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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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Investment Framework in Support of Green Growth

The government of Colombia is determined to ensure that economic growth and environmental protection are mutually supportive. To this end, it is strengthening the institutional capacity of environmental authorities, enhancing the framework for investment in support of green growth, and putting in place green investment incentives. Biodiversity being one of the main natural assets of Colombia, the government has developed a framework to both protect and derive economic benefits from it. The government is currently developing a Low Carbon Development Strategy, with the objective of, inter alia, promoting economic growth in sectors associated with lower greenhouse gas emissions. The Strategy also seeks to draw on international financing options, including market mechanisms to attract resources that facilitate low-carbon development; promote the transfer of clean technologies; and enhance Colombia’s competitiveness in a global economy increasingly influenced by carbon-intensity standards. A range of incentives is available to companies that voluntarily make investments to improve their environmental performance.

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