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Ricardo Triana Soto

COLOMBIA - Economy

Ricardo Triana Soto

Executive Director, Consejo de Empresas Americanas (CEA colombia)

Bio

Ricardo Triana Soto is Executive Director of CEA Colombia. Prior to joining CEA in 2010, he was director of the Colombian Government Trade Bureau in Washington. For over nine years, he worked with PROEXPORT COLOMBIA, both as director for Central America and Panama and as director of trade promotion and general manager of the agro-industry sector. In addition to his experience with the Colombian government, he worked in the private sector for 23 years as CEO of Jorge Triana & Cia. Ltd.

"US companies operating in Colombia are always on the lookout for new opportunities, even in the face of changing governments."
CEA Colombia aims to encourage more American companies to invest in Colombia by creating a business-friendly environment with legal stability, solid regulations, and competitive labor laws.
What are CEA Colombia’s plans to encourage more US companies to come to Colombia?

Among the 450 American companies operating in Colombia, our association is proud to represent 115, contributing significantly to the country’s economy by accounting for over 7.3% of its GDP and creating more than 110,000 direct employment opportunities, with 98% of those employees being Colombians. We are equally pleased to report that 75% of the CEOs of these companies are also Colombian nationals; however, we recognize the need to incentivize foreign direct investment from the US to maintain and improve upon our current progress. In order to encourage more American companies to invest here, we must ensure Colombia offers competitive conditions compared to other regions and nations. This means creating a business-friendly environment that prioritizes legal stability, solid regulations, and competitive labor laws. To this end, we have worked closely with Colombian agencies to promote FDI and partnered with the US Embassy to facilitate the initial contact between potential investors and ourselves. By fostering strong relationships with American companies already operating in Colombia and consistently working to maintain and increase their trust, we hope to set a positive precedent for future investors looking to establish themselves in the country. In summary, we believe that maintaining our current partnerships while actively seeking new investment opportunities and continuously improving Colombia’s business environment will enable us to achieve long-term success and continued economic growth.

In what ways have the member companies of the CEA bolstered the local economy?

US companies operating in Colombia are always on the lookout for new opportunities, even in the face of changing governments. While new administrations can present challenges, we believe there are always opportunities to be found by working together with the incoming government. We have been actively collaborating with the current administration since August 2022 to identify ways to create more jobs, expand coverage, and have a greater impact in communities. It is important to note that these companies are also significant contributors to Colombia’s tax system. With the recent tax reform approved in Congress, they will pay even more taxes in the country, another way in which they contribute to the country’s development. Furthermore, these companies are known for providing top-level wages to their employees, setting a standard that other companies can aspire to. They also offer opportunities for career advancement within their organizations, which sets them apart from other employers in the region. We have seen many examples of students and new graduates who began their careers as interns in US companies, only to eventually become the president of the company after years of hard work. To ensure these companies are fully recognized for the contributions they make to Colombia’s economy, we have made it a priority to promote their activities through our sales efforts. By highlighting the positive impact that these companies have on the country, we hope to encourage even more investment and growth in the future.

What specific challenges do American pharmaceutical companies operating in Colombia face?

Healthcare companies face a multitude of challenges and concerns not just in Colombia, but around the world. One particular issue that we encounter in Colombia is related to intellectual property, which can be a controversial subject. To address this challenge, we collaborate closely with both companies and the government to raise awareness on the importance of respecting and protecting intellectual property rights. The US government has an agency within the Department of Commerce, known as USPTO, which also assists companies in the region with such matters. Intellectual property is a critical concern because it can impede innovation from being introduced into the country. Healthcare companies invest heavily in research and development and constantly bring new products and technologies to market. Ensuring that their intellectual property rights are protected is vital for them to continue their work and bring new advancements to patients in Colombia and beyond.

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