About Colombia

Colombia, one of Latin America's oldest democracies, is an excellent example of a country reclaimed from conflict by dedication to the rule of law and criminal justice system reforms.

Critical to reforming rule of law in Colombia was the decision by president Andres Pastrana to enter into successive foreign aid partnerships with the United States beginning with Plan Colombia in 1998.

Colombia's dramatic emergence as a thriving, democratic leader in Latin America is currently the global template for rule of law and justice system development.Security gains and capitalist-friendly investment rules, for example, are spurring an unprecedented mining and oil boom in Colombia, a pro-business outpost on an increasingly leftist continent.The landslide victory of Juan Manuel Santos (Aug 2010) as Colombia's president opens a new chapter in the story of this optimisticnation.

President Santos is poised to lead a new elite class of the global economy: the CIVETS. The CIVETS are midsize economic powers—Colombia, Indonesia, Vietnam, Egypt, Turkey, and South -Africa—that are hailed as the new stars of the emerging markets. And it's no accident that Colombia gets lead billing. In the past eight years, the Andean nation has gone from dud to dynamo: foreign investment has risen 250 percent. Its stock index is up 15 percent this year, and 35 percent (versus Brazil's 14 percent) over the decade.

Today, Colombia has the best business environment in Latin America, according to the World Bank.

Its stock market is among the world's best-performing. Colombia has taken its place as the "C" in the high-growth CIVETS states. This year, the country will attract $10 billion in foreign investment, a 400% gain from 2002.

Increased stability both economically and politically have meant that tourism has also started to flourish again. Many overseas visitors have started to come to Colombia and see how beautiful the country is without the fear of crime and drug trafficking that once held it back.

Here are a few more quick facts about the country:

• Major Cities: Bogota (capital), Medellin, Cali, Barranquilla, and Cartagena
• Currency: Peso
• Official Language: Spanish, but English widely spoken in cities
• Drive: Right hand side of the road
• Calling Code: +57
• Time: GMT -5 (Eastern Standard Time in USA)
• Main Industries: Textiles, agriculture including export of fruits and flowers, oil and natural gas,chemicals, mining (gold, coal, and emeralds), and tourism.

Doing Business in Colombia

The radically improved stability in Colombia has created a much better business environment. One reason for this change in fortune for the country is the desire of successive governments since the late 1990s to improve security and promote foreign investment. Law and order is a key element of society that has improved significantly making it a safer country to do business.

Colombia's improved economic situation has seen a fivefold increase in direct foreign investment here. Colombia is considered the leader of CIVETs, including Colombia, Indonesia, Vietnam, Egypt and Turkey, which are currently the five most promising emerging economies in the world.