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10 Reasons to start a business in Colombia

Colombia has seen its fair proportion of violence and political corruption in the past, however, the clouds are beginning to clear, and its potential is now clear. Colombia is an extraordinary and diverse country, home to a number of the most beautiful cities, oceans and buildings.

It is also a member of the 'CIVETS', that are the next 'layer' of 'BRIC' nations, demonstrating its solid financial recuperation in the past decade. Extremely good prospects are expected for Colombia, and right here are ten motives why you should do business here.

Low living costs

Each entrepreneur is aware of the significance of livingcosts. Colombia has low living costs, with an average apartment in the city center costing just USD$245 a month. This means that you could rent three residences inside the city center for less than a condo inside the U.S. (Number, 2013). Transport is also less, given that a taxi ride will cost you around $1.50 per km.

The early mover benefits

The early mover gain is becoming increasingly more vital in business today. Colombia’s economy is still enormously unexplored in comparison to BRIC nations (Brazil, Russia, India and China). Taking advantage of this benefit will yield first rate blessings for bold organizations, along with customer loyalty and much less competition. With the support of a local group, such as Biz Latin Hub, many companies are able to successfully execute their business plans in Colombia.

                     

Younger population

Colombia has a population size of over 45 million; the third largest in Latin America. The population is also young, with a median age of 28 years of age (CIA world Factbook, 2013).

Rapid economic boom

Colombia has maintained an outstanding GDP growth rate over the past few years, accomplishing an all-time high of 7.7% in March 2007 (Trading Economics, 2013). In the past years, its economy has shown increasing consumer profits and increasing opportunities for international businessmen.Colombia manages a modest and constant inflation rate of 2,6% per annum, giving traders confidence.

Robust trade hyperlinks

Over the past decade, Colombia has created numerous crucial exchange links, with advanced countries including the U.S,Europe and Asian nations (overseas alternate statistics system, 2013). Just this year, Colombia signed an FTA with South Korea, the region soon to become one of the wealthiest international economies (Citibank, 2012).South Korea is anticipated to surpass the GDP per capita of the U.S. by 2050.

It'd be an understatement to say that the U.S. government has not assisted Colombia to get back on its feet after its long period of instability, violence and corruption. Over the past decade, there has been a phenomenal 90% drop in the number of kidnappings, and a 46% fall in murders (WSJ, 2011). Things keep improving in Colombia so much that the Ex-Colombian President, Juan Manuel Santos, became honored with the Shalom Prize for his dedication to obtaining peace in the region (JTA, 2013).

Colombia boasts the largest coal reserves, second largest oil deposits and a 1/3 of the natural gasoline reserves in LatinAmerica (CIA Factbook, 2013). Colombia is also regarded for its precious stones and metals extraction. It is the region’s main producer of emeralds, 2nd largest manufacturer of gold, and the only producer of platinum in Latin America, whichcreates opportunities for foreign business (Cuoro resources, 2013). First rate trade links will tie in well with Colombia's abundance of resources, building upon their GDP.


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