Colombia should aim for more high technology investment, according to an UNCTAD review of the country´s investment policies.
The review, discussed at the investment commission in Geneva this week, looks at ways to strengthen the government´s investment promotion arm, Proexport. It also proposes policies to attract more technology-driven firms to its growing knowledge-based economy.
While praising the government for its market reforms, it notes that investors are nevertheless concerned with 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 and to begin negotiations with the European Union.
Speaking at the meeting, Colombian Vice-Minister of Trade, Industry and Tourism, Eduardo Muñoz, stressed that foreign investment was important for Colombia and urged investors to consider it as a strategic location for access to foreign markets, including the United States.
The meeting was organized to present and discuss the Investment Policy Review of Colombia. Investment policy reviews are undertaken at the request of governments who wish to improve their investment climates and attract more FDI.
