Countries

Country Snapshot

Colombia is the fifth-largest economy in Latin America in terms of GDP. Over the past few years -- prior to the world financial crisis -– rising consumer confidence, easing credit terms, and falling unemployment have given rise to a strengthening middle class in Colombia.

According to the latest Doing Business Report (2010), Colombia is ranked number 37 among 181 countries achieving the goal of becoming the country in Latin America with the best business climate. The strong positioning is due to the fact that over the past 4 years the Colombian government and the private sector have focused on simplifying and reforming processes that promote entrepreneurship and new business generation (e.g., processes related to starting a business, dealing with construction permits, paying taxes and trading across borders). Consistent improvement in these areas as well as others has positioned Colombia as the #1 reformer in Latin America and #8 worldwide according to the 2009 report.

In general, Colombians have a positive view of entrepreneurship. The Colombian government, along with the private sector and academia, is committed to fostering entrepreneurship in the country. As a result of recent initiatives, schools and universities are now required to include entrepreneurship courses in their curriculum.

However many of these efforts have occurred in isolation, so Colombia still needs to systematically strengthen its entrepreneurial climate. Indeed, according to the 2009 GEM, Colombians value cultural and social norms as one of the most positive entrepreneurial framework conditions. In coming years, Endeavor looks forward to continue working alongside the government and other institutions to develop Colombia’s entrepreneurial networks and promote high-impact businesses.