Colombia Benefits From Foreign Investment

Colombia is increasingly benefiting from foreign companies operating within the country says a new report.

The outsourcing sector is getting a boost from the increased presence of foreign companies which are providing key services including finance and accounting, logistics, human resources and back office services.

Foreign investment, says the report which was produced by research and consultancy firm Grans Consulting, has increased by nearly 30% over the last few years. Most of the investment comes from Spain, the US and UK, and Argentina.

Colombia is being seen by investors as a country full of potential in terms of finance, tax and the wider economy. The attraction for foreign investors is that they can operate in a number of Colombian local markets. Figures reveal that almost 3,000 companies currently provide outsourcing services, but interestingly, also reveal that most of these companies are SMEs, with only around 10% that can be considered large companies.

One of the main drivers within the Colombian market is the increased use of payment platforms, gradually reducing the use of cash.

Recent statistics have shown that nearly 70% of the money that moves around the country’s economy was via electronic transactions. Yet, just 10% of payments are made electronically, a figure which contrasts with Brazil where it’s 30% and Chile, 25%.

Governments are keen to see greater use of electronic transfers, because it is cheaper than printing bank notes.

The trend towards electronic payments has mostly benefited companies within the financial sector and overall, it is helping the establishment of new platforms and technologies to further enhance payments.

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References: Staffing Industry Analysts, El Universal

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