There is a sense of optimism in Colombia these days – like the sun shining after pouring rain in Bogota, the country’s Andean capital. While not under-estimating the uncertainties that remain (see below), businessmen, bankers, officials and investors believe the improvements in security during president Alvaro Uribe’s six years in government will last, and that this particular Latin American emerging economy is on a path of sustainable growth.
The clearest sign of renewed confidence is foreign direct investment. FDI was only $2bn in 2002, when Mr Uribe took office (he is now halfway through his second term), but it soared to $9bn in 2007, equivalent to 28% of the country’s 2007 gross national product (see interview, page 84). This year, FDI is forecast by Proexport, an official export, investment and tourism promotion agency, to reach $10bn.
