WEEKLY ROUND-UP
December 1st - December 7th
Colombia launches strategy to attract investment for sustainability
Plans to attract resources with environmental, social and governance components.
In line with the objectives of the National Government, the state promotion agency ProColombia advanced a strategy to attract foreign investment for sustainable development, which establishes a roadmap to consolidate the country as a sustainable business center in Latin America.
*Only Available in Spanish
Coal production in Colombia is projected to fall up to 60% in 2030
Under the proposed policy scenario, coal production would begin to decline.
Colombia, as well as many countries in the world, has committed to carbon neutrality by 2050, and is already taking steps to meet this scenario, for example, in December 2021, the Climate Action Law was approved, which establishes a series of paths to achieve this goal.
*Only available in Spanish
Colombia, among the Latin American countries that have not yet reached a ceiling in inflation
Elevated inflation rates throughout the region.
At the end of June, the monitoring of Trading Economics explained that for every 10 countries in the world, between seven and eight showed reports of rising inflation. In fact, by the end of the first semester, 85% of the world's central banks had adjusted their interest rates to face the rise of the global Consumer Price Index (CPI).
*Only available in Spanish
With a difficult end to 2022, these are the economic challenges in 2023
Sustainability and economic growth will be the main challenges for the upcoming year.
Economic growth at the end of 2022 will be close to 7%, interest rate at 12.3%, inflation at 12.5% and exchange rate at $4,750. Numerous plans to combat economic challenges are currently being proposed and analyzed, such as a rise in minimum wage, subsidises, and more.
*Only available in Spanish
December 1st - December 7th
Colombia launches strategy to attract investment for sustainability
Plans to attract resources with environmental, social and governance components.
In line with the objectives of the National Government, the state promotion agency ProColombia advanced a strategy to attract foreign investment for sustainable development, which establishes a roadmap to consolidate the country as a sustainable business center in Latin America.
*Only Available in Spanish
Coal production in Colombia is projected to fall up to 60% in 2030
Under the proposed policy scenario, coal production would begin to decline.
Colombia, as well as many countries in the world, has committed to carbon neutrality by 2050, and is already taking steps to meet this scenario, for example, in December 2021, the Climate Action Law was approved, which establishes a series of paths to achieve this goal.
*Only available in Spanish
Colombia, among the Latin American countries that have not yet reached a ceiling in inflation
Elevated inflation rates throughout the region.
At the end of June, the monitoring of Trading Economics explained that for every 10 countries in the world, between seven and eight showed reports of rising inflation. In fact, by the end of the first semester, 85% of the world's central banks had adjusted their interest rates to face the rise of the global Consumer Price Index (CPI).
*Only available in Spanish
With a difficult end to 2022, these are the economic challenges in 2023
Sustainability and economic growth will be the main challenges for the upcoming year.
Economic growth at the end of 2022 will be close to 7%, interest rate at 12.3%, inflation at 12.5% and exchange rate at $4,750. Numerous plans to combat economic challenges are currently being proposed and analyzed, such as a rise in minimum wage, subsidises, and more.
*Only available in Spanish
November 24th - November 30th
President Petro says Colombia must make a paradigm shift and move to the new phase of clean energy
Plans of the new government towards a clean energy.
"The companies that remain in that past phase are going to disappear and those that are linked to a new clean energy are going to be strengthened. We have to change, there is something called the climate crisis that is getting worse... everyone is invited to take this step"
*Only Available in Spanish
Bogota will open tenders in December for three key infrastructure works
New investments in the capital of Colombia.
The mayor of Bogotá, Claudia López, announced that, before the end of 2022, tenders will be opened to award three important infrastructure projects to improve mobility in the city, which add up to investments of approximately 20 billion Colombian pesos.
*Only available in Spanish
Inflation and high credit rates are challenges for infrastructure projects
Roadblocks of growth.
The challenges that are presented in the development of these projects are inflation and an increase in the cost of credit, since today negotiating is more expensive than in the last 20 years. Financing is a risk to the private sector, however there are different management mechanisms.
*Only available in Spanish
Gas is the backbone of the energy transition, it is essential
Opportunities for growth during the transition to clean energy.
For the president of Ecopetrol, "gas is the backbone of the energy transition", which is added to the goal that in 18 years from now half of the business will be low-emission and gas will have grown between 50% and 60%.
*Only available in Spanish
November 10th - November 16th
Petro's first achievements in his presidency
This Tuesday, the Colombian President, Gustavo Petro, celebrates his first hundred days in office.
The Government obtained the approval of two key projects in an environment of inflation and deceleration. The annual budget will be approved.
