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Medellin Continues to Attract More Foreign Investment Medellin Continues to Attract More Foreign Investment Source: Stormzand Photography

Colombia Foreign Direct Investment Jumps 20%; Medellin Making Progress

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Colombia’s Ministry of Commerce, Industry and Tourism announced March 18 that full-year 2018 foreign direct investment (FDI) in Colombia jumped 20.8% year-on-year, with nearly 20% of that in sectors other-than-petroleum or hydrocarbons.

According to the Minister José Manuel Restrepo Abondan, “a scheme of attractive sectoral tax incentives, strategic priority for internationalization programs, incentives to attract investments in megaprojects, re-established free trade zones and meetings abroad with potential investors interested in Colombia are some of our initiatives to achieve US$11.5 billion FDI in non-mining, nonenergy sectors by2022.”

Citing latest Bank of the Republic statistics, the Ministry noted that FDI in Colombia rose to US$1.44 billion in the first two months of 2019, up from US$1.19 billion in the first two months of 2018. FDI in non-energy sectors has risen 4.6% so far this year, compared to the same period in 2018.

FDI in Medellin

Meanwhile, according to a separate March 20 report from Medellin’s investment promotion agency (Agencia de Cooperacion e Inversion de Medellin y el Area Metropolitana, ACI), local FDI has totaled US$836.6 million from 2016 to 2018, mainly coming from Canada, China, Denmark, El Salvador, Spain, the United States, France, Guatemala, Mexico and Switzerland.

“The interest that the Antioquia capital arouses in the world -- due to its social and urban transformation and constant innovation -- has been the gateway for entrepreneurs and investors to establish themselves in the territory and thus contribute to local development,” according to ACI.

FDI and reinvestment by such companies in metro Medellin is mainly in infrastructure and real estate, manufacturing, high-tech industries, aerospace and life sciences, according to FDI.

“From 2016 to date we have organized 23 ‘Why Medellin?’ events in Argentina, Australia, Brazil, Chile, Spain, the United States, Mexico, New Zealand, Peru, Turkey, Uruguay and Venezuela,” according to ACI.

For full-year 2018, FDI in Medellin topped US$253 million, of which “76% correspond to new investments of national and foreign companies and 24% to organizations that strengthened their confidence in the city by materializing reinvestments,” according to ACI.

The largest number FDI projects in Medellin last year came from the United States with 18% of total investments, followed by France, Spain, Japan, Canada and Argentina. 

Also during 2018, nine ‘Why Medellín?’ events organized by ACI in Peru, Chile, the United States, Mexico and Argentina generated 268 new contacts with companies that see Medellín as a “good opportunity for their expansion plans,” according to ACI.

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Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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