Colombia has significantly raised its profile among foreign investors, according to data from greenfield investment monitor fDi Markets. There were 127 projects recorded in the country in 2011, a 160% increase from 2005, and the country now ranks as the fourth most popular destination for inward FDI in Latin America.

“[The] increase in projects is mainly connected with oil exploration projects in the north-eastern part of our country, close to the border with Venezuela,” says Juan Guillermo Perez, executive director of the UK office of ProExport Colombia, an investment promotion agency. “At the moment, investors are especially interested in projects creating a supply chain for mining projects,” says Mr Perez.

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The World Bank has praised Colombia for the reforms it has successfully introduced over the past five years. Under the former president Alvaro Uribe and incumbent president Juan Manuel Santos, the country has introduced more than 25 institutional and regulatory reforms.