Ease of doing business in Colombia, the country of eternal summer

Global InterGold

Colombia has topped the list of the happiest countries in the world. Let’s find out why the World Happiness Report shows sky-high figures when speaking about Colombia and how attractive this country is in terms of business.  

The Republic of Colombia appeals not only to tourists, but also to investors. It is rich in gold, emeralds, oil, coal, coffee, bananas and cotton.

Economy of Colombia

In the report known as “The Long View How will the global economic order change by 2050?“

the forecasts for Colombia are highly positive.

In the ranking of the GDP-leaders, Colombia currently occupies the 30th place in the world; and by 2050, the country's GDP is expected to increase by three times.

The value of GDP in 2017 is $6,217. The change fixed is 7.33%, and GDP per capita equals to $21.

СIVETS countries

Colombia has a decisive role in Latin America being the fastest growing market. The country is one of CIVETS group of countries with emerging markets and high economic growth potential: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. The biggest advantage of Colombia is the younger generation: the average age of residents is 24-27 years. According to The Wall Street Journal, the country will receive significant benefits from growing domestic consumption.

Easy business in Colombia

Business-stimulating facts:

  1. According to the World Bank’s 2017 Doing Business survey, Colombia has conducted a range of reforms to improve living standards and happened to obtain the second best results in terms of business environment throughout the entire Latin America.
  2. Statistically, Colombia ranks 34th in economic development in the world.
  3. 3In 2017, the Colombian market was boosted due to the discovery of natural gas deposits in the Caribbean Sea.
  4. The Doing Business survey informs that Colombia has improved its indicators regarding the establishment of enterprises, obtaining construction permits, registering property and executing contracts.

Colombia is becoming a country with all favorable conditions for conducting a business. In 2016, the country ranked 53rd in the world among the countries with most rewarding business environment.

The following factors confirm it:

  • geographical position
  • numerous skilled labor
  • benefits for investors
  • special import-and-export system
  • expansion of the industrial zone

Business climate in Europe

Tourism is an important development sector in Latin America. Within the first half of 2017, Colombia was visited by 2,922,000 tourists, which is one million more than during the same period last year.

In 2016, Bogota became a member of the World Tourism Cities Federation (WTCF). The Forbes magazine recommended this third largest city in the world as a must-see for any traveler. 80% of foreigners coming to Colombia are interested in business development. The capital of Colombia is very popular among business tourists and ranks first in the top of the most visited cities in the world; Mexico City is the second, and Sao Paulo in Brazil occupies the 3rd place.

Bogota is the 5th most attractive city for doing business in Latin America.

Residents of Colombia are focused on business development. They are happy to strengthen contacts with entrepreneurs from other countries. Our client and leader Carmen Rosa Ramírez tells her story of success in business in Latin America and explains everything about starting your own business.

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Created: 01.08.2017
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