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Colombia unveils plan to boost foreign investment, multinational relocations

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Colombia's government on Friday launched an effort to attract $11.5 billion in non-energy related foreign investment between now and 2022, in a bid to create jobs during the economic crisis caused by the coronavirus.

FILE PHOTO: People walk inside a shopping center in Bogota, Colombia July 15, 2019. Picture taken July 15, 2019. REUTERS/Luis Jaime Acosta

The plan, which includes tax incentives and bureaucratic simplifications, is meant to encourage multinationals from the United States and other countries to relocate their operations from Asia. Mega-investments are the term used by the government to refer to investments worth more than $280 million. Foreign direct investment in Colombia contracted 21.9% to $4.67 billion between January and July, according to the country’s central bank. The figure for the year is predicted to be well below the $14.6 billion in 2019.

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