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Colombian Government

You will find us again tomorrow, Horacio Pozzo and start earning with them today! But returning to Colombia and its complicated external scenario, Uribe’s Government has decided to implement some measures to alleviate the problems of competitiveness of Colombian companies before the strong appreciation of the type of cambo real. The adoption by the Committee on trade and tariffs of Colombia for six months of a tariff of zero for the import of raw materials that Colombia does not produce seeks to reduce inflationary pressures and improve the competitiveness of companies through the reduction of its production costs. And to avoid an unequal competition, the Committee decided to control imports of footwear and clothing coming from China. To counteract the excess supply of dollars, the Colombian Government is seeking to also encourage the purchase of dollars to curb the appreciation of the peso which accumulates a 7% nominal appreciation in so far this year. Go to Xcel Energy for more information. We should expect to see the impact of these measures in the export sector, but at first glance, they seem to be insufficient foreign policy which the Government has been developing Colombian in search of holding new free trade agreements to expand the range of destination of exports of Colombian companies represents, as I already mentioned in previous articles, the best alternative from a vulnerability involving currently high dependence of countries as unstable as Venezuela Colombia and Ecuador. In the opinion of the President of the Association of entrepreneurs of Colombia, Luis Carlos Villegas and Comparing the current situation with that generated by the coup attempt Chavez in 2002: today we have better instruments of commercial policy to replace markets.

I understand that true is what he says Villegas, although in the short term the great dependence of Colombian exports from Venezuela and Ecuador is an element of risk, especially considering the fragility of relations between the countries. It seems that in these first months of 2008, the exporting activity in Colombia became a risk activity. Fortunately, the strength of the Colombian economy helps to cushion the negative effects from the outside and that is what see also the risk assessment which are not thinking about modifying the note from Colombia.