THE Republic of Colombia, which celebrates its independence from Spanish rule on July 20, is known for its world-class healthcare system and its high level of biodiversity. The country has Amazon rainforests, highlands, grasslands as well as deserts.
Diplomatic relations between India and Colombia were established on January 19, 1959 and in 2019 the two countries celebrated 60 years of bilateral ties. Colombia opened its Embassy in New Delhi in March 1972, while India reciprocated by establishing its Embassy in Colombia in 1973. A Foreign Office Consultation mechanism was established with Colombia in 1995 and the ninth round of consultations were held in 2021 in virtual mode.
Strategic location
The geographical advantages of Colombia make it an attractive market and hub for Indian companies wanting to expand overseas. As a gateway between South America, Central America, and the Caribbean, Colombia’s coastlines on the Pacific and Caribbean provide strategic access to these regions. Regional free trade arrangements also enhance Colombia’s appeal as an investment destination, especially in light of supply chain disruptions caused by global events such as the Covid-19 pandemic and the conflict in Ukraine.
Colombia’s extensive air and port connectivity strengthens its position as a potential hub for Indian businesses. With ports on the Atlantic and Pacific coasts and a higher number of air frequencies than any other Latin American country, Colombia offers connectivity to the United States, Canada, and the rest of Latin America and the Caribbean through various trade agreements.
Economic relationship
Over the years, India and Colombia have signed multiple agreements in areas such as defence, trade promotion, science and technology, IT, and tourism, showcasing their commitment to expanding cooperation. The economic relationship between India and Colombia is in an emerging stage, providing ample room for growth. Colombia’s exports to India increased by 640 per cent between 2021 and 2022 mainly on the back of oil, coal, and emeralds.
Colombian investment in India is estimated to be approximately USD 5 million and Indian investment in Colombia is estimated to be USD 300 million. A mega trade and investment promotion event, “Commercial and Economic Alliance for Future” to mark the 60th anniversary of India-Colombia diplomatic ties was organised on May 14, 2019 at Bogota, the capital of Colombia.
