THE Colombian government recently urged Philippine-based companies to invest in their country.
Colombian President Juan Manuel Santos, who was in the country during the recently concluded Asia-Pacific Economic Cooperation (Apec) with an observer status, touted their country as having a very friendly policy toward foreign investments.
“We need foreign investors—their capital, technology and the markets they can open to us from their own countries. We have very attractive rules and environment to stimulate foreign investor,” Santos said.
He added: “From the Philippines, there is a big investor that is constructing a big port in Colombia. It invested around $600 million. This port should start operating next year. We hope that next year, we can identify foreign investors, especially from the Philippines.”
Currently, without citing any data, Santos said the biggest Asian investors in their country come from Korea and China.
Foreign investments that are coming to Colombia are largely coming from the United States, Europe, Mexico and Chile.
Santos said they are looking at foreign investments, in what he termed as their traditional industries, including oil, coal and minerals. He also added that they are looking at investments in other industries, including information technology.
Santos also said that he has held talks with President Aquino to further boost two-way trade between Colombia and the Philippines, which stands at less than $40 million annually.
“Yes, there were talks about how can we identify the projects that we can export and import. We produce some of the products we can compete in and some of the products we can trade,” Santos said, while adding that there would be more discussions on how trade can be enhanced.
Santos said they would very much like to progress from observer to full-time member status with Apec.
“Being a member of Apec for Colombia is a very important step. I started knocking on Apec’s door 25 years ago when we opened our economy. I was the first minister for foreign trade, and since then we were interested,” Santos said.
He explained that when they become a regular member of Apec, it will allow their country to develop relations with its other member-economies.
Apec currently has a moratorium in accepting new members.