NEW YORK (MarketWatch)
Colombian companies are well-positioned for
international expansion, the country's finance minister said Tuesday
Prosperous domestic markets, a stable economy, favorable terms of trade and a
free-trade strategy have helped drive Colombian companies' moves to expand
abroad, Finance Minister Juan Carlos Echeverry said here Tuesday
"Emerging multinationals is a new phenomenon," he said, highlighting the
global expansion of both private companies and public companies, like Ecopetrol
SA (EC, ECOPETROL.BO, ECP.T), Colombia's state-run oil company
Colombia's focus on free trade has helped make it a favorable platform for
international expansion, Echeverry said.
While "some other countries in Latin
America are embracing protectionism," Colombia, Mexico, Chile and Peru are
pursuing a free-trade strategy, he added
In addition, improvements in security and efforts to improve infrastructure,
as well as Colombia's "privileged" geographic location, have encouraged
Colombian corporations' expansion, he said
Still, some challenges remain, both domestically and abroad
Opening up
companies to the United States and Europe will bring on stronger competition, he
said Although some companies have issued debt domestically to fund purchases
abroad, Colombia still needs deeper financial markets to enhance companies'
financing ability, he said
Also, despite recent improvements, "the security
challenge" will likely be with Colombia for decades, he added
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