Foreign direct investment falls 19%
By Manuel Rueda, Editorial Director
Thursday, February 4, 2010
Foreign direct investment in Colombia fell to US$6.9 billion in 2009 according to figures recently released by Colombia´s Central Bank or Banco de la Republica. Analysts say the decline in foreign investment can be attributed to the global economic crisis which has affected domestic demand, exports, the price of raw materials, and financing for new projects.
The most hard hit areas include industrial production, telecommunications, and commerce. These industries received US$2.6 billion of foreign direct investment in 2008, but only a meager US$94.3 million in 2009.
Despite the economic crisis, foreign investment in the oil and mining industries increased by 16.1% in 2009, as international companies continue to look for new sources of oil in Colombia.
The government acknowledged overall foreign direct investment has taken a hit, but it is viewing these numbers in a positive light, with President Uribe saying in a recent radio interview that due to the economic crisis, he had expected foreign direct investment to be lower in 2009.
Colombian investments abroad stood at US$6.1 billion in 2008 but fell to US$5 billion last year. The central bank expects the Colombian economy to grow by 2.5% in 2010.
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