Colombia produced 810,000 60-kg bags of washed Arabica coffee in April, up 9% from the 744,000 bags produced in the same month last year, the national coffee growers' federation said. Colombian coffee exports soared 61% last month to 1.03 million bags, up from about 642,000 bags in April 2020. The surge in exports was driven by better logistics, the federation said, as last year this period was marked by lockdowns imposed to contain the coronavirus.
The Pacific Alliance comprised by Chile, Colombia, Mexico and Peru seeks to attract private capital for the infrastructure sector, under the modality of Public-Private Partnerships (P3s). They adopted the guiding principles of PPPs, which will help member countries to promote predictability, transparency, competition and integrity.
The Colombian Fintech industry attracted $187mn in investments by the end of 2020. According to a report by Latam Fintech Hub, Colombia became the fourth market that raised the most capital in 2020 for this sector, behind Brazil, Uruguay and Mexico. Between 2016 and 2020, this sector has experienced 212% growth.
Studies published by the Dynamic Spectrum Alliance (DSA) and Telecom Advisory Services LLC (TAS) said that enabling unlicensed access to 6 GHz band will add $58.93 billion over the next ten years to the Colombian economy. The studies revealed that the cumulative economic value between 2021 and 2030 amounts up to $39.69 billion in GDP contribution, $9.93 billion in producer surplus to Colombian enterprises and $9.31 billion in consumer surplus to the Colombian population.
Colombia's exports during 2020 plunged by 21.4% in 2020, according to a report by Colombia's statistics department (Dane). The country exported $31.056 billion in 2020, while in 2019 foreign sales reached $39.489 billion.
Glencore said its Colombian unit will start the process of handing back its mining contracts to the Republic of Colombia, after a review found that the Calenturitas and La Jagua mines were uneconomic to recommence operations. Glencore's coal production tumbled 24% to 106 million tonnes in 2020.
Argentina's Tecpetrol has joined the list of companies authorised by the National Hydrocarbons Agency (ANH) for fracking pilots in the country. Tecpetrol is an Argentinean multi-Latin company that has businesses in exploration and exploitation activities, as well as in the area of services and transport. In the region, the company has a presence in Argentina, Colombia, Ecuador, Mexico, Peru, Uruguay and Venezuela.
Life insurance had a turnover of Col$46.1 trillion ($13.038 billion) in November 2020, representing a growth of 11.82% compared to the same period in 2019. In addition, life insurance generated Col$13.5 trillion ($3.818 billion) more than general insurance.
The Central Bank of Colombia (Banco de la República) reduced its estimate for Gross Domestic Product (GDP) growth in 2021 to a range between 2% and 6%, with an average of 4.5%. The bank's technical manager, Hernando Vargas, added that 2019 GDP levels would only be reached by the end of 2022.
Colombia will tender a phosphate exploration block in September as part of an effort to attract more mining investment and diversify away from coal. Government mining agency ANM will invite international companies to submit bids for nine areas, including copper-bearing areas, with pre-qualification beginning on 9 February. The phosphate block is located in the southeastern department of Huila.