Colombia 2024
This is the 12th consecutive year that The Business Year has published an edition on Colombia. And throughout our research, we have observed the challenges and opportunities the country has faced on its journey toward an economy rooted in sustainable development. The previous year proved particularly challenging for the Colombian economy as the country grappled with global slowdown, political uncertainty, and social crises. Gustavo Petro’s government navigated strong internal and external opposition, alongside mounting fiscal and external pressures. Nevertheless, the country achieved notable milestones, including the implementation of tax reform, progress in energy transition, and the revitalization of key sectors such as tourism.
The editorial focus of The Business Year: Colombia 2024 is grounded in the concept of resilience, acknowledging the country’s and its people’s ability to adapt and overcome adversities. In this edition, we analyze how Colombian businesses and institutions have responded to the current circumstances, aiming not only to survive, but also to transform, create value, and thrive in a challenging environment.
The energy sector, the most significant sector in the Colombian economy and contributing the highest percentage to GDP, has navigated uncertainties related to President Petro’s position on new oil exploration and mining regulations. Despite caution, industry players have shown resilience by optimizing operations, enhancing environmental sustainability, and embracing cutting-edge technology. The sector envisions opportunities, emphasizing positive community engagement and environmentally friendly practices.
Colombia’s resilience is also evident in sectors such as information technology and software, where innovation, adaptability, and the use of AI propel the country’s progress. In this publication, we explore how AI has become an indispensable ally in the pursuit of sustainable development and how its proper application across various areas can facilitate the shaping of a greener and more environmentally conscious future. Drawing from a study published in Nature titled “The role of artificial intelligence in achieving Sustainable Development Goals,” we will analyze how AI can contribute to fulfilling 79% of SDGs. We also navigate its use in sectors like transportation, where AI-driven traffic management in smart cities can prevent congestion and promote shared mobility, and the energy sector, where it can help reduce environmental impact in project implementation. This opens up growth and investment opportunities.
Education and health are also undergoing key reforms in 2024. In this publication, we delve into collaborative efforts between the public and private sectors, examining how companies contribute to the evolution of healthcare in the country. In education, we scrutinize initiatives promoting inclusivity, innovation, and technological integration.
Through this publication, The Business Year invites you to explore how Colombia’s business landscape has demonstrated resilience through technology and the application of sustainability-focused tools.
Despite challenging economic landscapes, the country continues to achieve milestones such as being named the best tourist destination in Latin America at the FITUR International Tourism Trade Fair, and it is positioning itself as a hub for content creation and entertainment in Latin America. Undoubtedly, Colombia remains an appealing investment destination across various sectors.