Investment Policy Review of Colombia
The review proposes ways to strengthen the Government´s investment promotion arm, Proexport, as well as enhance policies to attract more technology-driven firms to its growing knowledge-based economy. While praising the Government for its market reforms, the review notes that investors are concerned by a number of contradictory fiscal measures and the difficulty of resorting to international arbitration in case of disputes. It urges the Government to extend its network of bilateral investment treaties and double taxation agreements to fully tap market opportunities offered by the bilateral trade agreement with the United States.
It also encourages the Government to begin negotiations with the European Union. In 2013, at the request of the Government, UNCTAD assessed the progress made with the implementation of the IPR recommendations. The assessment showed that the country implemented many of the IPR recommendations and that the business environment improved significantly. Over the last decade, Colombia has been a top performer in FDI attraction in Latin America.
Following the completion of the IPR, UNCTAD has assisted the Government in a number of ways, including:
- carrying out a training workshop on the methodology of FDI data collection and analysis, including support in the preparation of a national investment survey
- supporting national regulatory reforms
- assisting the Government in the drafting of a new Investment Code
- training government officials on key issues in international investment agreements
See also the Report on the Implementation of the IPR of Colombia