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08 Mar 06 - Colombia´s knowledge economy needs high-technology investment

 A review of investment policy in Colombia, launched by UNCTAD at the 10th Commission on Investment, points the way towards more high-technology investment and a strengthening of the government´s investment promotion arm - Proexport


A review of investment policy in Colombia, launched by UNCTAD at the 10th Commission on Investment, points the way towards more high-technology investment.

The review, launched at the 10th Commission on Investment, also proposes ways to strengthen the government´s investment promotion arm, Proexport, as well as enhance policies to attract more technology-driven firms to its growing knowledge-based economy.

Investment policy reviews are undertaken at the request of governments who wish to improve their investment climates and attract more foreign direct investment . UNCTAD´s programme on investment policy reviews helps countries improve policies and institutions that deal with FDI and increase their capacity to attract and benefit from it.

While praising the government for its market reforms, the review notes that investors are concerned by a number of contradictory fiscal measures and the difficulty of resorting to international arbitration in case of disputes.

The review urges the government to extend its network of bilateral investment treaties and double taxation agreements to fully tap market opportunities offered by the bilateral trade agreement with the United States. It also encourages the government to begin negotiations with the European Union.

Speaking at the meeting, Colombian Vice-Minister of Trade, Industry and Tourism, Eduardo Muñoz, welcomed the review´s recommendations and said that his government would consider ways of implementing them. He stressed the importance of bilateral investment treaties and confirmed his government´s intention to launch negotiations. He also confirmed that Colombia would respond favourably to requests received on the negotiations of double taxation treaties.

He added that foreign investment was important for Colombia and urged investors to consider his country as a suitable location for accessing the United States and beyond.

A number of investors attending the event praised the country´s strategic location, as well as its access to foreign markets and the quality of its workforce.


For more information please contact:
Ms. Fiorina Mugione

UNCTAD
Palais des Nations
1211 Geneva 10, Switzerland

F: +41 22 917 29 43
E: fiorina.mugione@unctad.org



 

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