US President Obama’s visit to Colombia signals a significant shift in how Western multinationals are approaching the Colombian market. Juan Carlos Echeverry, Finance Minister, was quoted in a recent article in the Washington Post alongside Clinton Carter, Frontier Strategy Group’s head of Latin America research, about the Colombian miracle:
Clinton Carter, head of Latin America research, said that there is still “an outdated mentality” about Colombia but that it is becoming easier to convince investors of the country’s possibilities. Frontier Strategy Group works with more than 200 Fortune 500 companies, the majority of which have substantial investments in Latin America.
Carter ticked off the advantages of Colombia: a free-trade agreement with the United States, its location in the center of the hemisphere, institutions that are more stable than in some neighboring countries and a well-trained workforce.
“It’s a sophisticated business community that places a premium on education,” Carter said.
ThyssenKrupp Elevator, a division of the German conglomerate, said Colombia is now its fastest-growing market in Latin America. The company is installing elevators and escalators in the country’s airport projects and newly built malls and is bidding on other projects, said Stuart Prior, the Texas-based chief operating officer of ThyssenKrupp Elevator.
“It’s a place we decided 10 or 12 years ago to invest in, and each year it got better and better,” he said. “We saw this coming five or six years ago.”
The full article can be found here:
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