MARKET DEVELOPMENT
Colombia Keen to Woo Malaysian Oil Palm, O&G Investments
Colombia Keen to Woo Malaysian Oil Palm, O&G Investments
13/01/2015 (The Star) - Colombia is keen to increase bilateral trade and investment with Malaysia and is inviting Malaysian companies to invest in its oil palm and oil and gas industries.
In 2013, Colombia-Malaysia bilateral trade stood at US$295 million (RM1.04 billion) with Malaysia exporting US$189 million (RM670 million) worth of products to Colombia and importing US$106 million (RM375 million) from Colombia.
Foreign direct investment (FDI) from Malaysia, however, contributed only 0.001 per cent to the total FDI inflows into Colombia.
Colombian Minister of Foreign Affairs, Maria Angela Holguin Cuellar said the South American country, which has been rapidly growing in the last decade, is keen to invite Malaysia's national oil company Petronas to invest there.
"In the last 10 years, the country has improved a lot in terms of security and we have started to discover many oilfields.
"We now produce one million barrels per day and we want Petronas to come and see if they can make some investment," she told BERNAMA in an interview, Monday.
She said Colombia has a competitive edge in the oil and gas sector as its oilfields are located onshore, compared to other Latin American countries' oilfields which are offshore.
Holguin Cuellar said the country has a similar climate to Malaysia due to its proximity to the equator which could be an advantage for Malaysian oil palm producers to expand their business in South America.
Furthermore, she said, Colombia provides attractive tax incentives for foreign investments at its free trade zones including a 15 per cent income tax and no customs taxes.
She said the country is also committed to research, development and innovation (R&D&I) initiatives, offering wage and training incentives and tax deductions of up to 175 per cent for companies carrying out such initiatives.
She said Colombia posted the highest gross domestic product (GDP) growth and the lowest inflation rate in Latin America last year and attracted the highest FDI in the region at US$8.45 billion (RM30 billion).
The country is also ranked 10th in the world and first in the region for investor protection, and has the fourth highest GDP per capita in the region at US$8,394 (RM29,714).
Holguin Cuellar said to bridge the trade gap with Malaysia, Colombia is keen to expand its coffee product exports to this country as well as export meat and dairy products.
With a population of 48 million people, the 2.07 million sq. km. country has access to both the Pacific and Atlantic oceans.
In 2013, Colombia-Malaysia bilateral trade stood at US$295 million (RM1.04 billion) with Malaysia exporting US$189 million (RM670 million) worth of products to Colombia and importing US$106 million (RM375 million) from Colombia.
Foreign direct investment (FDI) from Malaysia, however, contributed only 0.001 per cent to the total FDI inflows into Colombia.
Colombian Minister of Foreign Affairs, Maria Angela Holguin Cuellar said the South American country, which has been rapidly growing in the last decade, is keen to invite Malaysia's national oil company Petronas to invest there.
"In the last 10 years, the country has improved a lot in terms of security and we have started to discover many oilfields.
"We now produce one million barrels per day and we want Petronas to come and see if they can make some investment," she told BERNAMA in an interview, Monday.
She said Colombia has a competitive edge in the oil and gas sector as its oilfields are located onshore, compared to other Latin American countries' oilfields which are offshore.
Holguin Cuellar said the country has a similar climate to Malaysia due to its proximity to the equator which could be an advantage for Malaysian oil palm producers to expand their business in South America.
Furthermore, she said, Colombia provides attractive tax incentives for foreign investments at its free trade zones including a 15 per cent income tax and no customs taxes.
She said the country is also committed to research, development and innovation (R&D&I) initiatives, offering wage and training incentives and tax deductions of up to 175 per cent for companies carrying out such initiatives.
She said Colombia posted the highest gross domestic product (GDP) growth and the lowest inflation rate in Latin America last year and attracted the highest FDI in the region at US$8.45 billion (RM30 billion).
The country is also ranked 10th in the world and first in the region for investor protection, and has the fourth highest GDP per capita in the region at US$8,394 (RM29,714).
Holguin Cuellar said to bridge the trade gap with Malaysia, Colombia is keen to expand its coffee product exports to this country as well as export meat and dairy products.
With a population of 48 million people, the 2.07 million sq. km. country has access to both the Pacific and Atlantic oceans.