BOGOTA (Reuters) – The Colombian government on Friday presented an effort to attract $11. 5 billion in non-energy foreign investment until 2022, with the aim of creating jobs because of the economic crisis caused by the coronavirus.
The plan, which includes tax incentives and bureaucratic simplifications, aims to inspire multinationals in the United States and countries to move their operations from Asia.
“We are in favor of more mega-investments like last year with the Japanese softbank fund (which invested) in Rappi for more than $1 billion,” Flavia Santoro, head of the advertising organization ProColombia, said in a statement.
Megainversions is the term used through to refer to investments over $280 million.
ProColombia has met 536 corporations in North America, Asia, Europe and other parts of Latin America that could simply relocate. To date, 31 have expressed interest.
Foreign direct investment in Colombia increased from 21. 9% to $4. 67 billion between January and July, according to the country’s central bank, and the figure for the year is expected to be well below $14. 6 billion in 2019.
“This advances the strategy of relocating global corporations to Colombia, taking credit for the post-COVID moment when organizations are contemplating relocation scenarios, adding to taking credit for a country like ours that has 16 loose trade agreements,” he said. José Manuel Restrepo, Minister of Commerce of Colombia.
The United States and Colombia said this week that a new investment initiative would mobilize up to $5 billion in personal budget over 3 years for rural areas affected by violence and drug trafficking.
President Ivan Duque has presented one hundred billion pesos of public and personal investment in the last two years of his presidency, aimed at creating a million jobs with the aim of helping the economy, which the government hopes to contract 5. 5% this year.
Reporting through Nelson Bocanegra; Written through Julia Symmes Cobb; Edited through Paul Simao
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