Report on the Implementation of the Investment Policy Review of Colombia
The Investment Policy Review (IPR) of Colombia was published in 2006. The Review assessed the investment regulatory framework and outlined a foreign direct investment (FDI) strategy that was in line with the country’s national competitiveness programme. The goal was to leverage foreign investment to upgrade the technological capacity of domestic industries, internationalize Colombian firms and also contribute to infrastructure development.
The FDI strategy proposed in the IPR recommended continuing the expansion of the country’s preferential market access to consumer markets in developed economies, including through free-trade agreements (FTAs); raising the quality and availability of skilled labour; promoting investment in research and development through public and private funding; and improving public transport infrastructure geared toward trade capacity with private sector participation. Specific recommendations to the investment promotion agency were also made.
The IPR also recommended strengthening the investment regulatory framework for national and foreign investment. In this regard, it solicited the authorities to improve on the legal certainty and the efficiency of the judicial system as ways to reduce the perception of high risk among investors. It also called for a more competitive corporate tax regime, more flexibility in labour laws and simplification of business regulations.
In 2013, the Government requested UNCTAD to review the progress made in implementing the recommendations set out in the IPR. This implementation Report summarizes the main findings and proposes a number of areas wherefurther reforms could be useful.
See also the IPR of Colombia