Colombia’s President Gustavo Petro called to seek new trade partners beyond the United States to reduce dependence on that country.
Speaking at the Entrepreneur of the Year gala, organized by the economic newspaper La República, Petro stated that Colombia needs “a production industry that looks to the world, not just the north.”
Addressing Colombian business leaders, he reiterated the need to reform the country’s economic model, shifting away from an extractive approach and prioritizing a productive one based on agriculture, industry, and tourism.
Colombia’s Petro bets on seeking new trade partners beyond the US
At the presentation of the Entrepreneur of the Year award, Gustavo Petro advocated before business representatives from across the country for a shift in the economic model and the need to expand Colombia’s network of trade partners beyond the U.S.
“We need an industry that looks to the world today. The world is no longer just the north—the north can fail. It had been our safest place until now, but we must look east, west, and south,” the president said.
Although the U.S. remains the Colombia’s main trading partner, the government has been working for years to facilitate investments from other countries. China, as an alternative power to the U.S., continues to expand its presence in the Colombian market, as well as throughout Latin America.
Colombia’s trade relationship with the U.S. dates back to the 19th century but was consolidated in the 20th century throughout strategic agreements.
During World War II, Colombia was a key ally, supplying essential raw materials. Later, in the 1960s, the country joined the Alliance for Progress, a U.S.-led program aimed at promoting development in Latin America and curbing the spread of communism in the region. Later, the U.S. became Colombia’s foremost military partner through Plan Colombia, a Marshall Plan-like program aimed at strengthening the Colombian state in its fight against armed groups and drug trafficking.
In the last decade, the relationship has been further strengthened by the Free Trade Agreement (FTA), signed in 2006 and in effect since 2012. This agreement, which is now at risk following announcements of U.S. tariffs on agricultural imports, has boosted Colombian exports, especially for products such as flowers, coffee and textiles, while also facilitating the entry of U.S. products and technology.
Shifting Colombia’s economic model from extractive to productive
President Petro reiterated a message he has emphasized since taking office in August 2022: the need to reform Colombia’s economic model by moving away from extraction and prioritizing production.
“What we have proposed is to transition from one development model to another, one that aligns with global changes,” the president said, referring to the shift away from an extractive economy, primarily dependent on oil and minerals.
In this context, Petro once again emphasized the promotion of agriculture and industry. “And I add one more sector to compensate for the foreign exchange losses that may result from reduced extraction: tourism,” he added.
Highlighting the government’s focus on agriculture, industry, and tourism, he stated, “We are performing well in all three,” expressing confidence that, based on current trends, these sectors will continue to thrive.
Growing economy
Citing forecasts from the National Administrative Department of Statistics (DANE), Petro stated that agriculture has shown positive growth year over year, with an annual increase of 8.1% in real terms.
He highlighted that tourism is expanding at a rate of 8.5%, bringing in 6.8 million tourists who generated over $10 billion in foreign currency last year.
Additionally, he pointed to the growth of the non-petrochemical industry and proposed advancing “toward the industry of today, which is based on quantum mathematics (…) and Artificial Intelligence.”
In this context, the president stressed that Colombia must embrace these sciences, stating that “this is what will drive the highest productivity levels now and in the years to come.”
Therefore, he emphasized, “If we see ourselves as the center of the world, our industrial sector, our agricultural sector, our productive sector, and the associated services must recognize that we are the heart of the world.”