Market profile

Colombia's impressive economic performance over the past decade has caught the attention of Australia and other foreign investors. Colombia is one of the countries with greater economic stability in the region. In the past five years, the economy grew by an average 4.8 per cent. The country's middle class has been increasing consistently from about 30 per cent of the population in 2014 to an expected 37 per cent in 2020 and 46 per cent in 2025 (Source: Procolombia, Why Colombia 2016).

Colombia boasts strong macroeconomic fundamentals, an environment conducive to business and a proactive approach to economic liberalisation, all of which make it a prime target for Australia’s expanding engagement with Latin America.

Oil accounts for the largest portion of the country’s exports, generating about 20 per cent of government revenue. The shrap drop in crude in 2016 will dramatically affect government agencies, with areas such as education, infrastructure, health and social investment being targeted for budget reductions.

Peace talks with the armed FARC and ELN groups are ongoing. In June 2016 an accord was agreed for "A Bilateral and Definitive Ceasefire, Cessation of Hostilities, and Laying Aside of Weapons". President Juan Manuel Santos is confident the talks will culminate in a peace agreement, paving the way for a new era in Colombia, including major new investment and economic activity.

More information on doing business in Colombia

Opportunities

Facts

  • Imports from Colombia A$127 million
  • Exports to Colombia A$395 million
  • Capital Bogotá
  • Official Language Spanish
  • Area 1,109,500 sq km
  • Population 48.2 million

Events

Pre-NAFSA 2017 Market Update: North America and Latin America
29 May 2017
Austrade will present a market update for Australian institutions and education providers in conjunc ...

More Events

Country information provided by DFAT

Country brief

A comprehensive overview of political, economic and bilateral and regional trade agreements.

» read more at DFAT

Trade and economic fact sheet

Containing general information, recent economic indicators, Australia’s trade and investment relationship with Colombia and their global merchandise trade relationship that is updated twice a year.

» read more at DFAT

Smartraveller

The Department of Foreign Affairs and Trade’s Smartraveller site provides advice for business travellers and tourists going to Colombia. This is regularly updated and should be checked before planning travel.

» read more at DFAT

Extractive Industries Transparency Initiative

The Extractive Industries Transparency Initiative (EITI) is a voluntary mechanism which promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining.

The EITI is supported by governments, industry, and non-government organisations around the world. The Australian Government supports the EITI and encourages Australian companies operating internationally to comply with its recommendations.

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