Cesar Vence
Executive Director, U.S.-Colombia Business Council
Senior Director, Americas, U.S. Chamber of Commerce
Published
May 20, 2024
As the United States and Colombia prepare for the 11th U.S.-Colombia High-Level Dialogue, it is a crucial moment to reflect on the robust and evolving partnership between the two countries. Built upon a history of collaboration and shared democratic values, our nations stand poised to explore extensive opportunities, particularly in energy transition, climate action, health, trade, and investment.
Colombia has long been a vital ally to the United States in Latin America, contributing to regional stability and economic growth. The U.S.-Colombia Trade Promotion Agreement (USCPTA) has significantly boosted bilateral trade and investment, yet further potential remains untapped.
In the face of global climate challenges, Colombia's commitment to environmental conservation positions it as a potential leader in the energy transition. With ambitious goals outlined in its National Development Plan, Colombia aims to reduce greenhouse gas emissions and enhance renewable energy capacity. U.S. businesses are eager to support these efforts by offering technology, capital, and expertise to expedite the transition toward a sustainable economy.
Investing in clean energy not only benefits the environment but also stimulates job creation and opens new markets for Colombian and U.S. enterprises. Public-private cooperation in renewable energy projects, including solar and wind, as well as electric mobility, holds promise for mutual prosperity and spurs economic growth and environmental stewardship.
Trade and investment remain fundamental to our bilateral relationship, with opportunities for further expansion. The United States continues to be Colombia's principal trade and investment partner, representing 34% of Colombia's total trade. Streamlining regulations and fostering a conducive business environment will enhance economic ties and serve as a model for regional prosperity.
The digital economy presents another avenue for cooperation, with opportunities in e-commerce, cybersecurity, technical training, connectivity and artificial intelligence. Developing policies that promote innovation while safeguarding security and intellectual property rights (IP) is essential for fostering a thriving innovation ecosystem and positioning Colombia as an attractive FDI destination.
Colombia's healthcare sector presents significant opportunities for collaboration, especially through public-private cooperation. By promoting policies that encourage innovation, competitiveness, investment, and the adoption of technology, and by utilizing advanced technologies and expertise from U.S. health companies, Colombia can strengthen the resilience and efficiency of its healthcare system, thereby improving outcomes and expanding access to medical services.
The recent visit of the U.S. Colombia Business Council (USCBC) to Colombia emphasized the Council's commitment to strengthening the commercial ties between the U.S. and Colombia. The visit emphasized the importance of continuous engagement at both national and regional levels and sought to advance the shared values and strategic interests of both countries.
As Colombia looks to attract more investment and position itself as a regional commercial hub, we encourage the Colombian government to enact policies that foster stability, transparency, and predictability for investors, while prioritizing public-private cooperation to drive sustainable growth and development.
About the authors
Cesar Vence
Cesar A. Vence is a Senior Director for the Americas at the U.S. Chamber of Commerce and serves as Executive Director of the U.S.-Colombia Business Council (USCBC).