*Only Available in Spanish
Merchants, with decline in sales and in their economic expectations
Orders to suppliers decrease.
Among the main problems that affect the business world is physical insecurity. Colombian merchants report a setback in their sales during the month of October and a decrease in expectations for the coming months.
*Only Available in Spanish
Colombian pharmaceutical companies ask for a policy for sanitary autonomy
Growth of the pharmaceutical sector in the country.
Pharmaceutical companies in Colombia have the experience in manufacturing, labor, and quality to support the local production of medicines, they request support in "technology transfer" with the aim of leading Colombia towards sanitary autonomy.
*Only Available in Spanish
Socialization of transport projects in the Amazon
The government seeks to invest in the development of transport infrast-ructure in the Amazon, since this is essential for the objectives of the current presidency.
Invias is the main executor of the projects mentioned by the current transport minister.
*Only Available in Spanish
November 3rd - November 9th
Colombia is the third most advanced in the region in energy transition
According to the Department of National Planning, in 2023 Colombia will multiply 100 times its energy production from non-conventional renewable energy sources.
*Only available in Spanish
impacts that the TAX ADJUSTMENTS will have on software services
Subject to the tax are online advertising services, digital content services (whether online or downloadable), streaming services; to video, music, podcasts or any other digital content platforms, the online services of intermediary platforms (mobility platforms) and digital subscriptions.
*Only available in Spanish
Potential tax increase on CLOTHING imports
The draft of a presidential decree published for consultation indicates that, at a meeting of the Committee on Customs, Tariff and Foreign Trade Affairs, held on October 26, it was recommended "to take tariff measures" regarding the import of clothing.
*Only available in Spanish
Cartagena will inaugurate the first Innovation and Technology Center
Cartagena, being located on the coast, is a city full of opportunities, a logistics, industrial, energy, maritime and tourist hub. As part of its development, the first Caribbean Innovation and Technology Center will be inaugurated next month.
*Only available in Spanish
September 29th - October 5th
Colombia is positioned as the fourth most innovative country in Latin America this year
At the regional level, the list is led by Chile, which ranked 50th in the general ranking. This is followed by Brazil, which was 54; Mexico, which was 58; Colombia, which was 63.
*Only available in Spanish
In September, inflation will exceed 11% in Colombia, according to analysts
Food explains the main pressures on prices. Increases are also expected in restaurants, education, public services.
*Only available in Spanish
Five surprising facts about the impact of ICT
In Colombia, the ICT sector represents around seven percent of the national GDP. The markets of telecom-munications, electronic products, cloud services, among others, generate a high volume of business per year.
*Only available in Spanish
Alliances, unions and returns, the 'moves' of the air sector
Delta and Latam announced the approval of a 'Joint Venture'. Avianca, Viva and Gol continue in the process and unite under the umbrella of Abra.
*Only available in Spanish
September 22nd - September 28th
Colombia and Venezuela reopen the border after seven years
It is expected that with the commercial reopening of this border, bilateral trade between Bogotá and Caracas will reach US $1.2 billion by the end of the year.
*Only available in Spanish
50% of the national COLOMBIAN rail network is idle
The National Government has made it a pillar in the Transportation portfolio to strengthen the country's railway system to boost the economy between regions.
*Only available in Spanish
Colombia seeks to double agriculture investment budget
The government of President Gustavo Petro seeks to boost Colombia’s agriculture sector with a significant increase in government subsidies.
Fundación Valle del Lili, a hospital in Colombia on the list of the best 250 in the world
Among the list of the highest ranked, the Valle del Lili Foundation, a hospital in Cali and the only one in the country in the ranking, appears in position 149.
*Only available in Spanish
September 15th - September 21st
Colombia has already exceeded the estimate of electric vehicles purchased in 2022
Statista forecasts that 6,000 electric vehicles will be sold in Mexico, 5,100 in Brazil, and Colombia in third place with more than 2,400 units sold.
*Only available in Spanish
Around 32% of companies in Bogotá registered an increase in sales
The Bogotá Chamber of Commerce consulted 462 companies among its members regarding their performance in exports, employment and investment.
*Only available in Spanish
Asoenergía asked the Government to enter solar and wind sources in the National System
The association explained that the country reached 25 solar farms, two wind farms, 10 large-scale self-generation projects, as well as more than 3,000 small self-generation photovoltaic solar projects.
*Only available in Spanish.
Changes in consumption habits of cosmetic products after the pandemic
According to a study, 31% of Colombian women buy less makeup than before the pandemic.
*Only available in Spanish