go to top

Colombia Looks to Turn Commodities Wealth Into Development

Thursday, Oct. 24, 2013

Following a decade-long oil and mining boom, Colombia is facing the challenge of how to harness its energy wealth and push development forward.

Since former President Alvaro Uribe opened up Colombia’s oil and mining sectors in the early 2000s, Colombia has gone from producing just more than 500,000 barrels per day (bpd) in 2002 to nearly 1 million bpd in 2012. Over the same period, it has seen foreign direct investment inflows jump from $2.1 billion to $15.8 billion, more than half of which was destined for the oil and mining sectors last year. Some 68 percent of Colombia’s $369 billion GDP in 2012 came from oil and mining. With the economy growing at 4 percent, the oil and mining boom has left Colombia with enough wealth to make a big difference in its development. ...

Want to Read the Rest?
Login or Subscribe Today.
Get unlimited access to must-read news, analysis and opinion from top experts. Subscribe to World Politics Review and you'll receive instant access to 9,000+ articles in the World Politics Review Library, along with new comprehensive analysis every weekday . . . written by leading topic experts.

YES, I want to subscribe now.