Editing Economy of Colombia (section)

==Foreign investment==
Various attempts to open up the economy during the 1993-2023 period have been described by Portafolio as being "half-hearted".<ref>{{cite news |title=Así han sido 3 décadas de 'revolcón' en cuanto a inversión extranjera |url=https://www.portafolio.co/economia/finanzas/inversion-extranjera-directa-en-colombia-tres-decadas-de-revolcon-portafolio-30-anos-587653 |access-date=31 August 2023 |work=Portafolio.co |language=spanish}}</ref> In 1990, to attract foreign investors and promote trade, an experiment from the [[International Monetary Fund]]<ref>{{Cite book|title=Colombia: The Politics of Reforming the State|last=Posada-Carbo|first=Eduardo|publisher=St. Martin's Press|year=1998|isbn=978-0-312-17618-1|location=New York, New York|pages=194–195}}</ref> known as "La Apertura" was adopted by the government, this policy was to modernize different sectors of the economy to increase the overall efficiency of production so as to bring down prices to internationally competitive levels. Although the analyses of the results are not clear,{{Citation needed|date=February 2009}} the fact is that the agricultural sector was severely impacted by this policy.<ref>{{Cite web |last=Semana |date=2018-02-22 |title=Así cambió la economía en 28 años de apertura |url=https://www.semana.com/economia/articulo/28-anos-apertura-economica/255671/ |access-date=2022-06-27 |website=Semana.com Últimas Noticias de Colombia y el Mundo |language=spanish}}</ref>

In 1991 and 1992, the government passed laws to stimulate foreign investment in nearly all sectors of the economy. The only activities closed to foreign direct investment are defense and national security, disposal of hazardous wastes, and real estate—the last of these restrictions is intended to hinder money laundering. Colombia established a special entity—Converter—to assist foreigners in making investments in the country. Foreign investment flows for 1999 were $4.4 billion, down from $4.8 billion in 1998.

Major foreign investment projects underway include the $6 billion development of the Cusiana and Cupiagua oil fields, development of coal fields in the north of the country, and the recently concluded licensing for establishment of cellular telephone service. The United States accounted for 26.5% of the total $19.4 billion stock of non-petroleum foreign direct investment in Colombia at the end of 1998.

On 21 October 1995, under the International Emergency Economic Powers Act (IEEPA), President Clinton signed an Executive Order barring U.S. entities from any commercial or financial transactions with four Colombian drug kingpins and with individuals and companies associated with the traffic in narcotics, as designated by the Secretary of the Treasury in consultation with the Secretary of State and the Attorney General. The list of designated individuals and companies is amended periodically and is maintained by the Office of Foreign Asset Control at the Department of the Treasury, tel. (202) 622-0077 (ask for Document #1900). The document also is available at the Department of Treasury website.<ref>[http://www.ustreas.gov/ the Department of Treasury website]</ref>

Colombia is the United States' fifth-largest export market in Latin America—behind Mexico, Brazil, Venezuela, and Argentina—and the 26th-largest market for U.S. products worldwide. The United States is Colombia's principal trading partner, with two-way trade from November 1999 through November 2000 exceeding $9.5 billion--$3.5 billion U.S. exports and $6.0 billion U.S. imports. Colombia benefits from duty-free entry—for a 10-year period, through 2001—for certain of its exports to the United States under the Andean Trade Preferences Act. Colombia improved protection of intellectual property rights through the adoption of three Andean Pact decisions in 1993 and 1994, but the U.S. remains concerned over deficiencies in licensing, patent regulations, and copyright protection.

Colombia is also the largest export partner of the [[Kingdom of the Netherlands|Dutch constituent country]] of [[Aruba]] (39.4%).<ref name="CIAWFCO"/>

The petroleum and natural gas coal mining, chemical, and manufacturing industries attract the greatest U.S. investment interest. U.S. investment accounted for 37.8% ($4.2 billion) of the total $11.2 billion in foreign direct investment at the end of 1997, excluding petroleum and portfolio investment. Worker rights and benefits in the U.S.-dominated sectors are more favorable than general working conditions. Examples include shorter-than-average working hours, higher wages, and compliance with health and safety standards above the national average.