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Colombia aims to be investment oasis in volatile world

Colombia aims to be investment oasis in volatile world

2012-05-30
Source: Reuters

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Colombia aims to become an investment "oasis" as leftist Latin American nations expropriate foreign assets, China's economy slows and investors seek alternatives to crisis-wracked Europe, the country's top energy and mining official said.

Once an investment pariah as drug-funded rebels kidnapped and killed oil workers and seeded rural areas with bombs, Colombia has seen a dramatic turnaround, attracting record foreign investment that has fueled the economy and bolstered its capital markets.

Energy Minister Mauricio Cardenas is trying to lure more foreign partners to help develop the nation's potentially large copper deposits and create a world class gold mining business.

Crude output is likely to meet its delayed target of 1 million barrels of oil a day within two months, he said.

"Colombia is a kind of oasis in a convulsing and unpredictable world," said Cardenas during an interview last week for the Reuters Latin America Summit.

The government expects foreign direct investment into mostly oil, mining and financial services industries to jump by a fifth to about $16 billion this year compared with 2011, up from just $2 billion in 2002......





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