The 2015 Global Innovation Index ranked Colombia 67th out of 141 countries for its innovation potential, below Chile (42nd), Costa Rica (51st) and Mexico (57th), but ahead of Brazil (70th) and Peru (71st). In a bid to strengthen its competitiveness in international markets, the Colombian government plans to double expenditure on science, technology and innovation (STI) from 0.5% of GDP in 2015...
The tides of Colombia’s agricultural sector, which for years lagged behind neighboring countries due to landownership restrictions and underdeveloped transport infrastructure, have fast been changing. As of early 2016, several key reforms and progressive measures were beginning to allow investment to flow to the Colombian countryside. The sector expanded by 3% year-on-year in the first three...
Largely cut off from foreign investment during the 1980s and 1990s due to security concerns, Colombia developed a wide variety of local manufacturing businesses and brands. However, the opening of the economy over the past decade has forced local firms to compete with international imports. Moreover, the rapid growth of the oil and mining industries has shrunk manufacturing’s importance in the...
Colombia’s construction sector remains an engine of economic development, both as a driver for employment and a significant contributor to GDP. In 2014 the sector grew by 9.9%, and accounted for over 1.4m direct jobs, according to Colombia’s National Statistics Bureau. Much is now resting on a new stimulus package launched in May 2015, the Plan for Production and Employment. The $6.2bn plan,...
In the current context of lower commodity prices, the need to improve national transport networks has become even more important, as Colombia works to boost its competitiveness at the international level. Although the transport sector grew by 4.1% in 2014, in June 2015 the National Association of Financial Institutions forecasted that the sector would grow by 2.9% that year, a reflection of...
Colombia’s mining industry continues to feel the effects of the recent drop in commodity prices, particularly of gold. Gold production remains high, having risen by 7.7% to 519,472 oz in the third quarter of 2015, according to the National Mining Agency. Moreover, two new major gold projects received environmental permits in 2015 and are expected to add 60,000 oz and 450,000 oz, respectively,...
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