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OECD Investment Policy Reviews: Colombia 2012

image of OECD Investment Policy Reviews: Colombia 2012

This Investment Policy Review examines Colombia's achievements in developing an open and transparent investment regime and its efforts to reduce restrictions on international investment. The Review  shows  that, in the past few years, Colombia has made tremendous progress in promoting investment liberalisation and improving its investment policy framework. Colombia has also recently undertaken important policy reforms in many of the areas covered by the Guidelines for Multinational Enterprises, including human rights, labour issues and bribery.

In recognition of its progress in pursuing policy reforms to promote investment liberalisation and improving the business climate, Colombia became the 43rd country to adhere to the OECD Declaration on International Investment and Multinational Enterprises. As an adherent to the Declaration, Colombia commits to providing national treatment to foreign investors and to promoting responsible business conduct, in line with the Guidelines for Multinational Enterprises. In turn, the country benefits from similar assurances from other adherents to treat Colombian investors fairly.

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Colombia and the OECD Guidelines for Multinational Enterprises

The concept of responsible business conduct is relatively new in Colombia. While there is no comprehensive national policy in place regarding corporate responsibility, the government has taken a range of initiatives to improve business conduct in areas covered by the OECD Guidelines for Multinational Enterprises, consistent with adhering countries’ commitment to good public policies, pursuant to paragraph 9 of the Guidelines’ Preface. Business associations and civil society organisations are also developing tools to raise awareness and provide guidance to companies on responsible business conduct. Recent surveys show that an increasing number of companies is taking measures related to corporate responsibility, mainly in the areas of labour and environment.

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