The Colombian ambassador to Spain has said that were the peace deal between the government and the FARC to go through, Colombia could add two percentage points to its GDP.
Fernando Carrillo, Colombia’s ambassador to Spain declared that, “Colombia could add two points to GDP when peace is signed,” reported Colombia’s El Espectador newspaper.
Speaking from the Spanish Island of Tenerife in the Canary Islands, Carrillo said that Colombia had recorded growth rates of between 4 and 5% of GDP in recent years, and a peace deal could add two points if the resources devoted to war and weapons were used in health and other public services that support development.
A paradise for foreign investment
Speaking at a business conference, Carrillo emphasized that Colombia had come a long way in 20 years and was now considered a, “paradise for foreign investment.”
MORE: Peace with FARC would boost Colombia’s GDP growth by 1%: Finance Minister
In 2013, Colombia’s finance minister declared that peace with the FARC would result in a 1% growth to the national GDP, however he added that, “this is not entirely in our hands as we have a difficult and unpredictable talking partner.”
Strong economic growth
In March, the chief of the International Monetary Fund (IMF) mission in Colombia praised the country’s economic policy and predicted a 4.3% growth in GDP for 2014.
MORE: Colombian GDP to grow 4.3% in 2014: International Monetary Fund
in 2013, Colombia’s National Department of Statistics (DANE) reported that Colombia’s gross domestic product (GDP) grew by 4.9% during the final fiscal quarter of the year, contributing to total economic growth 4.3% higher than 2012.
MORE: Colombia’s economy grew 4.3% in 2013: Govt
The Colombian government is currently in peace talks with the country’s largest rebel group in Havana, Cuba.
On Friday the two parties came to an agreement on the issue of illicit drugs, the third point of a six point agenda, marking a landmark step in the effort to end the long-standing conflict.
MORE: Colombia govt, FARC reach deal on illicit drug cultivation
