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Colombia's overview

50,355,650

people -July 2021

$COP

1 AUD = $2,830 COP

323,255.

(Billions) for 2019 -*In USD

50.4% male 49.6% female

Population

Currency

GDP

Extension

1.138 million km²

14% Australia's

Government

Federal Republic

Bicameral

Colombian's economy

32nd

Australia 13th

Colombia is Latin America’s 4th largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, in addition to dependence on primary commodities (goods that have little value-added from processing or labour inputs).

Size

Key industries

Textiles, food processing, oil, clothing and footwear.

Beverages, chemicals, cement, gold, coal, and emeralds.

Image by Daniel GO

Colombia's impressive economic performance over the past decade has caught the attention of Australia, Colombia is one of the countries with greater economic stability in the region.

Colombia boasts strong macroeconomic fundamentals, an environment conducive to business and a proactive approach to economic liberalisation, all of which make it a prime target for Australia’s expanding engagement with Latin America."

                                                                 Austrade, 2021

Business Culture

Colombia is already a well-developed market for products and services and a high number of international companies service different sectors. If you want to develop a long-term relationship, a high degree of flexibility will be useful, also get in contact with local advisors can be advantageous to develop an appropriate strategy for market entry.

 

Colombians prefer to do business with people they know, however when it comes to do business with foreign you must be aware with who you do business with, and always double check. Colombia offers foreign investors various cities outside of the capital, Bogota, that have established themselves as commercial hubs, including Medellin, Cali, Barranquilla and Bucaramanga.

Colombia's overview

SOURCES

World Bank.

CIA Factbook.

Australia DFAT.