Apart from being an attractive tourist destination, Colombia is rapidly growing as a prime destination for international business and an emerging market for investors and entrepreneurs.
With billions being invested in its local infrastructure and an evolving remote work culture that includes a recently launched digital nomad visa, Colombia is turning into a significant business and tech hub.
Read on to explore the burgeoning business trends, the key factors driving this growth, and what you need to keep track of within the Colombian business landscape.
Colombia is rapidly developing its infrastructure
Colombia’s development is gaining momentum, with billions being invested towards significant improvements of the country’s digital and physical infrastructure in a bid to boost its economy and invite further investment and interest in the area. Here are two of the developments that will have a major impact in the next few years.
Broadband and cell service are being significantly developed
The Inter-American Development Bank (IDB) Invest is playing a pivotal role in closing the digital divide in Colombia, committing to support the expansion of digital infrastructure throughout the country. Their strategy aims to ensure universal access to high-quality, affordable, and reliable broadband internet in Colombia, enhancing digital inclusivity.
The local telecommunications infrastructure is also being developed with increased access to faster cell service across the country. This includes providing 3G and 4G services that previously didn’t have access at all. These developments will make it much easier for businesses and individuals to stay connected and develop, especially those in rural areas.
$5.39 billion is being invested in road and transportation projects
The Colombian government is also pouring substantial resources into its transport infrastructure, aiming to sign $5.39 billion in road contracts in its final year of term. Colombia’s underdeveloped highways and the slow progress in modernizing them have been noted as primary contributors to the reduced competitiveness of the country’s economy and its international trade activities. This massive initiative will undoubtedly stimulate economic growth and boost overall connectivity and open up numerous opportunities for businesses looking to enter the Colombian market.
Colombia’s digital nomad visa is turning it into a remote work destination
Colombia is steadily emerging as an attractive destination for remote workers and digital nomads, driven by the country’s escalating remote work culture. As remote work continues to expand within its borders, opportunities are opening up for companies of all sizes. Whether these firms have a minor presence or are sending select employees to explore new opportunities, or whether it’s entrepreneurs looking to establish their footprint, the opportunity to do that in Colombia is now much more feasible than ever before.
Plus, facilitating this growth is the introduction of the Colombia digital nomad visa, which applies to any entrepreneurs that meet specific income and other requirements and allows them to stay for up to two years. These developments contribute to Colombia’s appeal as a freelancer, entrepreneur or remote worker destination that combines cultural richness, technological progression, and a favorable business environment.
Businesses are expanding, and not just in tourism
As Colombia continues to make strides on the international business stage, its economic growth is reaching far beyond the bounds of the tourism industry. A growing number of sectors are demonstrating rapid expansion and global recognition. Here are three such expanding industries that have been making headlines recently underscoring Colombia’s growing prominence and versatility in the global marketplace.
Colombia’s audiovisual industry is gaining international recognition
Colombia’s audiovisual industry has experienced significant growth in recent years with significant benefits for those working in the industry including tax incentives, competitive salaries, and affordable operational costs. Encouraged by its unique landscapes and burgeoning local talent, Columbia has become a desirable destination for international film and television production, with increasing international recognition for films produced there including numerous prestigious festivals awards.
Strengthened international trade relations
Colombia is experiencing a surge in international trade, recently hosting its largest business matchmaking forum where around two thousand Colombian providers met with one thousand buyers from sixty different countries. Trade relations were strengthened further with the United States which had the biggest delegation, a move that bodes well for future business opportunities and partnerships. While trade from Columbia has historically focused on products such as coffee, fruits, flowers, and apparel, demand has increased for manufacturing services including metalwork, auto parts, plastics and packing materials, which has provided increased opportunities for local providers.
Colombia’s cocoa industry is growing
As Colombian farmers look for both economic advancement and recognition, their high-quality cocoa production is capitalizing on the fertile soils of the region, contributing to a robust and diverse national economy. As a result, Colombian cocoa output is on the rise, increasing by 60% in the last ten years, offering promising signs of economic progress as well.
Lex Documents can help support strategic relocation and business travel to Colombia
If you are considering Colombia as a potential destination for strategic staff relocation, or perhaps you’re a business owner or entrepreneur contemplating relocating there, Lex Documents can simplify the process for you.
We handle all of the logistics, enabling you to focus on your core business operations ensuring a smooth transition for all involved.
Not only is our founding team originally from Colombia, we also have a dedicated team based there that possesses in-depth knowledge of local business travel and Colombian immigration processes. We are here to support and facilitate your transition to the Colombian business landscape.
Please reach out to us to find out how Lex Documents can help!