PROEXPORT, the Colombian government agency in charge of foreign investment, trade and tourism, says Caribbean markets are seeking investment opportunities in Colombia, particularly in the areas of software, IT and Business Process Outsourcing (BPO) services.

The agency cited limitations in the economy and population of the Caribbean as the reason why regional companies are seeking to expand their businesses externally. Local companies in Puerto Rico, Curacao and the Dominican Republic, for example, are looking into emerging markets in Latin America, and Colombia is a strategic partner for investors that offers great protection and a platform to reach other markets in South America.

“By setting up an operation in Colombia, you gain access to other markets that have FTAs with Colombia,” said Maria Claudia Lacouture, President of Proexport Colombia.

A number of foreign BPO, Software and IT service companies from around the world have been investing in Colombia in recent years.

The Caribbean has been on the same bandwagon, deciding to organise several of their international projects in Colombia, according to the agency, stating that companies from Puerto Rico, Curacao, Aruba and the Bahamas have already established themselves in the country. Those companies include MC21, Triple S, Lanco and ESI from Puerto Rico, Grupo Ennia from Curacao, and Columbus Network from the Bahamas.

Insurance and financial services, hotel infrastructure and construction materials are other industries that have shown interest in the country, according to Proexport.

Once viewed as a crime haven, Colombia has been largely successful in getting rid of that tag and implementing economic reforms that have made it one of the world’s vibrant emerging markets.

Colombia now ranks among the top 30 economies in the world and attracted a record US$15.8 billion in foreign direct investments in 2012. More than 2,500 multinational companies are now operating in the country.

It has been aggressively wooing Caribbean businesses, particularly in tourism, in recent years. One particular entity the Colombians have their eye on is Sandals Group, the Jamaica-based empire that includes 23 Caribbean hotels.

Carlos Gonzalez, executive director, Caribbean at Proexport, told Caribbean Business Report earlier this year that Sandals is “such a very well known brand in the Caribbean; for us to have a Sandals in San Andres, it would increase our position not only in the Caribbean, but across the world.”

According to Proexport, Caribbean markets are also benefiting from Colombia’s desire to invest in the region.

“This region is becoming an attractive base for Colombian companies that seek investment opportunities and to establish themselves in the islands. It is a win-win situation for all economies seeking to expand,” stated the agency in a press release.

One of Proexport’s missions is to support the internationalisation of Colombian companies in the Caribbean. Colombian companies have been particularly interested in the chemical sector, food industry and call centre services available in the Caribbean, the agency said.