Trade Report

Colombia achieves fiscal balance

Coltrade is offering you the announcement of President Uribe that Colombia reached a fiscal balance-making it the best performance in that country’s public sector.

Standard & Poor’s recently raised its outlook on Colombia’s foreign and domestic debt to “positive” from “stable,” which caused yields on the Colombian bonds to fall to record lows. On the following link you will find

IMF says economic outlook “very favorable”

During a routine visit to Colombia, the International Monetary Fund (IMF) issued the following statement:

“The economic performance surpassed expectations, as real GDP rose – contributing to strong declines in unemployment and poverty – the external sector strengthened and inflation remained well under control. Fiscal policy was significantly stronger than expected.

Colombia to Invest for Port Infrastructure

Colombia will invest to improve the infrastructure and service in ports on the Pacific coast of Valle del Cauca. The investment will largely benefit Buenaventura, Colombia’s main Pacific port, which is owned by Maritrans Ltda. It will also include development of deep-water ports in Bahia Malaga and Agua Dulce. In addition, funds will be used to improve the road between Buga and Buenaventura.

Three quarters of the funds in Buenaventura are expected to help improvements in education, health, transport, public services and highways, with the remainder to be invested in improving the competitiveness of the port. The Inter-American Development Bank and Andean Development Corporation (CAF), and national, departmental and municipal government budgets are expected to fund the plan. Here you can read a post about investing in Colombia.

Starbucks to Open in Colombia

Starbucks, the world’s largest coffee retailer, is entering Colombia and planning to open its first store in Bogota. Though an exact location and opening date have not been determined, the north side of the city and Bogota’s El Dorado airport are under consideration. The company is likely to enter Colombia alone, and not as it commonly does in alliance with local investors, to compete directly with the Juan Valdez, Tostión, Kaldivia, and Oma coffee chains.