has led the recent launch of the Build Back Better World initiative to help close the $40 trillion infrastructure gap in the developing world, aimed squarely at rivaling China’s own Belt and Road Initiative, adopted in 2013. has been and will continue to be a strong partner and will act strategically to counterbalance China’s increasing influence in the region. Given the recent deterioration in Sino-American relations and its implications for global geopolitics, many are asking: Should Colombia further strengthen its ties with the U.S., or continue advancing its rapid pace of trade and investment integration with China?īarring a full-scale military confrontation, which would force the country to “choose sides,” Colombia should continue to do both. These trends now threaten to put Colombia, as well as many other Latin American countries, in an uncomfortable position. There are also investments in the mining and energy sector, with prospects for further investments in the coming years. Chinese companies have made investment commitments of more than $6 billion, including the construction of Bogotá’s first metro line, the largest civil works project in the country for the next years, as well as the construction of a tram line in the Bogotá metropolitan region. But, again, things appear poised to change rapidly. The largest investment from China came last year with $64 million, which amounts for less than 1% of total net foreign direct investment. In terms of investment, China has had a relatively small presence in Colombia, especially compared with some of its neighbors, like Ecuador and Venezuela. ![]() vaccine diplomacy to Colombia was generous, but China came first when it most mattered. Indeed, by the end of March Colombia had received 3.5 million doses, of which 2.5 million came from China. government, the early arrival of Sinovac vaccines during February and March “saved the day” by preventing thousands of deaths among the elderly. Although Colombia has been the largest recipient of vaccine donations from the U.S., receiving 6 million doses out of the 38 million donated by the U.S. The growing importance of Colombia and China’s trade links was particularly valuable during the COVID-19 pandemic. Imports of $9.9 billion, meanwhile, now represent almost a quarter of Colombia’s total imports. China is now Colombia’s second most important trading partner, with average annual exports between 20 ($3.4 billion per year) almost seven times as large as those in the prior decade. ![]() But these numbers have changed at an accelerated pace for the past decade. ![]() China was ranked 37th in terms of importance as a destination of Colombia’s exports in 2000. Colombia exported on average a mere half a billion dollars per annum to China in the first decade of the 21th century, while importing about $2.3 billion. The combined value of exports and imports of goods between the two countries averaged $27.6 billion per year for the past decade.Īs recently as 10 years ago, things were completely different with China, the U.S.’ main rival for global power. is also Colombia’s main trading and investment partner, leveraged by preferential access through the U.S.-Colombia free trade agreement signed in 2012. ![]() have resulted in billions of dollars invested through many programs including Plan Colombia, as well as more recent initiatives that have supported the implementation of the peace accord with the FARC and have helped cope with the nearly 1.8 million Venezuelan migrants currently living in Colombia. This article is part of a series examining the evolving relationships between China and Latin America.īOGOTÁ – It’s been said a lot over the past 20 years, but it remains true today: Colombia is one of the closest allies and strategic partners of the United States in Latin America.ĭecades of bipartisan support from the U.S.
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