On Thursday, April 20, 2023, the President of the United States, Joe Biden, will receive his Colombian counterpart, Gustavo Petro, to discuss how the two countries can continue to deepen the strong bilateral relationship that exists in different areas of interest. common.
They will talk about climate change, drug trafficking, migration, democratic values, human and labor rights in the region and the world, according to the White House communication.
In this regard, the president of the Colombian American Chamber of Commerce (AmCham Colombia), María Claudia Lacouture, called for the strengthening of bilateral trade between the two countries.
“Today more than ever we need to strengthen relations with who has been our best ally. Issues such as investment, trade and tourism between Colombia and the United States become essential for the current moment of our economy,” said the union leader.
On the occasion of this meeting, AmCham Colombia presented some data on the current state of the economic relationship between the two countries. They are the following:
1. The United States is the main investor and generator of more than 100,000 formal jobs in Colombia: In 2022, investment from the United States was USD4,975.5 million, equivalent to 29.2% of the total foreign direct investment (FDI) that the country received last year and showed growth of 220.5% compared to to the previous year of 2021 when the investment reached USD 1,552.6 million. In the same way, the flows of 2019 rebounded by 101.1% in the order of USD 2,474.6 million, according to official information from the Banco de la República.
The 2022 investment was the highest recorded in the country since 1994, the oldest data provided by the Bank of the Republic, and the participation of capital injection from the United States is the highest it has had in the last 15 years.
The almost 650 US companies with a presence in Colombia generate more than 107,000 formal jobs, and investment reaches more than 15 sectors of the country, including commerce, telecommunications, oil and mining, and finance.
“The presence of United States companies in Colombia must continue to be stimulated with public and macroeconomic policies that attract investment, knowledge transfer, and the generation of formal employment that will benefit the economy,” added Lacouture.
2. Almost a third of Colombia’s exports are destined for the United States: Last year, Colombian exports to the United States reached USD14,757.5 million, presenting a growth of 34.7% when compared to the same period in 2021, registering USD10,959.6 million.
Likewise, they showed a growth of 65.4% compared to 2020 when they were USD8,923 million; and 28.1% above 2019 levels of USD11,520.1 million. Sales in 2022 represented 26% of the total exported to the world. According to AmCham Colombia’s analysis, the non-mining energy sector in 2022 represented 53% of Colombia’s exports to the United States.
“In order to increase exports, we must continue with the promotion work in the US market and strengthening the competitiveness of all sectors of the industry for a better use of the Free Trade Agreement in force between the two countries,” said Lacouture.
3. The United States is the main sender of international travelers to Colombia: During 2022, 903,681 travelers arrived from the United States to Colombia, representing 27.3% of the total non-resident travelers who arrived in the country. Likewise, in the first two months of the year a total of 154,699 Americans traveled to the country, being the main issuer of tourists to Colombia.
4. About 70% of imports from the United States are goods that Colombia does not produce: Colombia and the United States have a complementary trade agreement and the vast majority of our country’s imports from the United States are goods that are not manufactured in Colombia and that, for the most part, become part of local production chains. to be transformed into products that will be sold in the country or for export.
5. Colombian products led some markets in US states, in 2022:
Some are:
– 100% of the raw cane sugar entering Alabama.
– 100% of the bituminous coal (coal) that reaches Alabama, Florida and New Hampshire.
– 100% of the crude palm kernel oil entering Arizona
– 100% of the fresh mums arriving in Colorado and Massachusetts.
– 100% of the cane sugar that reaches Colorado.