A large number of Canadian companies are investing in Colombia’s agribusiness, manufacturing and BPO sectors, says Colombia’s Ministry for Commerce and Industry.
Over the past 13 years, Canadian companies have invested about $1.6 million in Colombia, and the Ministry says the speed of investment picked up in 2011, when the two countries signed a free trade agreement. Canadian investment in Colombia grew by 16.5 percent between 2011 and 2012.
Some key Canadian players already established in the country include Scotiabank, Bata, Trican, SNC Lavalin, MacCain Foods, Brookfieldand Genivar.
“Canada is the fifth largest source of global investment in Colombia,” said Maria Claudia Lacouture, President of Proexport Colombia. “Canadian companies are taking full advantage of the strength of Colombia’s traditional sectors, with new investments in areas such as agribusiness, manufacturing and services.”
These developments have started to propel the country’s economy, creating hundreds of jobs. The sectors attracting large Canadian investments include textiles, IT services, BPO, energy and cosmetics.
Reports say Colombia is Canada’s sixth bilateral business partner in Latin America and the Caribbean. Colombia’s export promotion agency, Proexport, hosts frequent site visits in Colombia for Canadian companies, and organizes business matchmaking events.
The agency is currently holding an event called ‘Macrorueda’ in Chicago in which nearly 500 companies from Canada and the United States are likely to take part.
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