Colombia President Ivan Duque has promised to turn the country’s economic model.
With his pro-business platform, Duque says Colombia will be able to advance a positive outlook and is attracting attention for possibilities of global business investment and expansion.
Duque’s pro-business policies include support for the coal and oil industries, reduction of taxes, and diminishing bureaucratic red tape. Additionally, the president promises to reinforce the $324 billion economy via science and technology investment. He believes science and technology are key factors in economic growth.
Because Duque’s Democratic Center (DC) party occupies only one-fifth of the Congressional seats, the president’s tax reform did not garner much of positive acceptance.
Adding to the obstacles of economic reform is the oil price fluctuations, considering that 45 percent of Colombia’s exports are oil.
Despite the hindrances, TMF Group, a global provider of high-value business services, has noticed increased business investment and interest in Colombia.