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Country Guide > South America > Colombia | |
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Business Profile Economy Agriculture is extensive and varied; it accounts for 75 per cent of export earnings. Coffee has traditionally been the principal crop (Colombia is the world’s second-largest producer) but as production has declined and prices fallen, other products have partially replaced it, including sugar, bananas, cut flowers and cotton. Illegal farming of cocoa is also widespread in the more remote parts of the country. The country is self-sufficient in consumer goods and exports of manufactured goods – textiles, leather goods, metal products, chemicals, pharmaceuticals and cement – have been steadily increasing. Colombia has sizeable oil reserves, which are now on stream. Coal deposits are the largest in Latin America, although development of these has been slow. Recent economic performance has been moderate, with annual growth of just over 1 per cent during 2002. In the same year, inflation was 7 per cent, although official unemployment is still close to 20 per cent (the true figure is probably rather higher). The ongoing internal conflict, which shows little sign of resolution at present, is a huge millstone around the country’s neck, as far as prospects for economic development go. Colombia is a member of the Andean Pact and of the Asociación Latinoamericana de Integración (ALADI), which is seeking to regularise tariffs throughout South America. In addition, Colombia is establishing a three-country free trade zone with Venezuela and Mexico; by 2002, these two, plus the USA, were Colombia’s largest trading partners. Business Businesspeople are expected to dress smartly. English is widely understood in many business circles; the Colombian Ministry of Foreign Affairs has an official translation service, and there are a number of commercial interpreter services. A command of Spanish is always appreciated. Business visitors will sometimes be invited out to dinner, which may be preceded by a long cocktail party, with a meal starting around 2300. The best months for business visits are March to November. The business community generally takes holidays from September to February, the driest months. It is advisable to avoid Barranquilla in June and July. Office hours: Mon-Fri 0800-1200 and 1400-1700. Commercial Information The following organisations can offer advice: Confederación Colombiana de Cámaras de Comercio (CONFECAMARAS) (National Chamber of Commerce), Apdo Aéreo 29750, Carrera 13, 27-47, Oficina 502, Santa Fe de Bogotá (tel: (1) 346 7055; fax: (1) 346 7026; e-mail: andresbernal@confecamaras.org.co; website: www.confecamaras.org.co); or Proexport Colombia, Edificio Bancafe, Calle 28, 13A-15, Piso 37, Santa Fe de Bogotá (tel: (1) 341 2066. fax: (1) 561 1776; e-mail: proexport@proexport.com.co; website: www.proexport.com.co) or Colombian Government Trade Bureau, 1901 L Street, Suite 700, NW, Washington DC, 20036, USA (tel: (202) 887 9000; fax: (202) 223 0526; e-mail: coltrade@coltrade.org; website: www.coltrade.org). Conferences/Conventions For advice and assistance with conferences and conventions in Colombia, contact the CORFERIAS (National Centre of Trade Fairs), Carrera 40, 22C-67, Santa Fe de Bogotá (tel: (1) 381 0000; fax: (1) 428 5551; e-mail: info@corferias.com; website: www.corferias.com). |