Colombia
website of the Embassy of India http://www.embajadaindia.org/
Map: http://worldatlas.com/webimage/countrys/samerica/co.htm
Manufacturing sector of Colombia is the most developed and diverse among the andean community countries.
one of the highest literacy rates in Latin America with 92 %
Has the largest population in the Andean Community and the third largest in Latin America
Fifth largest economy in terms of GDP in Latin America
gateway to the markets of Andean Community, G-3 ( Colombia, Mexico and Venezuela) and USA with whom it has a preferential trade agreement and is negotiating a FTA.
largest exporter of coffee.
Colombian Emeralds are famous. Colombia produces 60 % of world production.
other mineral resources are : Nickel, gold, coal ( largest reserves in Latin America)
Colombia produces over 500,000 barrels per day of oil. Export of oil has overtaken the revenue from coffee exports. However, the oil production is declining in recent years, in the absence of adequate investment in new exploration.. Current estimates of reserves are 1.5 billion barrels. It is feared that Colombia might become a net importer of oil by the end of this decade, if new discoveries are not made. Ecopetrol is the state company for exploration and production of oil. Foreign companies are being invited to participate in oil exploration and production independently or in collab with Ecopetrol.
FTA with USA signed in february 2006 but is yet to be ratified by US Congress.
Bilateral Trade (US $ million)
|
2000 |
2001 |
2002 |
2003 |
2004 | 2005 | 2006 | 2007 | 2008 | 2009 |
Exports from India
|
65 |
73 |
88 |
131 |
181 |
248 |
346 |
476 |
529 |
504 |
Imports by India
|
3 |
3 |
3 |
- |
7 |
5 |
63 |
80 |
16 |
449 |
2009 exports in million dollars
VEHICLES AND AUTOPARTS |
195,35 |
ORGANIC CHEMICALS |
52,75 |
MISCELLANEOUS CHEMICALS |
50,31 |
COTTON AND COTTON YARNS |
49,06 |
PHARMACEUTICALS |
41,21 |
IRON AND STEEL |
13,36 |
NON ELECTRICAL MACHINERY |
13,13 |
MAN MADE STAPLE FIBERS |
11,47 |
ARTICLES OF IRON AND STEEL |
10,36 |
ELECTRICAL MACHINERY |
8,01 |
Principal items of India ’s imports crude oil,coal, teak wood and iron and steel products
436,21 |
|
6,56 |
|
1,95 |
|
1,09 |
|
0,80 |
|
0,59 |
|
0,39 |
|
0,23 |
|
0,21 |
|
0,15 |
Reliance Industries Limited in 2009 imported 5.7 million barrels worth US$361 million from Colombia and from January- April 2010, has imported 3.8 million barrels worth approximately US$270 million. It is expected that Reliance will purchase 4 million barrels more from May – September 2010.
Reliance Industries announced in December that it has signed an agreement
with State oil company, Ecopetrol, to be the operator for two oil blocks in the offshore
Pacific area with a joint surface of 8000 square kilometres at the depth of 60-
1000 metres. Reliance will hold 80% stake and Ecopetrol 20%.
Bajaj has a two-wheeler assembly plant in Medellin. TVS has opened an Assembly plant in Cali to make motorcycles.
Reliance deal with Ecopetrol of Colombia - december 2009
Under this deal, Ecopetrol will take a 20 percent stake in the Borojo North Block 42 and the Borojo South Block 43, which together cover an area of about 8,000 square kilometres in water depths ranging from 60-1,500 metres.Reliance's unit will hold the rest of the stake in the blocks and will be their operator.
United Phosphorus company of India acquires a Colombian agrochemical company
United Phosphorus Ltd (UPL) has purchased ( february 2008) 100% stake through its subsidiary of Evofarms group of Companies (Evofarms), a major Marketing Company of generic products in the crop protection industry headquartered in Bogota, Colombia. The share purchase includes all stocks, products registrations and all other property rights associated with the business of Evofarms.
Evofarms has several product registrations in Colombia and has a distribution network covering over 100 customers.
United Phosphorus Ltd (UPL) is the largest Indian agrochemical player and among the top three generic players globally in this industry. It is engaged in research, manufacture and distribution of agrochemicals and specialty chemicals worldwide. They have already acquired four companies in Argentina.
United Phosporous Ltd( UPL) has acquired in June 2010 the global non-mixture mancozeb fungicide business and related assets from DuPont, including existing inventory, manufacturing and formulation production facilities in Barranquilla, Colombia.
FANALCA, a Colombian company in the auto and mass transit sector, started a second line of business in the field of home care services, particularly in collection and processing of solid waste. They have got a contract for garbage collection in one third of the city of Chennai employing 2600 Indian workers.
Colombia posts investment promotion officer at their embassy in delhi
Colombia is the first Latin American country to open an office to attract Indian investment into their country.
Alejandro Peláez, who was Foreign Investment Advisor at PROEXPORT COLOMBIA has joined the Colombian Embassy from December 2008
Exports and investment promotion www.proexport.com
Trade www.coltrade.org
Federation of Chamber of Commerce www.confedecamaras.com