Robust growth

Colombia has become one of the most important economies in Latin America.

Emerging middle class

Seize opportunities to meet rising consumer demand driven by a rapidly-growing middle class expected to comprise 46% of the population in 2025.

Familiar growth sectors

Partner with local firms in energy, tech, sustainability, infrastructure and retail as Colombia’s major growth sectors match Singapore’s capabilities.

Key opportunities

  • Information & communications technology

  • Infrastructure & urban solutions

  • Agritrade

  • Energy

Key opportunities in Colombia -1

With an estimated 70% internet penetration rate, Colombia’s information & communications technology (ICT) sector has great growth potential and enjoys active government support to promote ICT and boost social and economic development.

The city of Medellin is emerging as the “Silicon Valley” of Latin America. With the launch of the Vive Digital programme, import tariffs on connectivity devices have been eliminated, making it easier to access credit for such devices. The Ministry of Education has also implemented the Total Connection (Conexión Total) programme with an aim to connect Colombia’s educational institutions to the internet.

Colombia ranks among the top in Latin America for access to government services online. In addition, Colombia shows strong performance in cybersecurity, with 74% of enterprises having a security policy. Ride the growth of Colombia’s ICT sector by exporting solutions in e-government, security and mobility.

Key opportunities in Colombia -2

Infrastructure is one of Colombia's most promising sectors. The Colombian government has made infrastructure a national priority, with a strong legal framework to support infrastructure projects, including a US$70 billion investment plan through 2035.

A key development is the massive Caribbean Diamond Project, which covers multiple “supercities” in the northern region, and 26% of the country’s population. To increase the region’s competitiveness and improve its inhabitants’ quality of life, cities within this project will develop new sectors including energy, international commerce, knowledge-based industries, natural resource management, technology and tourism.

This project presents wide opportunities for Singapore companies in master-planning, as well as port, water and industrial park development.

Key opportunities in Colombia -3

Agriculture is one of Colombia’s best growth prospects, with the country’s main crops being flowers, coffee and avocados, all of which are ranked globally in terms of production numbers.

If your business is in the trade sector, capture fresh opportunities to tap the booming Columbian trade market in agriculture.

Key opportunities in Colombia - 4

The promising energy sector has significant proven reserves and rising oil production. Colombia is also diversifying its energy production to meet its 2050 net-zero GHG emissions target.

According to Colombia’s National Hydrocarbons Agency (ANH), Colombia had proven oil reserves of 2 billion barrels and proven gas reserves of 0.1Tm³ in 2019. In 2022, Ecopetrol, the state oil company which was partially privatised in 2007, incorporated a marketing and trading company in Singapore to expand its Asia footprint. Such reforms have successfully generated interest in Colombia's energy sector, with high levels of exploratory and development drilling.

To encourage diversification, Colombia offers incentives for the development of renewable energies, including a 50% income tax deduction for 15 years for investments in alternative sources.

Seize opportunities to enter the market as the country remains largely unexplored for both traditional and renewable energy projects.

Ways for you to start in Colombia

Kickstart your internationalisation journey

Plan ahead by understanding your readiness to expand overseas, and explore resources for your business.