Colombia, in the hype to buy and invest
Colombia has become a commercial and economic epicenter as big international brands are setting their eyes on its market. Recently, many brands have recognized Colombia as a great place to invest, attract craftsmanship, or even discover high-quality products to do business with.
Several foreign companies have landed on Colombian soil during 2021 to open new branches; this is the case of the Belgian beer Stella Artois, the fourth most valued beer in the world, whose first restaurant, Frites Artois, was inaugurated in Bogotá.
Not long ago, Netflix also announced its plans to open new offices in the capital of Colombia, in the pursuit of strengthening its commercial relationships in South America, creating more content, and producing more than 30 new TV shows next year.
Another relevant example is the fast-food chain McDonald’s, after more than 25 years in the market, still considers Colombia as an important place to invest, in fact, the food chain is remodeling its restaurant located in Parque de la 93 in Bogotá, which is expected to be finished by mid-year. The restaurant will feature the "McDonald’s Experience of the Future”, the strategy includes modern architecture, technological leverage, and environmental sustainability efforts.
But not only the arrival of foreign brands reveals the confidence that investors have in the so-called Coffee Country; abroad, the Colombian Quality Seal is now seen as an added value for international buyers.
According to the Ministry of Commerce, Industry and Tourism (Mincomercio), between 2018 and 2020, the participation of micro, small and medium-sized companies (Mipymes) in Colombia's total exports increased from 16% to 18%. During the first two months of 2021, Colombia’s no mining-exports growth 4,3% totaling 2.5 billion dollars, triggered by the boost in international sales of agri-food and chemicals, which increased 2.7% and 18.5% respectively, according to figures from the National Administrative Department of Statistics (DANE) and the Colombian governmental agency ProColombia.
Several foreign brands are interested in the Colombian quality seal, as reported by the Vice Ministry of Foreign Trade of Mincomercio. For example, the hospitality company from the United States, Hyatt, has sought suppliers of construction materials for projects in America. Likewise, the Canadian firm Electronic Arts, one of the leading video game companies and the creators of the popular game FIFA, is interested in Colombian 3D Art services, animation, and video game software.
In addition, the American retailer Club Monaco Ralph Lauren has hold conversations with Colombian businesses of both casual and informal clothing for men and women, for manufacturing garments such as blouses, pants, jackets, etc. While the Portuguese group Jerónimo Martins is looking for avocado, papaya, and mango to export to Portugal. PriceSmart has shown enthusiasm in jewelry and textile products for interior, home, and fashion. The Home Depot, one of the largest retailers in the United States, has been interested in decoration products, office, home, and outdoor furniture, towels, and disinfectant goods.
Wayuu bags (mochilas) and handbags made by artisans are also another appealing product to foreign buyers, on which the American fashion brand Tory Burch is keenly interested.
Before closing, it is worth to mention the considerable success of some Colombian brands on international markets: Totto, Mario Hernández, Cacao Hunters, Vélez, Tennis, Agua Bendita, Arturo Calle, Studio F, Alpina, Carvajal, Leonisa, Procafecol (Juan Váldez), among others.
Colombia has turned as a synonym of confidence for investors, who increasingly see the country as a key market in different economic sectors, not only because of the outstanding quality of its workforce but also as the perfect place to promote and grow a brand.
To learn more about Colombian products and get closer to the production potential of this country, visit Market Place Colombia (https://marketplacecolombia.co/) and take advantage of seasonal offers like free shipping to the United States and Canada.
Written by: Lina Ruiz