INFORMATION Technology (IT) and the Business Process Outsourcing (BPO) sectors are topping the list of opportunities for local businesses in Colombia.
With plans underway to strengthen bilateral relationships and develop trade in the service sector between Trinidad and Tobago and Colombia, the Trinidad and Tobago Coalition of Services Industries (TTCSI), in partnership with the Embassy of Colombia, hosted a webinar to highlight investment opportunities for local businesses in a segment called ‘Doing Business with Colombia.
Small and medium-sized enterprises (SMEs) and entrepreneurs were educated on how to tap into potential business opportunities in the Colombian market. The panel of experts included Rosa C Garzon, representative of Procolombia; Gustavo de la Vega, founder and CEO of Nativapps; and Ivan Castro, chief operating officer of Scrummers.
Ambassador of Colombia William Sidney Bush and TTCSI president Mark Edghill were also in attendance.
In her presentation, Garzon acknowledged the long-standing relationship between T&T and Colombia and explored key areas of opportunities for local businesses, particularly in the IT and BPOs sectors.
According to Garzon, Colombia has been ranked the second country with the most qualified workforce in South America and the third largest in software and Information Technology market in Latin America.
She noted that Colombia has “a large pool of highly qualified IT specialists and the government is investing to expand...making the country a spectacular location for outsourcing”.
Garzon underscored that the BPO sector in Colombia develops opportunities, innovation and communities for students, mothers, head of families, young people without (work) experience, migrants, people with disabilities, LGBTQI population, and displaced persons of Afro descent.
De la Vega pointed out ways in which entrepreneurs from Trinidad and Tobago and Colombia can do business together, highlighting exporting and investing as two viable methods.
He encouraged local entrepreneurs to travel to Colombia for potential business opportunities, emphasising the importance of in-person meetings to build trust. He highlighted that transparency in reaching business agreements is also crucial. According to de la Vega, there are several elements required to foster exports, including creating networks through attending events and summits – “go where your customers are”. De la Vega also mentioned that depending on the industry entrepreneurs want to tap into, earmarking business events to attend in Colombia is vital.
Meanwhile, Edghill said “in terms of trade in services it is here that the opportunity presents itself; our governments have recognised that trade in services is significant for the development and continued resilience of both our economies particularly in the post-pandemic area”.
He further noted that both countries have agreed to develop cooperation in the sector and negotiate further expansion in this area. “Keen interest has been expressed, particular in tourism, infrastructure, software development, creative services, education and environmental investment project opportunities by investors in both countries,” Edghill explained.
The TTCSI president believes T&T can learn from Colombia about developing and strengthening our services sector, adding this sector contributes “roughly 11 per cent currently into our gross domestic product (GDP)”.
According to Edghill, in 2022 Colombia’s services sector was the largest contributor the country’s trillion-dollar economy with an estimated 54.8 per cent share of the GDP.
“With our collaboration and knowledge of the Colombia services sector, we at TTCSI are committed to ensuring growth in the continued contribution of services sector companies through our GDP,” he said.
Edghill admitted that there is growing interest from business associations to explore investment opportunities in both countries.
He mentioned that the Minister of Trade and Industry stated that discussions are underway for the negotiation of reciprocal and protection of investment agreements. To this end, the partnership between the countries will enable investors to pursue investment opportunities in the respective markets with more confidence.
On another note, Edghill said local businesses have been lobbying for direct flights from Trinidad and Tobago to Colombia, this will in turn facilitate better trade relations between both countries. Currently available routes to travel to Colombia include Panama, Miami and Venezuela.
