"Colombia stands out as a prime tourism destination with unmatched potential, shaped by its vibrant culture, extraordinary biodiversity, and strategic location. As it embraces sustainable practices and invests in infrastructure, Colombia is poised to lead in the global tourism industry, offering diverse and unforgettable experiences while protecting its rich natural and cultural heritage."

Zurab Pololikashvili,
UN Tourism Secretary-General

"Colombia is harnessing the transformative power of tourism to drive inclusive development, with a remarkable 35% increase in tourist arrivals in 2023 compared to 2019. This recovery highlights not only a resilient sector but also the vital role of tourism in creating new opportunities, particularly for the younger generation. By embracing technology and innovation, Colombia's youth are positioned to drive sustainable tourism and empower their communities, solidifying the country’s status as a leading destination while fostering a balanced and inclusive growth model."

Natalia Bayona,
Executive Director, UN Tourism

Overview

Colombia has reached a historical peak in Foreign Direct Investment (FDI), recording USD 17.4 billion in 2023, a 24.7% increase since 2019. This growth highlights the country's attractiveness for sustainable and diversified investments, particularly in key sectors such as tourism, infrastructure, and renewable energy. At the regional level, Colombia ranks as the fourth-largest recipient of FDI in Latin America and the Caribbean, surpassed only by Brazil, Chile, and Mexico.

Key Investment Highlights

1. Second Destination for Investment in Latin America and the Caribbean

Colombia has established itself as the second-most attractive destination for investment projects in the region, with USD 1.03 billion invested from 2018 to 2023, creating 4,714 jobs. This positioning reflects sustained confidence from international investors and Colombia's growing relevance in the Latin American market.

2. Strong Recovery of International Tourism

Since 2019, Colombia has experienced a 35% growth in international arrivals, reaching a historic record in 2023. This recovery is driven by an increase in nature and cultural tourism, with key markets including the United States, Mexico, and Spain. Colombia is becoming an appealing destination for a variety of traveler profiles.

3. Advancements in Connectivity and Infrastructure

Through the Master Tourism Plan (PMTI), Colombia has invested in improving connectivity and accessibility. Recent airport projects have increased capacity for arrivals, while investments in 363 km of roads, 1,518 km of railways, and 87.5 km of metro lines facilitate efficient intermodal connectivity, significantly enhancing access to strategic tourist destinations.

4. UNESCO Recognitions and Biodiversity

Colombia is the second most biodiverse country in the world, boasting 17 cultural heritage manifestations recognized by UNESCO. Additionally, four villages have been included in the prestigious "Best Tourism Villages" list by UN Tourism. These international distinctions reinforce opportunities in nature and cultural tourism, positioning Colombia as a unique destination committed to cultural and environmental preservation.

5. Leadership in Green Investments

Colombia ranks as the third-largest economy in Latin America in sustainable energy capacity, making it ideal for green tourism projects. It is also the fourth most attractive emerging market for renewable energy investment and ranks fourth in Latin America for LEED-certified projects, promoting eco-friendly construction practices within the tourism sector.

Furthermore, according to the World Economic Forum's Energy Transition Index, Colombia is the third largest economy in the Americas with the capacity to supply self-sustainable, affordable and high-quality energy in an environmentally sustainable manner. In turn, Bloomberg New Energy Finance's (BNEF) Climatescope report in 2022 positions the country as the fourth most attractive emerging market for investment in renewable energy.

Colombia is also positioned as a key player in the development of sustainable buildings. As of March 2023, the country was the fourth largest market in Latin America for projects certified under the Leadership in Energy and Environmental Design (LEED) standard, with 503 projects certified and in the process of certification.

6. Attractive Incentives for Tourism Investment

Colombia offers appealing fiscal benefits for tourism projects, including VAT exemptions, special income tax rates of 20% in free zones, and a reduced income tax rate of 15% for new developments over ten years. These incentives extend to ecotourism, agrotourism, substantial renovations, and research and innovation projects, underscoring the country's commitment to attracting sustainable and high-value-added tourism investments.

Economic Impact

The tourism sector plays a significant role in Colombia's economy as the main generator of non-mining foreign exchange, with a 22.4% increase in revenue reported in 2023. In terms of foreign exchange generation, tourism outperforms traditional sectors such as coffee, flowers, and bananas, which account for only 31%, 23%, and 10% of tourism-generated income, respectively.

Conclusion

Colombia offers a dynamic investment environment with robust growth potential in tourism and related sectors. Its rich biodiversity, cultural heritage, improved infrastructure, and favourable investment climate makes it an attractive destination for international investors seeking sustainable opportunities.