OECD Investment Policy Reviews_ - OECD

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OECD Investment Policy Reviews
COLOMBIA
Contents OECD Investment Policy Reviews
Introduction and summary
Chapter 1. The role of foreign direct investment in Colombia’s economic development
COLOMBIA
Chapter 2. Colombia and the National Treatment Instrument
Chapter 3. Colombia and the OECD Guidelines for Multinational Enterprises
Chapter 4. Colombia’s policy framework for investment
Chapter 5. Investment framework in support of green growth
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OECD Investment
Policy Reviews:
Colombia 2012
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Please cite this publication as:
OECD (2012), OECD Investment Policy Reviews: Colombia 2012, OECD Publishing.
http://dx.doi.org/10.1787/9789264167742-en
ISBN 978-92-64-16772-8 (print)
ISBN 978-92-64-16774-2 (PDF)
Series: OECD Investment Policy Reviews
ISSN 1990-0929 (print)
ISSN 1990-0910 (online)
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FOREWORD
Foreword
I
n December2011, Colombia became the 43rdadherent to the OECD Declaration on
International Investment and Multinational Enterprises in recognition of the country’s
progress in fostering investment liberalisation, deepening its international integration
and promoting responsible business conduct. Remarkably, economic and political
reforms underpinning these developments have enjoyed wide support and consensus
within the population and the social partners.
As an adherent to the Declaration, Colombia commits to providing national
treatment to foreign investors and promoting responsible business conduct. In turn, it
benefits from similar assurance from other adhering governments to treat Colombian
investors abroad fairly and to encourage their multinational enterprises operating in
Colombia to contribute to economic, social and environmental progress. In accordance
with the OECD Guidelines for Multinational Enterprises, an integral part of the
OECD Declaration, Colombia has established a National Contact Point charged with
promoting principles and practices embodied in the Guidelines, handling related
enquiries in the national context and supporting mediation and conciliation
procedures. As an adherent, Colombia will participate in the work of the OECD
Investment Committee related to the Declaration.
This publication is based on the report supporting the examination by the OECD
Investment Committee of Colombia’s application for adherence to the OECD Declaration.
Representatives of several OECD countries joined the OECD mission in Bogotá in
August2011 to finalise the report. The examination of Colombia’s investment policies
took place in October2011 at the OECD headquarters in Paris in the presence of a
delegation from Colombia led by Gabriel Duque, Vice-Minister of Foreign Trade.
The report was prepared by Cristina Tébar Less and Blanka Kalinova, Senior Policy
Analysts in the Investment Division headed by Pierre Poret (OECD Directorate for
Financial and Enterprises Affairs) in close co-operation with the Colombian authorities.
It has benefited from the Investment Committee’s discussions and comments from
members of the OECD Secretariat. The Inter-American Development Bank provided
financial support for the process of Colombia’s adherence to the Declaration.
OECD INVESTMENT POLICY REVIEWS: COLOMBIA 2012 © OECD 2012 3

TABLE OF CONTENTS
Table of Contents
Introduction and Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
The role of foreign investment in Colombia’s economic
development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Non-discrimination and equal treatment of investors. . . . . . . . . . . . . 9
Policies in support of responsible business conduct. . . . . . . . . . . . . . . 10
Colombia’s policy framework for investment . . . . . . . . . . . . . . . . . . . . 13
Investment framework in support of green growth . . . . . . . . . . . . . . . 15
Chapter 1. The Role of Foreign Direct Investment in Colombia’s
Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Recent FDI developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Foreign investor participation in privatisation programmes . . . . . . . 21
Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Chapter 2. Colombia and the National Treatment Instrument . . . . . . . . 25
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
The principle of non-discrimination of foreign direct investment
in Colombia’s investment regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Exceptions to the National Treatment instrument notified
by Colombia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Measures notified by Colombia for transparency. . . . . . . . . . . . . . . . . 34
Colombia’s plans for eliminating existing restrictions. . . . . . . . . . . . . 37
Colombia and the OECD FDI Regulatory Restrictiveness Index. . . . . . 37
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Chapter 3. Colombia and the OECD Guidelines for Multinational
Enterprises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
General policies for promoting responsible business conduct . . . . . . 45
Colombia’s policies in major areas of responsible business conduct. . 48
Establishment of a National Contact Point . . . . . . . . . . . . . . . . . . . . . . 67
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
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Chapter 4. Colombia’s Policy Framework for Investment. . . . . . . . . . . . . 73
Investment policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Investment promotion and facilitation. . . . . . . . . . . . . . . . . . . . . . . . . . 92
Trade policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Infrastructure development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
Chapter 5. Investment Framework in Support of Green Growth . . . . . . 111
Investment in support of green growth in Colombia – overview . . . . 112
Colombia’s commitment to green growth . . . . . . . . . . . . . . . . . . . . . . . 113
Regulatory and policy framework for green investment . . . . . . . . . . . 114
Institutional capacity to design and implement green investment
policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Investment incentives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Private sector participation in green infrastructure . . . . . . . . . . . . . . . 131
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
Annex A. Statistical Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
Annex B. Colombia’s Exceptions to the National Treatment
Instrument . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Annex C. Colombia’s Participation in International Organisations
and International Conventions. . . . . . . . . . . . . . . . . . . . . . . . . . 145
Tables
1.1. Colombia’s international investment . . . . . . . . . . . . . . . . . . . . . . . 19
4.1. Colombia’s participation in IPR-related treaties. . . . . . . . . . . . . . . 80
4.2. Bilateral Investment Treaties signed by Colombia . . . . . . . . . . . . 86
4.3. Legal stability contracts 2006-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
4.4. Trade agreements concluded by Colombia. . . . . . . . . . . . . . . . . . . 99
4.5. Percentage of estimated public and private participation
in infrastructure projects in 2011-14 . . . . . . . . . . . . . . . . . . . . . . . . 103
5.1. FTAs negotiated by Colombia which include environmental
provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
5.2. Green investment incentives in Colombia . . . . . . . . . . . . . . . . . . . 127
5.3. Colombia and the Clean Development Mechanism. . . . . . . . . . . . 129
A.1. GDP structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
A.2. Cumulative foreign direct investment in Colombia
– main partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
A.3. Cumulative foreign direct investment in Colombia
– main sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
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A.4. Colombia’s cumulative outward foreign direct investment
– main partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
A.5. Colombia’s cumulative outward foreign direct investment
– main sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
A.6. Shares of FDI in GDP and in domestic investment . . . . . . . . . . . . 139
A.7. Colombia’s financial sector – overview . . . . . . . . . . . . . . . . . . . . . . 140
Figures
1.1. FDI flows in and from Colombia (1994-mid-2011) . . . . . . . . . . . . . 19
1.2. Colombia’s inward FDI position by main sectors (mid-2011). . . . 20
2.1. 2010 FDI Regulatory Restrictiveness Index by country . . . . . . . . . 39
2.2. FDI stocks and the FDI Regulatory Restrictiveness Index. . . . . . . 39
OECD INVESTMENT POLICY REVIEWS: COLOMBIA 2012 © OECD 2012 7