Colombia, a market full of opportunities!
Before we going into more details, let us tell you why the colombian market is bringing a lot of business opportunities:
- Colombia’s market holds the third-largest GDP in all of South America.
- The poverty rate has decreased from 50% to 28%, thanks to great policies implemented by the Government to raise up GDP.
- Some policies incentives foreign investment, through the Free trade Zone regime and Special Economic zones for exports
- Colombia offers a safe and sustainable environment, with low corporate tax, worldwide free trade deals, and political stability.
|Population||Internet Users||E-commerce Rank|
|49 million||34 million||4th place|
The mayor exports from Colombia are oil, coffee, spices, and mining. On the other side, Colombia mainly imports machinery and transport equipment, manufactured products, chemicals, and related products. Furthermore, fuel, mineral lubricants, and FMCGs are primary factors in the import sector.
Which industries will thrive in the following years?
Raw commodities like oil and mining are still the most relevant goods to trade with, besides Recreational tourism, Medical tourism, the Colombian music industry, Cosmetics, and beauty products are among the promising sectors.
Although, now that the orange economy is surging through the veins of Colombians everywhere, we can expect more money to be funneled into creative industries.
But, what exactly is the Orange Economy?
Colombians Orange Economy, as defined by the former president Iván Duque in his book, outlined the term as “An Infinite Possibility, promotes all goods and services that are based on intellectual property, creativity, and the arts.” Duque divides these goods and services into three main categories:
Traditional products of intellectual property (i.e, art, books, films, radio, newspapers)
Products that are based on experience (i.e, theater, dance, fashion, design, and even food)
Digital and multimedia products (i.e, video games, software, advertising, new media, etc.
As you can see, Colombia’s economic growth is on the rise and business opportunities are diverse and plentiful. Like most countries, Colombia has its fair share of challenges.
But in the same way, it is equally necessary to highlight a few economic challenges for Colombia, which include:
- Narcotraffic, which despite all efforts is still an ongoing problem.
- Income and social Inequality with a GINI Index from 50.4 in 2018.
- Lack of sufficient and stable infrastructure and the dependence on primary exports.
- Precarious security situation which suppresses a healthy growth.
Change is on its way!
However, peace agreements between the government and Colombian rebels have brought positive changes to the economy. Lack of proper infrastructure gives opportunities to invest in this construction industry which has to be improved in the following years.
The Construction market as a shining example!
Lately, Colombia has presented ups and downs in this sector, Colombia’s construction sector will continue being one of the most dynamic in Latin America.
The construction industry is one of the fastest-growing sectors. It has the highest share of Colombia’s GDP, with a contribution of 6.8%. Even though the current pandemic wave has decreased the normal development of this sector, it can be said that there will be a boost for the coming years.
But, not only in the construction sector!
Due to the current outbreak of COVID-19, the medical equipment sector in Colombia has been more demanding, which gives opportunities to improve the trade of it.
The lockdown in Colombia has helped to improve the E-commerce and telecommunication industry.
Entrepreneurs have utilized this crucial time to make efforts to bring multiple choices to trade directly from our laptops, without intermediaries nor delays neither language barriers like Anchorbird, a promising Colombian wholesale platform, dedicated to fulfilling the South American market with the best quality products and inexpensive goods from China.