Market Spotlight: Colombia

Here’s our assessment on how Colombia ranks as a market for global expansion.
The World Bank’s Ease of Doing Business Score for Colombia is strong within the region, with a result of 71/100 and it’s been steadily growing over the last 10 years.
Getting credit, protecting minority investors, and resolving insolvency are far above the global average ranking in the top 10 percentile.
According to Education First, a global monitoring nonprofit and education company, Colombian English fluency is ranked as ‘low.’
While there’s some English spoken, the primary language spoken is Spanish. Be prepared with business materials in Spanish or an interpreter.
According to Moody’s Financial Analytics Report, Colombia ranks in the middle for stability of currency in the LATAM region along with Brazil and Chile.
While it was hit by inflation from COVID-19 fallout, recovery is on track. 
 
Labor costs are relatively low in Colombia, while talent and expertise are high. Businesses enjoy cheap manufacturing costs overall and a non-bureaucratic industrial ecosystem.
Colombia has a track record of prudent macroeconomic and fiscal management, anchored on a flexible exchange rate and a rule-based fiscal framework, which has resulted in the economy growing each year since 2000.
Government stability and unrest scores relatively close to the US. (The US is rated -.9 and Colombia is -.7.).
In general, Colombians score relatively high in friendliness and openness to foreign visitors (business and tourists). Communication is cordial and courteous and at times can be indirect about delicate topics like price. Be mindful that American assertiveness may not be widely accepted or appreciated.
Most Colombians are punctual so arrive on time. Business colleagues expect to be addressed by appropriate titles and business cards are often exchanged in first meetings. Small talk is welcomed prior to beginning business and meeting agendas are not always followed.