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.
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
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
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
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.