Englobally Colombia partners, Álvaro Ávila and Emerson Castaño, with extensive professional experience in Tax Management and Internal Audit and Control, told us about the attractiveness of the country in terms of investment and the areas that could bear higher future results.
What advice can you give to investors who have Colombia in their sights?
Álvaro Ávila: The most attractive thing for foreign investors in our country is related to the tax benefits of our tax regulations, especially in terms of income tax. There are several benefits for those new investments that are developed in the country. That is the main hook adopted by the government so that there is an important foreign investment in Colombia.
How can a financial advisor help to achieve a successful investment in Colombia?
Álvaro Ávila: We can advise the foreign investor as soon as we know his type of business and his expectations and the volume of operations that he could have in our country. In this way, we can do an exercise where we can find what will be the most significant benefits of tax savings and productivity improvements in its performance.
What areas are growing the most?
Álvaro Ávila: The fastest growing area in Colombia is technology, technological development based on IT (Information Technology). Platforms have a wide range of activities in the country, and they are what’s generates the most considerable foreign investment today.
Emerson Castaño: New projects coming from Europe are emerging, which above all, will impact the agribusiness, chemical, and life sciences sector, which have to do with biotechnology issues. In addition to that, in matters of private equity funds, it is estimated that for next year, there will be a direct investment of approximately 300 million dollars. The country has been presenting economic stability, having as a principal partner’s the United States and multi Latin companies. According to ECLAC, Colombia ranks fifth in the region in terms of investor projection and also ranks 25th of 394 countries. Let’s say there is much expectation concerning the foreign direct investment that can reach the state.
What are the future investment possibilities in Colombia?
Emerson Castaño: The largest company in the country, Ecopetrol -which is a mixed capital company-, will begin by 2020 a process of presenting the country’s oil platform in different territories of South America, Europe and even Asia, in pursuit of investment possibilities.
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