The report submitted by the company Oportunidad Estratégica and driven by the Colombian branch office of Kreab stated that Colombia is a “good partner” for Spanish companies due to the strength of its economy and the opportunities offered to foreign investors. The report analyzes the economic relations between these two countries and confirms that currently more than 300 Spanish companies are established in Colombia.

Spain has always been one of the strategic partners of Colombia, maintaining stable and deep relationships. The two countries are linked by culture, cooperation and businesses, which generates a fruitful bilateral relationship.

The report provides a depth analysis of this connection and concludes that the two countries have an useful bond, a growing relationship with a very promising future. In addition it states that the first Spanish companies that came to Colombia were mainly financial and service companies, which were very important for Colombia due to their contribution to the country. After this, a second wave of companies came especially from the media sector. Finally, the third round is yet to come and surely there will be more technological companies operating in Colombia.

Over the past decade Colombia’s economy has grown by 4% per year, exceeding the Latin American average, and it is currently the fourth largest economy in the region, behind Brazil, Mexico and Argentina. Likewise, the report points out that the business climate offered by Colombia is positive, mainly since it improved its position in the ranking of investment climate developed by the World Bank where Colombia has risen 9 places compared to 2014 and is currently ranked 34 among 189 countries in the world.

In this regard, the report highlights the dynamism of Foreign Direct Investment from Spain to Colombia, where between 2000 and 2014 it obtained an accumulated of 9.990 million dollar (8.825 million euros). Representing an 8% of the total accumulated FDI inflows in Colombia:

The report states that there are currently more than 300 Spanish companies established in Colombia. The document also underlines the importance that have the trade agreements for the Colombian business, such as the one signed with the European Union (EU) and especially the Pacific Alliance one, an agreement between: Colombia, Chile, Mexico and Peru, which represents 35% of Gross Domestic Product (GDP) of Latin America, according to Cepal.