Foreign direct investment into Colombia has risen nearly 16 percent this year, with a number of global retailers planning to increase the number of outlets they operate in the country, according to the Colombian embassy.
Between January and September, FDI rose to nearly $13 billion, a 15.8 percent year-on-year increase. FDI into Colombia reached a record $13 billion in 2011 but is projected to hit $17 billion this year, according to a Reuters
report last week.
Retailers are leading the charge, with U.S. clothing retailer Gap planning to open its first Gap and Banana Republic outlets this year, and U.S. shoe retailer Payless planning to increase its number of outlets from 50 to 80 this year.
Gap introduced its products in Colombia and other South American markets last year through an international shipping program.
Colombia has had GDP growth in 2011 of nearly 5 percent. A free trade agreement between Colombia and the United States went into effect in May. - Eric Johnson