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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's Policy Framework for Investment

In addition to legal provisions, a number of policy areas have an important impact on the investment climate, such as investment policy, investment promotion and facilitation, trade policy and infrastructure development. The Colombian government has made great progress in improving the country’s business environment over the past years, as reflected in the good rankings in the World Bank’s 2011 Doing Business report. The government is determined to continue its efforts in this area and has included enhancement of the investment framework among the key objectives of the National Development Plan for 2010-14. Colombian legislation does not impose conflicting requirements on multinational enterprises established in the country and accords with the Conflicting Requirements instrument of the OECD Declaration on International Investment and Multinational Enterprises.

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