Doing Business With A Company In Colombia: The Benefits And Challenges

Colombia is situated in Latin America sharing borders with Ecuador

, Panama, Brazil, Venezuela and Peru. Its population is 45 million people and its official currency is the Colombian Peso. Spanish is spoken although the business community.

Its main exports are petroleum, coffee, coal, nickel, emeralds, apparel, bananas and cut flowers. Its main imports are industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels and electricity. Its most important export partners are the United States, Venezuela and Ecuador.

The first step would be to contact a local embassy or consulate to get as much information and resources as possible. There are chambers of commerce that can also be useful. Online directories are also available although a lot of the information is outdated and wrong therefore you end up having trouble contacting companies that you are interested to do business with. New B2B trade portals and marketplace focusing on Latin America is another good choice for finding a company in Colombia quickly and efficiently. Before actually doing business, order a credit report on the company so you can get the full legal and financial history of a company. This will help you decide if you want to proceed further with the business deal.

With the economic crisis, Colombia has learned the hard way that depending on countries such as the United and Venezuela only for economic growth can have devastating effects. It is currently encouraging its exporters to diversify its trading partners in order to mitigate risks.

As you can see, doing business with a company in Colombia has its benefits and challenges. It could take some time in the beginning to find the company in Colombia that matches your requirements. Try to always purchase a credit report in order to have a clearer information about who you are going to do business with.

by: Joshua Adekane

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