19,576
edits
Changes
Jump to navigation
Jump to search
Line 60:
Line 60: + Line 83:
Line 84: − +
→Economy
==Economy==
==Economy==
[[File:Coffee picking in Colombia.jpg|thumb|left|Coffee picking.]]
Colombia is a free market economy with major commercial and investment ties to the United States. Transition from a highly regulated economy has been underway for more than 15 years. In 1990, the administration of President Cesar Gaviria (1990-94) initiated economic liberalization or "apertura," with tariff reductions, financial deregulation, privatization of state-owned enterprises and adoption of a more liberal foreign exchange rate. These policies eased import restrictions and opened most sectors to foreign investment, although agricultural products remained protected.
Colombia is a free market economy with major commercial and investment ties to the United States. Transition from a highly regulated economy has been underway for more than 15 years. In 1990, the administration of President Cesar Gaviria (1990-94) initiated economic liberalization or "apertura," with tariff reductions, financial deregulation, privatization of state-owned enterprises and adoption of a more liberal foreign exchange rate. These policies eased import restrictions and opened most sectors to foreign investment, although agricultural products remained protected.
===Foreign Investment===
===Foreign Investment===
The United States is the largest source of new foreign direct investment (FDI) in Colombia, particularly in the areas of coal and petroleum. In 2006, new FDI totaled $6.3 billion, an increase of 294% from 2002. The bulk of the new investment is in the manufacturing, mining, and petroleum sectors. The only activities closed to foreign direct investment are defense and national security, and disposal of hazardous wastes. Capital controls have been implemented to reduce currency speculation and to keep foreign investment in-country for at least a year. In order to encourage investment in Colombia, Congress approved a law in 2005 to protect FDI.
The United States is the largest source of new foreign direct investment (FDI) in Colombia, particularly in the areas of coal and petroleum. In 2006, new FDI totaled $6.3 billion, an increase of 294% from 2002. The bulk of the new investment is in the manufacturing, mining, and petroleum sectors. The only activities closed to foreign direct investment are defense and national security, and disposal of hazardous wastes. Capital controls have been implemented to reduce currency speculation and to keep foreign investment in-country for at least a year. In order to encourage investment in Colombia, Congress approved a law in 2005 to protect FDI.
==History==
==History==