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(Bloomberg) –
Colombia aims to relocate or expand Asian companies in Europe and Latin America through tax incentives and investment facilitation.
The initiative is part of a broader plan to attract $11.5 billion in non-hydrocarbon foreign direct investment consistent with the year through 2022, averaging around $9 billion.thousands of companies and brought the urban unemployment rate to nearly 25%, Colombia has new investments to bring task creation and exports to life.
From an initial organization of 250 candidates, the government has met some 20 U.S. corporations that have expressed interest in moving to the Andean nation, according to the Minister of Trade, Industry and Tourism, José Manuel Restrepo.
And while Colombia had already established a plan to relocate businesses within its borders, this coincides with President Donald Trump’s preference to bring corporations back to the United States or its partners, adding Colombia, which will be included in a pilot phase, according to Restrepo..
“What is certainly transparent is that the relocation strategy is a Colombian strategy,” Restrepo said in an interview.”We must take advantage of Colombia’s 17 flexible industrial agreements to make the country an export hub.”
The country’s geographical location with ports in the Atlantic and Pacific oceans also influences the attraction of investments.
The next step is to establish visits to well-known companies, most of which are located in Asia, said Restrepo, who although he refused to call them, said they were largely fashionable, information generation, metallurgy, agribusiness and pharmaceutical industry..
After the economy contracted to a record 15.7% in the current quarter compared to the previous year, Colombia is entering a new blocking phase this month with more corporations allowed to reopen, depending on the call from customers to help stimulate the economic recovery, Restrepo.People can now buy grocery stores, shopping malls and restaurants, and by road and air, giving a special touch to industries that add tourism, one of the highs affected by the pandemic.
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It expects the economy to contract by 5.5% this year and exceed 6% in 2021.
Despite one of the region’s toughest blockades, key economic signs that add energy consumption and business confidence show that some sectors, in addition to manufacturing, already have to recover, has said.
Colombia has the seventh number of cases shown of Covid-19 in the world, with almost 625,000 infections, while the death toll exceeds 20,000.
“So far, our wonderful effort has been to revive the economy on the source side,” Restrepo said.”There is now a procedure to activate the application. It’s a 180 degree style we had so far, which is very important.”
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