U.S. Commercial Service Presents: Upcoming ICT Sector Opportunities in Colombia
DescriptionColombia is becoming one of Latin America’s most attractive destinations for international exporters and investors. The fourth largest economy in Latin America, Colombia has seen significant security improvements and steady economic growth in recent years. Our free trade agreement with Colombia means qualifying products enter the market duty free.The Colombian government has placed a high priority on modernizing the ICT sector and expanding connectivity. Currently, broadband internet connectivity reaches only 50 percent of households and lags other countries in the region. Internet service is often expensive and slow where it is available. Colombia passed an ICT Sector Modernization Law in July 2019 which aims to improve investment conditions for ICT infrastructure investments and close the digital gap. Cybersecurity is also receiving a renewed focus as the government recently published a new national digital security strategy in October 2019.Colombia’s growing $6.8 billion IT market means opportunities for hardware, software, and services alike.
Learn about upcoming business opportunities in the sector, understand the latest developments in the regulatory environment, and learn about tools and resources to support your company’s market entry to Colombia!
- According to Business Monitor International, IT spending in Colombia will increase by a CAGR of 9.1% percent between 2019 and 2023, to $9.4 billion.
- IT services sales make up the largest share of the market at 65 percent, followed by computer software sales at 18 percent and hardware sales at 16 percent.
- U.S. exports of IT equipment to Colombia (HS8471) in 2018 amounted to $1.7 billion, a 5.7 percent increase compared to 2017.
- U.S. exports of telecommunications, computer and information services amounted to $903 million in 2018, a 32 percent increase over 2017.
- Colombia recently launched a Universal Sustainable Access Project, which will provide free internet in municipalities and 10,000 rural communities.
- Colombia also recently auctioned its 700 MHz spectrum band in December 2019, allowing for the expansion of 4G LTE mobile broadband access.
- Regional ICT trade show Andicom will take place from September 2-4 in Cartagena, Colombia.