Foreign direct investment in Colombia went up almost 5% in 2017, the country’s central bank announced on Tuesday.
Companies from 46 countries invested a total of $14.5 billion last year against $13.6 billion the year before.
Foreign direct investment in Colombia
The country that invested the most was Spain, mainly due to a $556 million fine imposed on telephone operator Telefonica. The European country invested $2.6 billion in total, according to the central bank.
The second largest investor was the United States, traditionally Colombia’s primary business partner, which invested $2.1 billion.
The Telefonica fine made the transport and communication sector the largest recipient of foreign investment in 2017, followed by mining and manufacturing.
Investment per sector
Important sectors like mining and manufacturing saw an increase in investment in 2017, while other sectors important for employment, like commerce and agriculture, saw investment drop.
