A Singapore Government Agency Website
Enterprise Singapore Logo
  • Industries
    • Industry Type
      • Agritech
      • Air Transport
      • Built Environment
      • Business Services
      • Digital / ICT
      • Electronics
      • Energy & Chemicals
      • Food Manufacturing
      • Food Services
      • Healthcare and Biomedical
      • Land Transport
      • Logistics
      • Marine & Offshore Engineering
      • Precision Engineering
      • Retail
      • Sea Transport
      • Urban Solutions
      • Wholesale Trade
    • Hub
      • Infrastructure Hub
      • Startup Hub
  • Overseas Markets
    • Africa
      • Ghana
      • Ivory Coast
      • Kenya
      • Morocco
      • Mozambique
      • Nigeria
      • South Africa
    • Asia Pacific
      • ASEAN
      • Australia
      • Cambodia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Myanmar
      • Philippines
      • South Korea
      • Thailand
      • Vietnam
    • Europe
      • France
      • Germany
      • Russia
      • Turkey
      • Netherlands
      • United Kingdom
    • Middle East
      • Egypt
      • Israel
      • Jordan
      • Oman
      • Qatar
      • Saudi Arabia
      • United Arab Emirates
    • North & Latin America
      • Brazil
      • Canada
      • Colombia
      • Mexico
      • United States of America
    • Go Global
  • Quality & Standards
    • Standards
      • For Companies
      • For Partners
      • E-Alert for Standards
    • Accreditation
      • For Companies
      • For Conformity Assessment Bodies
      • For Partners
      • Mutual Recognition Arrangements (MRAs)
    • Business Excellence
    • Consumer Protection
      • Consumer Product Safety Office
      • Weights and Measures Office
  • Financial Assistance
    • Grants
      • For Startups
      • For Local companies
      • For Partners
    • Loans & Insurance
      • Enterprise Financing Scheme (EFS)
      • Temporary Bridging Loan Programme
    • Tax Incentives
      • Double Tax Deduction for Internationalisation (DTDi)
      • Global Trader Programme
      • Fund Management Incentive (FMI)
      • Venture Capital Fund Incentive (VCFI)
    • Investments
      • Startup SG Equity
      • SEEDS Capital
      • EDBI
  • Non-Financial Assistance
    • For Singapore Companies
      • Supporting Your Startup Journey
      • Digital Programmes
      • Growth Partnership Programme
      • Sustainability
      • Business Toolkits
      • Talent Attraction and Development
      • Network of Partners
      • Export Guides
      • Free Trade Agreements
    • For Foreign Companies
      • Join Singapore's Startup Hub
      • Living in Singapore
      • Setting Up in Singapore
      • Free Trade Agreements
      • Double Tax Avoidance Agreements
      • International Investment Agreements
    • For Individuals
      • Skills Development for Students
      • Skills Development for Mid-Career Professionals
      • Be Inspired
  • About Us
    • Overview
    • Vision & Mission
    • Board of Directors
    • Subsidiaries
    • Strategic Plan
    • Year-in-Review 2021
    • Careers
    • Media Centre
Search
  • Share
Colombia
  • Home
  • Overseas Markets
  • North & Latin America
  • Colombia
  • Market Profile
Colombia
  • Market Profile
  • Profiled Industries
  • Doing Business in Colombia
    • In-Market Consultants
    • Key Government Agencies and Chambers
    • Singapore's Bilateral Agreements With Colombia
  • Contact Us
  • Events

Market Profile

Population (2022): 49.1 million  
GDP (2020):
US$683.94 billion 
World Bank “Ease of Doing Business” Rank (2020):
67th
Bilateral Trade with Singapore (2021):
S$326.60 million
Trading Partner Rank (2021):
Singapore's 6th largest trading partner in Latin America and 76th largest trading partner worldwide

With a welcoming policy towards foreign investment, Colombia is expected to remain one of Latin America’s most attractive markets. Foreign investors receive the same legal treatment as local investors. Colombia’s improving security and relative political stability has drawn increasing foreign direct investment in the energy, financial, infrastructure and mining sectors.

Colombia’s commitment to a broad range of institutional and structural reforms over the past few decades have strengthened its economy and made it one of the most business-friendly countries in Latin America.

Why Colombia

Robust growth
 

Colombia has quickly emerged as one of the most important economies in Latin America. Colombia’s real GDP growth rate decreased from 3.0% to 1.4% from 2015 to 2017 but bounced back to 3.3% in 2019 due to robust private consumption and stronger investment. Until the COVID-19 pandemic pushed the country into its first recession in two decades, growth was on track to accelerate further in 20201.

1 World Bank, 2022

Emerging middle class
 

 MarketProfile_WhyColombia_EmergingMiddleClass_bef1stPara

Colombia’s rapidly-growing middle class is expected to comprise 46% of the population in 2025, up from 30.5% in 20152. This means growing consumer demand, representing opportunities in sectors such as retail. The growth of the middle class is also expected to raise demand for quality infrastructure and utilities like transport, electricity and water.

2: Colombia’s official investment agency PROCOLOMBIA, 2017

Familiar growth sectors
 

Colombia’s major growth sectors are in line with our capabilities, giving Singapore firms excellent opportunities to display their strengths. These include oil and gas, with Colombia currently producing 886,000 barrels a day3, and infrastructure, with the government's plan to invest US$70 billion in infrastructure through 2035. Other growth sectors include tech and innovation, and trade and e-commerce. Colombia is also consolidating its position as one of the most important IT providers in the region, with growing ICT development in IT, business process outsourcing (BPO), IT outsourcing, shared services and apps.

3: CIA World Factbook, 2022

Venture to Latin America
 

Southeast Asia and Latin America share many market similarities. If you are a Singapore scale-up with proven solutions, Latin America could be your next market.

With an extensive corporate network in key markets in Latin America such as Colombia, Chile, Ecuador, Peru and Mexico, Latin Leap is a VC studio based in Colombia. Latin Leap’s Leap2Latam program will connect you to partners and customers and provide business set-up support to launch your business in the region.

Apply for the Leap2Latam program here.



TOP

Newsletter Sign Up

Get the latest news on how to grow your business - delivered straight to your inbox. Because growing your business is our business.

SUBSCRIBE
  • About Us
  • Media Centre
  • Careers
  • Events
  • E-Services
  • Resources
  • Inspiring Stories
  • Blog

Connect with us

  •  
  •  
  •  
  •  
Contact | Feedback |
Whistle-blowing
  • Sitemap
  • Terms of Use
  • Privacy Statement
  • Report Vulnerability

© 2018 Enterprise Singapore

(Last updated on 18 May 2022 13:13:06)