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Poised to grow at an exponential rate, Colombia’s agriculture sector will be the first to see the benefits of the signing of a historic peace agreement between the government and FARC. Vast untouched areas that have been inaccessible and unproductive for decades could well become the motor of growth the sector needs. Well-targeted investment could increase agricultural production by 8-10%. Many in the country believe the development of agro-industry will have the potential to promote rapid growth and a much needed restructuring of the agriculture industry. These and other ingredients make Colombia one of the most attractive countries for investment, and agri-business opportunities abound as the country’s role as a global food supplier continues to grow. This chapter features interviews with Roberto Vélez Vallejo, CEO, Colombian Coffee Growers Federation; and Rafael Mejía López, President, Colombia Commodities Exchange.

The transport sector is the third-largest sector as a source of new employment and employs 8.5% of the workforce. The sector is poised to continue to grow over the coming years, which makes the issue of infrastructure expansion critical. High logistical costs make Colombian businesses less competitive internationally, but infrastructure investment programmes, such as the 4G programme and the PMTI, are likely to reduce operational costs with benefits trickling down to consumers and through the economy overall. Furthermore, the establishment of a long-term perspective for the advancement of multi-modal transport ensures that the development of the infrastructure will remain a priority for the country’s economic development agenda. This chapter includes interviews with René Puché, President, Port of Barranquilla; and Juan Camilo Samacá, President, Almaviva.

Located in northern Colombia, the Atlántico department is one of 32 departments in the country. It is part of the Colombian Caribbean region, with the port city of Barranquilla as its capital. According to the National Administrative Department of Statistics, the population is estimated at 2.5m. In recent years, Atlántico has stood out for its positive economic performance in both absolute and relative terms, as reflected by growth and employment data. The employment rate has been rising steadily since 2008, reaching 58.4% in 2015, whereas unemployment has been hovering between 7.5% and 8% since 2012, posting a rate of 8% in 2015. This compares favourably with the country as a whole, where unemployment reached 8.9% in 2015. Ensuring high levels of service will be vital for Atlántico to remain competitive going forward, as will investing in key economic areas like innovation and entrepreneurship. This chapter features an interview with Eduardo Verano, Governor, Department of Atlántico.

For a country with three Andean mountain chains and a history of gold and silver production, mining has remained a relatively small contributor to the modern Colombian economy. Between 2012 and 2015 the sector contributed around 2% to GDP and 20% of exports, with the vast majority coming from two giant coal projects: the Cerrejón mine in La Guajira department and La Loma mine in César department. Between 2013 and 2016 the sector experienced a slump as low commodity prices and bureaucratic obstacles saw exploration and development dry up. However, in 2017 stronger global coal and gold prices, the successful construction of a new gold mine and the licensing of three others signal that the country could be on the cusp of a new phase in the industry’s development.

The Colombian energy sector can look forward to increased investment in 2017 and 2018. With a crisis in the electricity sector narrowly avoided, the government is reassessing its strategy to improve energy security. In the hydrocarbons segment, 2017 will see major investments in offshore exploration, which represents the best possibility for the country to maintain energy self-sufficiency, especially with an additional 1500 km of barely explored Pacific coastline. A restructured Ecopetrol operating on a more cost-conscious basis will also provide revenues for the Colombian state as it looks to implement its post-conflict energy policies. This chapter includes interviews with Francisco José Lloreda, President, Colombian Petroleum Association; and Bernardo Vargas Gibsone, President, Interconexión Eléctrica (ISA).

Colombia is the fifth-largest insurance market in Latin America by premiums collected. However, it features weak penetration and density – measures of premiums compared to the size of the economy and the population, respectively – compared to other large markets in the region. Nonetheless, the fact that the country has been able to weather the recent economic storms better than many in the region, by avoiding an outright recession, for example, leave it well placed to start narrowing the gap over the coming years. Over the longer term, a bigger growth opportunity lies in increasing the penetration rate – currently a little over half the level of that in leading Latin American countries such as Chile – while the eventual ageing of the country’s still relatively young population bodes well for demand for the whole range of insurance products, particularly life and pensions. This chapter contains interviews with John Nelson, Chairman, Lloyd’s; and Gonzalo Pérez, CEO, Suramericana.