA, Colombia, Dec. 8, 2014 /PRNewswire/ -- Two recent global reports have highlighted Colombia for its strong business climate and impressive economic improvements, which have made the country increasingly attractive to local entrepreneurs and foreign business and leisure travelers, Procolombia announced today. The World Bank Group and the World Economic Forum both recognize Colombia as being a leader in Latin America.

"The findings of these two institutions underscore the enormous successes Colombia has had in recent years," said Maria Claudia Lacouture, President of Procolombia, the Colombian government agency charged with promoting, trade, investment, tourism and country brand. "Colombia's urban centers have become synonymous with investment opportunity, and each year more and more tourists are seeking out our country's natural beauty and rich cultural offerings. We will enter 2015 stronger and more optimistic than ever."

The World Bank Group's report, Doing Business 2015: Going Beyond Efficiency, ranked Colombia as the number one country in the Latin American and Caribbean regions for ease of doing business. The report highlights Colombia's recent successes in the area of regulatory reforms, with 29 business friendly reforms implemented in the region since 2005.

Additionally, Colombia rose three places in the World Economic Forum's 2014-2015 Global Competitiveness Index, an annual ranking of countries' productivity levels based upon 12 pillars. Colombia's ranking was boosted by advances in technological adoption and infrastructure development.The Index also ranks Colombia sixth globally for "strength of investor protection," topping all other Latin American countries by a wide margin. In fact, Procolombia helped the country to attract a record US$16.8 billion in foreign direct investment (FDI) in 2013.

Earlier in 2014, Colombia launched the "Colombia Bring IT On" campaign, a major initiative aimed at promoting the growth of the country's technology sector in the international market and raising awareness around Colombia's competitive advantages in the industry. Colombia's IT sector is now the third largest in Latin America, with 33 percent growth over the past five years. In 2013, total sales for the software and IT sector in Colombia exceeded US$3 billion and it is expected that this figure will double by 2018.

A recent tourism boom is also helping to fuel Colombia's economy. According to the Ministry of Commerce, Industry and Tourism (MICT), an all-time high of 3.7 million foreign travelers visited Colombia in 2013, sparking renewed interest from the hotel industry. In June, Colombia announced new developments from a number of premier hotel chains, including Bastion Hotels, Marriott Hotels, Radisson Hotels and W Hotels, for a total of 6,964 new rooms to open in 2014, representing an investment of up to US$75 million in new properties.

For more information on travel to Colombia, please visit www.investincolombia.com.co.

Media Contact: Marissa Lyman, 212-880-5352, [email protected]

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SOURCE Procolombia