Colombian economy

IMF, World Bank Foresee 2.6%/2.5% GDP Growth for Colombia in 2017

Medellin Herald January 23, 2017

The International Monetary Fund (IMF) and the World Bank this month issued nearly identical 2.6% and 2.5% growth projections for Colombia gross domestic product (GDP) in 2017. According to the IMF forecast – divulged in a new report on Latin American economies – Colombia’s 2.6% growth

General News

Medellin-Bogota Highway Finally Reopened; ‘Mar 2’ Gets Financial Close

Medellin Herald January 17, 2017

Medellin’s decades-long battle to overcome logistical isolation from world markets took two more steps this month as highway concessionaire Devimed partially cleared a huge landslide blocking the Medellin-Bogota highway — and the crucial “Mar 2” project linking Medellin to Atlantic ports also finally got its financial close. According to Devimed, construction crews

Companies

Corona Launches Construction of Big Cement Plant in Antioquia

Medellin Herald January 11, 2017

Colombia-based multinational ceramic-products maker and basic materials producer Corona announced January 10 the launch of construction on a 1.35 million tonnes/year cement and 3,150 tonnes/day clinker plant at Sonson, Antioquia, about 50 kilometers east of Medellin. Corona and Spain-based partner Cementos Molins are putting US$238 million into project via a new joint

Health & Insurance.

Medellin, Colombia International-Health Sectors Seen Growing in 2017

Medellin Herald January 3, 2017

Editor’s Note: The following article — originally authored in Spanish by Colombia Ministry of Health economist Jhon Gonzalez Lindarte — is reprinted by special permission granted to Medellin Herald by El Pulso, the monthly newsletter published by Medellin-based San Vicente Fundacion. Despite the current panorama of financial troubles in Colombia’s

Taxes

Colombia Congress, President OK Tax-Reform Law; Could Boost Business Investment

Medellin Herald December 29, 2016

Colombia’s House and Senate on December 28 voted to approve a wide-ranging tax-reform law, which won immediate approval from President Juan Manuel Santos. The complete text of the new law is available here. The new law is expected to generate an extra COP$6 trillion (US$2 billion) annually for the national treasury — partially compensating for a […]

Congresses & Conferences

Medellin Hosts 29th Annual Colombiatex Textiles Show January 24 – 26

Medellin Herald December 28, 2016

Inexmoda — Colombia’s national textile and fashion-industry trade association — on December 20 unveiled details on the upcoming “Colombiatex” textile and fashion-trends show in Medellin January 24-26, 2017. The 29th edition of the annual show – one of the biggest and most important in all of Latin America – is expected to draw some 1,800 […]

Taxes

Expats: You May Still Buy IRA’s, but Beware of Limitations

Medellin Herald December 28, 2016

Editor’s Note: The following column was written by IRS enrolled agent and chartered financial analyst (CFA) John Ohe of Hola Expat Tax Services. Medellin Herald does not specifically endorse the author’s opinion; this column is for general information only and should not be construed as personal tax advice. An Individual Retirement Account (IRA) is a popular and smart […]

Companies

Exito, Bancolombia Affiliate FIC Ink US$256 Million Investment Deal in ‘Viva Malls’

Medellin Herald December 28, 2016

Medellin-based retail giant Grupo Exito announced December 27 that Fondo Inmobiliario Colombia (FIC) – partly owned by Medellin banking giant Bancolombia – signed a deal whereby FIC will invest COP$770 billion (US$256 million) in Exito’s “Viva Malls” subsidiary. Viva Malls has 12 commercial malls already operating in Colombia and two nearly complete, with a total […]

Companies

Navelena Achieves Financial Close on Crucial Magdalena River Dredging Project

Medellin Herald December 17, 2016

Cormagdalena – the Colombian government agency overseeing a dredging project for the Magdalena River that would dramatically improve freight movements – announced December 16 that project developer Navelena SAS has at last achieved financial close on the COP$2.5 trillion (US$877 million) “public-private association” (APP in Spanish initials) project. The project had

General News

‘Medellin Como Vamos 2016’ Positive, but Pollution, Traffic, Health Biggest Concerns

Medellin Herald December 7, 2016

The annual “Medellin Como Vamos” (“How Are We Doing?”) citizen survey released December 6 found that most residents are generally positive about living conditions. But pollution, traffic and health services remain as top concerns. Medellin’s air pollution is mainly the result of a huge increase in vehicle traffic combined with large numbers of obsolete,